Citrini Analyst: AI Supply Chain 'Bottleneck Trade' Is Over, Capital Rotation Begins

On September 3, Citrini analyst Jukan put out a note saying the AI supply chain’s “bottleneck trade” is over. The key chokepoints are now known. So the next wave of investment, in Jukan’s view, shifts toward capital rotating among those existing bottlenecks instead of hunting for new ones.

The “bottleneck trade” means investors crowding into stocks tied to the hardest constraints in AI infrastructure—chips, electricity, and materials, for example. Jukan’s point is simple: the market is no longer in that early, wide-open scouting phase. It has moved into something more mature.