The AI trade is evolving, says Clough Capital's Vince Lorusso

• The AI trade is evolving, shifting from a broad GPU focus to more specific investments in infrastructure bottlenecks.
• Companies with seat-based licensing models like Adobe and Intuit face disintermediation risk from generative AI capabilities.
• Cybersecurity firms such as Crowdstrike and Palo Alto Networks are attractive long-term investments due to increasing endpoints and identities in the AI ecosystem.
• Micron's earnings report is highly important for understanding the cyclical memory market and demand for high-bandwidth memory, which is critical for AI development.

Clough Capital's Vince Lorusso believes the AI trade is evolving beyond just GPU plays, becoming more nuanced. He advises focusing on physical constraints like compute, connectivity, and power, as well as cybersecurity. While some software companies face disintermediation risk, others are poised for growth within this significant investment cycle. Micron's upcoming earnings are crucial for insights into the memory market.