NYSE Veteran Tuchman: Follow AI Supply Chain, Not GPUs

Peter Tuchman, the longest-serving trader on the New York Stock Exchange, told the School of Hard Knocks podcast that investors should follow the AI supply chain rather than buy headline GPU names.

He compared current GPU scarcity to the first wave of bitcoin mining, when hobbyists converted household equipment into rigs. Today, entrepreneurs are building marketplaces for limited computing power and converting former mining facilities into data centers.

The scarcity shows up in chipmaker order books. Nvidia disclosed more than $500 billion in orders for its Blackwell and Rubin chips through 2026, and CEO Jensen Huang raised that total to roughly $1 trillion through 2027 at the company’s March GTC event. Several bitcoin miners have shifted into AI infrastructure, and one miner signed a $9.7 billion deal with Microsoft.

Energy availability is a constraint for many projects. The International Energy Agency projects data center electricity use could exceed 900 terawatt-hours by 2030. Nvidia executives have warned that power supply will shape how widely AI systems can scale.

Tuchman urged investors to study companies that supply parts, rare-earth materials and energy for data centers, identifying component makers, rare-earth suppliers and power producers as firms to watch. On the podcast he warned: “FOMO, hype and hope are not sustainable trading strategies.”

His guidance reflects four decades of trading experience, including Black Monday in 1987, the dot-com collapse and the 2008 financial crisis.

Other market participants have noted similar crowd behavior as capital flows into chips, energy and other AI-linked sectors. At the same time, private capital and regulatory work continue: OpenAI filed confidentially for an initial public offering, and U.S. regulators are advancing proposals that affect ownership and governance of AI systems.

Market observers will look to energy agreements and upcoming chipmaker earnings in the coming quarters for more data on supply constraints and industry structure.