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The shift is already visible in recent investments, as companies like Vitrox reported sharply higher earnings amid stronger AI-related semiconductor demand, he says. Aixtron is investing 200 million ringgit in a manufacturing and engineering center focused on advanced semiconductor-layer deposition technology, while MKS has opened a factory to support wafer-fabrication equipment demand, he notes. Investors could increasingly look beyond data-center operators toward whoever supplies the technology and equipment behind them. Risks include weaker AI capital spending, semiconductor cyclicality, customer concentration and trade restrictions, he 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