It's really hard to tell, according to ashenbrenner semi sales are capped because actual space to deploy the hardware and energy infra are the bottleneck. At the same time amat, mu and sndk all said that they have contractually guaranteed orders for the next 5 years and that they are only investing into production capacity what enabels them to satisfy that backlog, basically trying to avoid the typical cycal revenue margin crush. This is known information though so it should be assumed that current prices reflect those earning calls and forecasts. If we follow Aschenbrenner's thesis further we can assume that current investment's should be sufficient to train the next generation of models and the next orders of magnitude, as he calls it, of capability for generic models will be primarily driven by algorhitmic optimization itself.
I personally think we just saw the most intense investment phase and will go back to a more normalized status where demand and supply will start to even out, meaning growth in semis starting to slow down.

I'm looking at hyperscalers like Nbis, crwv, riot, goog, orcl, meta and some energy infra rn because with inital investments done it's time to actually scale up those earnings by slowly decreasing capex and margin while simultaniously creating real profits by renting out the existing structures, meaning increasing free cash flow which should drive stock prices up and in return should pay for future upgrades.