The AI gold rush is lifting India’s ‘picks and shovels’ companies

Indian manufacturers are cashing in on the AI infrastructure buildout by supplying cables, power systems and cooling equipment — even as investors worry the country is falling behind in the race to develop the technology.

Analysts at Nomura describe it as a classic “picks and shovels” trade, a riff on how selling tools during a gold rush can earn people more than searching for the precious metal.

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