AI Exposure Leaders

Revenue tripled to $1.3B selling the active copper and optical cables connecting GPUs inside hyperscale AI clusters, with five of six hyperscalers as customers and guidance for over 80% growth in FY2027.

Credo designs high-speed copper and optical interconnect products for AI data infrastructure. Its portfolio spans ZeroFlap Active Electrical Cables for in-rack links up to about 7 meters, optical DSPs that drive 800G and 1.6T pluggable transceivers, ZeroFlap optical transceivers with built-in telemetry, silicon photonics, and retimers for Ethernet and scale-up fabrics. The products address the reliability, power, and bandwidth problems of GPU clusters scaling to hundreds of thousands of accelerators, where even small link errors idle expensive compute. Management says 'AI network reliability has become Credo's north star.'

Operates over 1 GW of GPU cloud infrastructure generating $2.1B in quarterly revenue, backed by $99.4B in contracted backlog including named commitments from Meta, Microsoft, OpenAI, and Anthropic.

CoreWeave operates a purpose-built AI cloud platform that delivers reserved-instance, long-term contracts for NVIDIA GPU-accelerated compute across multiple GPU generations, wrapped with storage, CPU, networking, and software. The platform covers the full AI lifecycle — training, inference, data movement, and agentic workflows — and CoreWeave describes itself as 'The Essential Cloud for AI.'

AI revenue grew 841% year-over-year to $390M quarterly from its vertically integrated GPU cloud, with NVIDIA's $2B equity investment and $20-25B in guided 2026 capex.

Nebius is a full-stack AI cloud platform headquartered in Amsterdam and listed on Nasdaq. Its Nebius AI segment provides GPU-based AI compute, a managed inference service called Token Factory, the Aether cloud software platform, and dedicated AI capacity contracts. In Q1 2026 Nebius AI was 98% of group revenue, with Avride and TripleTen as smaller portfolio businesses.

Data Center revenue reached $75B in the quarter at 91.5% of total with networking revenue tripling. Management describes demand that has 'gone parabolic.'

NVIDIA designs the processors, networking, and software used to train and run AI. Its GPUs and rack-scale systems, sold as GB300 and NVL72, are the compute engine for frontier models, while its Spectrum-X Ethernet and InfiniBand connect hundreds of thousands of chips into single clusters. The CUDA software platform is the layer developers build against, and Data Center revenue is now 91.5% of the company.

Quarterly revenue of $308M from the PCIe retimers and AI fabric switches inside hyperscaler GPU racks, anchored by a $6.5B Amazon purchase commitment.

Astera Labs is a fabless semiconductor company supplying connectivity infrastructure for cloud and AI data centers. Its 10-K platform list includes Aries PCIe/CXL retimers and smart cable modules, Taurus Ethernet smart cable modules, Leo CXL memory controllers, Scorpio smart fabric switches, and the COSMOS software suite; management also discusses optical products and custom silicon.

Cloud segment delivered $3.0B (89% of revenue) in nearline HDDs storing AI training data, with long-term agreements extending to 2029 and a greater-than-25% exabyte growth CAGR.

Western Digital is a pure-play hard-disk-drive company, having completed the separation of its HDD and Flash businesses on February 21, 2025. It reports three end-market segments: Cloud, Client, and Consumer. The 10-K positions HDDs as the most economical solution for large cloud data centers' mass storage needs.

Management disclosed over 80% of $10.2B quarterly revenue comes from AI GPU-related platforms, shipping 6,000+ racks per month with proprietary liquid cooling.

Super Micro Computer builds rack-scale IT infrastructure for AI and high-performance computing, including GPU and CPU servers, blade and multi-node systems, storage, networking, liquid cooling, and management software. The FY2025 10-K describes it as a provider of total IT solutions from enterprise and cloud to the intelligent edge, and management is now pushing beyond servers toward Data Center Building Block Solutions: integrated compute, cooling, power, software, and services.

Revenue surged 90% to $808M on the laser chips and optical switches connecting AI clusters, validated by NVIDIA's $2B equity investment and a multibillion-dollar optical circuit switch agreement.

Lumentum makes optical and photonic products — laser chips, optical transceivers, optical circuit switches, and related components — used in cloud, AI/ML, telecom, consumer, and industrial applications. Its lasers sit inside 800G and 1.6T transceivers, its OCS products switch optical traffic in AI data-center fabrics, its pump lasers and wavelength-selective switches support amplified scale-across links, and its emerging external light source modules target co-packaged optics.

Data Center revenue accelerating from 46% growth to a guided 55% on custom AI accelerators, PAM4 interconnect DSPs, and switching silicon, with a raised $16.5B FY28 revenue target.

Marvell is a fabless semiconductor company that designs high-performance chips for data infrastructure. Its products sit in two end markets: Data Center, which supplies custom AI accelerators (XPUs), optical interconnects, Ethernet switching, and storage controllers, and Communications & Other, which covers enterprise networking, carrier infrastructure, and consumer and automotive chips. Data Center was 76% of Q1 FY2027 revenue at $1.8B.

FY2026 revenue guided to $19B manufacturing 400G/800G/1.6T networking switches and Google TPU systems, with three hyperscalers each over 10% of revenue.

Celestica is a global electronics manufacturing, design, engineering, supply chain, and platform solutions provider. It enables critical data-center infrastructure for AI, cloud, and hybrid cloud. CCS products include networking switches, optical systems, data center racks, servers, and storage used for AI workloads; CCS was 81% of Q2 2026 revenue.

Disclosed 71% of revenue from wafer-level burn-in systems screening AI processors before advanced packaging, with a $41M hyperscaler production order and FY2027 guidance implying up to 200% growth.

Aehr Test Systems provides semiconductor test, burn-in, and stabilization systems and consumables used on wafer-level, singulated-die, and package-part devices. Its FOX-XP full-wafer systems can test up to nine 300mm wafers in parallel, and the WaferPak contactor is a proprietary consumable; Sonoma systems handle ultra-high-powered packaged-part burn-in at up to 2,000W or more per device. The products screen for early-life failures in AI processors, silicon photonics, memory, power semiconductors, and related devices.

AI-related demand surged to 70% of record $1.282B quarterly revenue, up from just 10% compute share in 2023, testing the AI accelerators, HBM, and silicon photonics powering data centers.

Teradyne designs, manufactures, sells, and supports automated test equipment and robotics. In Q2 2026, Semiconductor Test revenue was $1,122M, Product Test was $107M, and Robotics was $100M. Key platforms include UltraFLEXplus for SoC and compute test, Magnum for memory, Photon 100 for silicon photonics and co-packaged optics, Omnyx for AI server board test, and MultiLane Test Products for data-center interconnect test.

NVIDIA's $2B strategic investment validates its role supplying the 800G/1.6T optical transceivers and indium phosphide lasers connecting AI clusters, with InP capacity quadrupling by end-2027.

Coherent develops, manufactures, and markets lasers, transceivers, and other optical and optoelectronic devices, modules, and systems, as well as engineered materials, for communications, industrial, instrumentation, and electronics markets. Its AI-relevant output spans 800G and 1.6T transceivers, indium phosphide lasers, optical circuit switches, co-packaged optics components, and data center interconnect equipment.

Book-to-bill hit 2.9x and backlog doubled to $15B. The CEO stated 'we're still in the early stage of the infrastructure build out for AI.'

Vertiv designs, manufactures, sells, installs, maintains, and services critical digital infrastructure technologies for data centers, communication networks, and commercial and industrial environments. Its portfolio spans AC and DC power management, thermal management, switchgear, busbar, integrated modular solutions, racks, UPS, energy storage, monitoring and management software, and services. In the AI buildout, power density and thermal load rise; Vertiv supplies the powertrain, liquid cooling, and pre-integrated infrastructure that AI data centers require.

Data center work reached 56% of $2.9B quarterly revenue, up from 33% eighteen months ago, with its electrical segment growing 88% same-store and $12.5B in record backlog.

Comfort Systems USA is a national mechanical and electrical contractor providing HVAC, plumbing, piping, controls, off-site construction, monitoring, fire protection, and electrical systems installation and servicing. The company operates through a mechanical segment and an electrical segment, and approximately 94.5% of revenue is earned on a project basis for new construction or replacement systems, while maintenance and repair service accounts for about 5.5%.

Data center revenue is 56% of quarterly sales and supply-constrained, with HBM TAM pulled forward two years to $100B by 2028.

Micron Technology designs and manufactures DRAM, NAND flash, and NOR memory chips, along with solid-state drives and multi-chip packages, under the Micron and Crucial brands. Its memory products are foundational to every tier of the AI stack, from high-bandwidth memory (HBM) for GPU accelerators to high-capacity DDR5 for cloud servers and LPDDR for AI-enabled edge devices.

Revenue guidance raised twice in six months to 40%+ growth, manufacturing nearly every major AI accelerator on N3/N2 nodes while spending $60-64B in capex.

TSMC is a dedicated semiconductor foundry: it manufactures wafers for customers from their proprietary chip designs rather than selling chips under its own brand. Its process portfolio spans CMOS logic, mixed-signal, radio frequency, embedded memory, and BiCMOS, plus 3DFabric advanced packaging and testing services. In the AI buildout, it fabricates the leading-edge logic that GPUs, AI ASICs, XPUs, data-center CPUs, and networking chips rely on, and it packages many of those chips with CoWoS, SoIC, and CoPoS.

Basics brand revenue surged 72% selling AI-centric free cooling chillers and liquid cooling CDUs to data centers, with book-to-bill over 2.0 and backlog up 160%.

AAON manufactures highly engineered, configurable, and custom HVAC and liquid-cooling equipment for commercial and industrial indoor environments. Its BASX brand makes coolant distribution units, airside cooling systems, liquid-cooling coils, and free-cooling chillers for hyperscale data centers; the AAON brand makes rooftop units, air handlers, and fully electric Alpha Class heat pumps. By the best available estimate, data-center-related revenue was roughly half or more of total revenue by Q2 2026.

2026 revenue guidance raised EUR 5-7B driven by AI demand, as the sole EUV lithography supplier required to manufacture every advanced AI chip.

ASML makes lithography systems, along with software, metrology, inspection, and installed-base services. Its EUV and DUV tools pattern the most advanced logic and memory chips, so AI accelerators, HBM, and AI-era CPUs depend on its systems. The company describes itself as a holistic lithography solution provider and has one reportable segment.

AI semiconductor revenue hit $10.8B (49% of total, +143% YoY), designing custom accelerators for six hyperscalers while guiding to $56B in FY2026 AI revenue.

Broadcom reports in two segments. Semiconductor Solutions designs and supplies custom AI accelerators (the company calls them XPUs or TPUs), Ethernet switches and routers, SerDes, optical components, storage connectivity, RF filters, wireless connectivity, broadband and industrial chips. Infrastructure Software is built around VMware Cloud Foundation, mainframe software, cybersecurity and enterprise application products. Six AI customers anchor the silicon business — Google, Anthropic, Meta, OpenAI and two unnamed customers — each committed to multi-year, multi-gigawatt deployments supported by Broadcom's custom chip designs and its networking fabric.

Data Center revenue grew 57% to $5.8B quarterly as Meta committed to 6 GW of Instinct GPUs and the AI server CPU TAM was revised upward to over 35% CAGR through 2030.

AMD is a fabless semiconductor company whose portfolio spans Instinct AI accelerators, EPYC server CPUs, Pensando DPUs and AI NICs, FPGAs, Ryzen client processors, and semi-custom gaming SoCs. Its 10-K describes a full-stack portfolio across cloud and AI infrastructure, embedded systems, AI PCs, and gaming.

Disclosed AI fabric revenue target of $3.5B (30% of sales, more than doubling YoY), providing the 800G EtherLink switches forming the Ethernet backbone of AI clusters.

Arista Networks is a data-driven, client-to-cloud networking company anchored by its Extensible Operating System (EOS) and Network Data Lake (NetDL). It sells Ethernet switches, routing, optics, and software that connect AI accelerators and data centers; it does not sell AI compute. The company serves cloud and AI titans, AI and specialty providers, and enterprise customers across AI centers, data centers, campus centers, and WAN centers.

Data center orders surged 240% YoY with AI now 50% of new orders, deploying a grid-to-chip franchise spanning Boyd liquid cooling, solid-state transformers, and a $1.5B capacity ramp.

Eaton is an intelligent power management company with FY2025 revenue of $27.4 billion, serving customers in 180 countries. It supplies electrical and cooling infrastructure from the utility grid to the chip: switchgear, UPS, power distribution, power quality, and liquid cooling. Its data center / distributed IT end market is the main channel through which AI demand reaches Eaton.

Optical Communications revenue grew 36% with three multi-billion-dollar hyperscaler supply agreements, providing the high-density fiber and connectivity backbone of AI data centers.

Corning is a materials science company that applies expertise in glass science, ceramic science, and optical physics to products across optical communications, display and mobile glass, automotive, solar, and life sciences. Its most AI-relevant product set is optical fiber, cable, and connectivity used in data centers; the company also supplies cover glass, advanced optics, and semiconductor materials.

Electrification data center orders hit $2.4B in Q1 alone, exceeding the full-year 2025 total, while gas turbine gigawatts under contract jumped to 100 GW with 20% directed at data centers.

GE Vernova is a global electric power equipment and services company. Its products generate, transfer, orchestrate, convert, and store electricity, and its installed base generates approximately 25% of the world's electricity. The company operates three reportable segments: Power, Wind, and Electrification.