By Layer

Sole manufacturer of EUV lithography systems required for every advanced AI chip.

ASML designs and manufactures the lithography systems that print circuit patterns on silicon wafers. Its extreme ultraviolet (EUV) machines are essential for producing the most advanced logic and memory chips, including AI accelerators and high-bandwidth memory. The company also provides deep ultraviolet (DUV) immersion and dry lithography, together with metrology, inspection, and a growing installed‑base services and upgrades business.

Dominates process control and defect inspection with a 7x lead over its nearest competitor.

KLA Corporation is the world’s dominant supplier of process control and yield‑management equipment for semiconductor manufacturing. Its systems—wafer inspectors, reticle inspectors, metrology tools, and process control software—are used at virtually every step of chip fabrication to find and classify defects. Without KLA’s tools, fabs cannot achieve the yields required to make leading‑edge logic, memory, or advanced packages economically viable. The company’s inspection and measurement platforms are particularly critical for AI chips, where larger die sizes, complex 3D stacking, and near‑zero‑defect HBM requirements intensify the need for process control.

Leading etch and deposition equipment maker, critical for 3D NAND and advanced logic.

Lam Research supplies wafer‑fabrication equipment with core expertise in nanoscale etch and deposition — processes that pattern and build the layers of a semiconductor chip. Its tools are essential for producing leading‑edge logic, DRAM, and NAND memory, and its Customer Support Business Group provides spares, services, and upgrades for an installed base of over 100,000 chambers. As chips for AI require more complex 3D structures, etch and deposition intensity per wafer increases, directly expanding Lam’s addressable market.

Largest semiconductor equipment company by revenue, spanning deposition, etch, and inspection.

Applied Materials provides the wafer‑fabrication equipment and services that enable semiconductor manufacturing at the most advanced nodes. Its portfolio includes deposition (ALD, PECVD, epitaxy), conductor etch, process control (eBeam and optical metrology/inspection), and advanced packaging (hybrid bonding, TSV, panel‑level). These tools are essential for building the GAA transistors, HBM‑packaged DRAM, and chiplet‑based AI accelerators that underpin the AI buildout. The company holds the #1 process‑equipment position in leading‑edge foundry‑logic, DRAM, and advanced packaging — the segments management estimates will drive over 80% of WFE spending growth in 2026 and 2027.

Wafer-level burn-in systems screening AI processors and silicon photonics before packaging.

Aehr Test Systems designs and manufactures burn‑in and test systems used to screen semiconductor devices for early‑life failures. Its equipment stresses chips at high temperatures and power levels to simulate years of operation in days, catching defects before the chips are packaged or shipped. As AI accelerator power and transistor density rise, burn‑in becomes essential for yield and reliability, and Aehr’s systems are among the few capable of testing wafers at thousands of amperes.

The AI training GPU standard with CUDA ecosystem lock-in and supply constraints through VeraRubin.

NVIDIA designs the accelerators, networking, and software that form the backbone of modern AI infrastructure. Its GPUs and systems power the training and inference of frontier models, and its CUDA software ecosystem is the default platform across every major cloud and AI lab. The company has recently expanded into standalone CPUs (Vera) and integrated CPU-GPU platforms (Vera Rubin), transforming it from a GPU company into a full-stack data center platform provider.

The only foundry fabricating leading-edge AI accelerators at volume on N3/N2 nodes.

TSMC operates as a pure‑play foundry, fabricating integrated circuits on silicon wafers for customers who design but do not manufacture chips. Its process portfolio spans mature specialty nodes to the most advanced gate‑all‑around N2 technology, and it also provides design enablement, mask‑making, advanced packaging (3DFabric), and testing. The company is the sole‑source manufacturer for nearly every high‑performance AI chip, from NVIDIA’s GPUs to custom ASICs from Broadcom, AMD, Amazon, Meta, and Google.

Custom AI silicon for Google, Meta, and OpenAI plus the only 100-terabit Ethernet switch.

Broadcom designs and supplies a vast portfolio of semiconductor and infrastructure software products. Its semiconductor segment spans custom AI accelerators (XPUs/TPUs), Ethernet switches, SerDes, optical components, RF filters, and storage connectivity — chips that underpin hyperscale data centers, enterprise networking, and broadband.

One of three HBM makers, able to fulfill only 50-66% of customer demand.

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.

The only credible merchant GPU alternative to NVIDIA, with MI450 and Helios rack system launching H2.

AMD designs high-performance server CPUs (EPYC), AI accelerators (Instinct GPUs), and system-level platforms (Helios) that are central to the AI infrastructure buildout. Its server CPUs are used for orchestration and data management in AI clusters, while its GPUs train and run inference on large AI models. The company is expanding from selling individual processors to providing integrated rack-scale systems that combine CPU, GPU, and networking, making it a deeper partner to hyperscale customers.

Half of the nearline HDD duopoly, fully allocated through CY2027 with no plan to add unit capacity.

Seagate is a data storage company, with hard disk drives as its primary product, complemented by solid-state drives, storage subsystems, and the Lyve edge-to-cloud platform. Its Mass Capacity Storage segment—dominated by nearline HDDs—serves cloud and enterprise customers with high-capacity, cost-efficient drives that underpin the mass storage tier of modern data centers.

The other nearline HDD maker, with long-term agreements extending to 2029 and 89% cloud revenue.

Western Digital is a pure-play hard disk drive manufacturer, producing high-capacity nearline HDDs for hyperscale data centers, client drives for PCs, and consumer external storage. Its current-generation ePMR drives deliver up to 32 terabytes with UltraSMR technology, while a 40TB ePMR and a 44TB HAMR drive are in qualification and ramp phases, respectively. The company also offers data storage platforms (JBODs) for tier-2 cloud providers and high-bandwidth drives designed for AI workloads.

Manufacturing 400G-1.6T networking switches and Google TPU systems, guided to $19B revenue.

Celestica designs and manufactures high-speed networking switches, AI/ML compute systems, and rack-scale integrated systems for hyperscale data centers. Its Hardware Platform Solutions (HPS) group co-designs next-generation architectures, including 1.6T and co-packaged optics switches, providing critical infrastructure for AI workloads. The company is the preferred manufacturing partner for Google's TPU systems and serves major hyperscale cloud providers including Google, Amazon, and Meta.

Shipping 6,000+ AI GPU racks per month with proprietary liquid cooling, over 80% AI revenue.

Super Micro Computer designs, manufactures, and deploys high‑performance server and storage systems, with an increasing focus on total data center solutions for artificial intelligence, cloud, enterprise, and edge computing. It integrates GPUs from NVIDIA, AMD, Intel, and Arm into servers and offers a broad portfolio of rack‑scale solutions, liquid cooling, power subsystems, networking switches, and management software. Over 80% of revenue comes from AI GPU‑related platforms, making it an AI infrastructure pure‑play.

Number-one in high-speed switching with $8.9B purchase commitments and 52-week lead times.

Arista Networks develops high‑speed networking platforms built on its Extensible Operating System (EOS), a single software binary that runs across its entire switch and router portfolio. This unified stack enables consistent automation, telemetry, and security, making it especially valuable for hyperscale and AI operators that must manage massive, distributed fabrics. The company’s Ethernet solutions span data center leaf‑spine fabrics, inter‑data‑center routing, campus switching, and WAN connectivity.

Three multi-billion-dollar hyperscaler fiber supply agreements providing the physical network backbone.

Corning is a materials‑science company that creates category‑defining products from glass, ceramics, and optical physics. Its core AI‑relevant business is Optical Communications, where it produces optical fiber, cable, and high‑density connectivity systems that form the physical backbone of hyperscale data center networks. These products enable AI model builders to pack more bandwidth into existing infrastructure, reduce total installed cost, and connect tens of thousands of accelerators. The company also supplies advanced optics for EUV lithography tools — essential for manufacturing leading‑edge AI chips — and is the dominant manufacturer of display glass substrates.

Active electrical cables connecting GPUs inside clusters, with five of six hyperscalers as customers.

Credo provides the high-speed connectivity building blocks for AI clusters. Its ZeroFlap Active Electrical Cables (AECs) are plug-and-play copper cables that connect GPUs to switches within racks, delivering up to 1,000 times greater reliability than older optical cables at roughly half the power. For longer distances, the company supplies optical DSP chips to transceiver makers and builds its own full optical transceivers with embedded telemetry software that prevents network link flapping—a critical capability as AI clusters scale to hundreds of thousands of GPUs. The recent acquisition of Dust Photonics added in-house silicon photonics integrated circuits, which simplify optical design and reduce laser count.

800G/1.6T optical transceivers and InP lasers, validated by NVIDIA's $2B strategic investment.

Coherent is a vertically integrated manufacturer of photonic components and systems. Its products — optical transceivers, indium phosphide lasers, optical circuit switches, and co-packaged optics — provide the high-bandwidth, low-latency interconnects essential for scaling AI data centers. The company supplies nearly every major hyperscaler and system OEM, anchored by a strategic partnership with NVIDIA.

Laser chips and optical circuit switches for AI clusters, revenue up 90% with NVIDIA investment.

Lumentum designs and manufactures optical components—primarily indium phosphide (InP) laser chips, optical circuit switches, and transceivers—that are essential to the high-speed fiber connections inside AI data centers. Its EML and CW lasers drive the transceivers that link GPUs and switches; its Optical Circuit Switches replace electrical spine switches with optical fabrics, enabling more efficient scaling. The company is one of the few to own captive InP wafer fabs, giving it control over the supply of a critical bottleneck component.

Basics brand revenue surged 72% selling data center free cooling chillers and liquid cooling CDUs.

AAON designs and manufactures highly configurable HVAC and liquid‑cooling systems for commercial, industrial, and data‑center environments. Its BASX segment specializes in thermal management for hyperscale data centers, offering airside cooling units, liquid Coolant Distribution Units, and AI‑centric free cooling chillers. The company’s engineered‑to‑order approach and broad product suite position it across the data‑center cooling spectrum, from air to liquid.

Airedale data center cooling grew over 50%, with liquid cooling solutions for high-density racks.

Modine builds thermal management systems that cool everything from hyperscale data centers to heavy-duty vehicles. Its data-center portfolio includes air- and water-cooled chillers, coolant distribution units for direct-to-chip liquid cooling, air handlers, and fan walls. As AI clusters pack more GPUs into tighter spaces, the need for high-capacity, efficient cooling has made Modine’s products essential to the infrastructure buildout.

Cooling towers and heat exchangers for large-scale data center thermal rejection systems.

SPX Technologies is a diversified supplier of engineered infrastructure products, operating through two segments: HVAC and Detection & Measurement. Its HVAC segment engineers, manufactures, and services cooling towers (Marley, Recold, OlympusMAX), custom air‑handling units (Ingénia, Air Enterprises), actuated aluminum dampers (TAMCO), and dry/adiabatic coolers. These products serve industrial, institutional, and commercial markets, with a rapidly growing concentration in data‑center thermal management. The company’s proprietary designs — including in‑house fans, gearboxes, and heat‑exchange surfaces — are critical to managing the heat loads of AI server clusters.

Power and thermal management at the rack with book-to-bill of 2.9x and $15B backlog.

Vertiv designs, manufactures, and services critical infrastructure for data centers, communication networks, and commercial sites worldwide. Its products span power management (UPS, switchgear, busway), thermal management (air and liquid cooling, chillers, CDUs), integrated modular solutions, and lifecycle services. In the AI era, where power densities and heat loads are extreme, Vertiv’s equipment is essential to build and operate AI data centers.

Switchgear and busbar with data center orders up 240% and a 228 GW backlog.

Eaton is an intelligent power management company whose grid‑to‑chip portfolio spans power distribution, power quality, and liquid cooling for AI data centres, along with aerospace and electrical systems for commercial, industrial, and utility markets. Its products—from medium‑voltage switchgear to cold plates and integrated modular platforms—form the infrastructure layer between the power grid and the high‑density computing that AI demands.

Custom engineered switchgear for mission-critical power with record backlog driven by data centers.

Powell Industries designs, manufactures, and services custom-engineered equipment that distributes, controls, and monitors electrical energy in medium-voltage applications. Its products include integrated power control room substations (PCRs®), custom electrical houses (E-Houses), switchgear, motor control centers, and bus duct systems. These systems form the power distribution backbone for large industrial facilities, data centers, LNG export terminals, and electric utilities.

High-performance power modules delivering 48V-to-point-of-load conversion for AI GPU racks.

Vicor designs and manufactures power modules that convert and deliver electricity to high‑performance computing systems. Its core differentiation lies in the Factorized Power Architecture, which separates voltage regulation from transformation, enabling power components with higher efficiency and far greater current density than conventional designs. In AI data centers, where processors are ballooning to wafer‑scale and chiplets demand hundreds of amps at less than a volt, Vicor’s Vertical Power Delivery modules — placed directly beneath the chip — are essential to avoid overheating and wasted space.

Data center work reached 56% of revenue with electrical segment growing 88% same-store.

Comfort Systems USA is a national provider of mechanical and electrical contracting services. It designs, installs, and services HVAC, plumbing, piping, controls, electrical systems, and fire protection for commercial, industrial, and institutional buildings. In recent years, a dominant share of its work has shifted to advanced technology projects—specifically, the construction of hyperscale data centers.

Fiber and structured cabling specialist with $11.9B backlog and NTI data center acquisition.

Dycom Industries is a specialty contractor that designs, builds, and maintains the physical networks underpinning digital infrastructure. Its Communications segment strings fiber across neighborhoods (FTTH), across states (long‑haul), and inside data‑center campuses, while its Building Systems segment wires the electrical and structured‑cabling layers inside hyperscale data centers. As AI workloads drive unprecedented demand for bandwidth and compute, Dycom’s 20,000‑person workforce is the execution layer connecting the cloud to the home.

E-Infrastructure segment builds data center site civil and foundations, the fastest-growing division.

Sterling Infrastructure delivers the physical site development and electrical services that underpin large-scale AI infrastructure. Its E-Infrastructure Solutions segment constructs the massive campuses for hyperscale data centers and semiconductor fabs — grading land, installing drainage, roadways, and underground utilities, and handling the complex power distribution and fire alarm systems. The work is increasingly integrated: Sterling provides both civil and electrical scope as a single prime contractor, reducing project timelines for customers racing to deploy AI capacity.

Largest specialty contractor with partnerships across 765kV transmission, renewables, and data center power.

Quanta Services is a leading provider of comprehensive infrastructure solutions for the electric power, gas, and large-load industries. The company designs, engineers, constructs, and maintains transmission lines, substations, power generation facilities, gas pipelines, and the electrical and mechanical systems inside data centers. Its services are foundational to the AI infrastructure buildout, which requires massive new grid connections and power systems.

Solid oxide fuel cells providing behind-the-meter power for data centers, with AI-related bookings accelerating.

Bloom Energy designs, manufactures, and sells solid-oxide fuel cell (SOFC) systems that provide on-site power generation. Its primary product, the Bloom Energy Server, converts natural gas, biogas, or hydrogen into electricity without combustion, using a proprietary high-temperature electrochemical process. The technology enables islanded microgrids that serve as the sole power source for AI data centers, eliminating the need for grid connections, diesel backup, or battery banks. This capability has become critical as data center power demands outpace grid capacity and interconnection timelines extend to 3–5 years.

Backup generator sets for virtually every data center, with large reciprocating engines for prime power.

Caterpillar is the world’s largest manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It also provides captive equipment financing and a broad portfolio of aftermarket services, with total sales of $67.6bn in 2025. Its role in the AI buildout centers on power generation: large reciprocating engine-generator sets and gas turbines supply backup and increasingly continuous prime power to hyperscale data centers.

Behind-the-meter Powered Land and Powered Shell for AI data centers with documented Crusoe agreement.

Energy Vault is an integrated energy and power infrastructure company that designs, deploys, and operates energy storage systems and AI‑ready power infrastructure. Its core product, B‑VAULT, is a lithium‑ion battery energy storage system, complemented by the VaultOS energy management software suite. The company also offers Powered Land and Powered Shell solutions that provide turnkey power and cooling for AI data centers, addressing the critical bottleneck of power availability for hyperscale compute.

Utility-scale and commercial battery storage co-located with data centers for grid stability.

Fluence designs and integrates large-scale battery energy storage systems for utilities, independent power producers, developers, and commercial & industrial customers. Its hardware platforms — Gridstack Pro, Gridstack, Ultrastack, and the modular Smartstack — are coupled with proprietary software for forecasting, optimization, and asset management. As of September 2025, the company had deployed 6.8 gigawatts of storage assets across 33 markets in 25 countries, with a near-term pipeline of approximately $30 billion.

Triopoly in HA-class gas turbines with 3-year lead times, $176B backlog, and slots sold out through 2030.

GE Vernova designs, manufactures, and services the heavy‑duty gas turbines, HVDC transmission systems, transformers, and switchgear that form the backbone of the world’s electricity grid. With an installed base generating approximately 25% of global electricity, the company’s equipment is critical to meeting the surge in power demand from AI data centers. Its gas turbines, in particular, are increasingly deployed for dedicated data‑center campuses, while its Electrification segment provides the substations and grid automation that connect those campuses to the grid and optimize power flows.

Largest independent power producer in the U.S. with 22 GW of gas generation proximate to data center load.

NRG Energy generates, sells, and manages electricity and natural gas across the United States. Its integrated platform encompasses a ~25 GW fleet of mostly natural-gas-fired power plants, a retail energy business serving 8 million customers, a demand-response unit, and the Vivint smart-home platform. This combination allows NRG to bundle power supply, fuel management, and load-shaping services for large commercial and industrial customers, including the hyperscale data centers driving AI growth.

Susquehanna nuclear station's direct data center power deal pioneered the co-located model.

Talen Energy owns and operates a portfolio of power generation assets—including nuclear, natural gas, and coal plants—that it uses to sell electricity, capacity, and ancillary services into wholesale U.S. power markets. Its fleet of over 16 GW is concentrated in the PJM Interconnection, with a growing presence in Ohio and Montana. The company’s strategic pivot is anchored on supplying dedicated, long-term power to hyperscale data centers, a role exemplified by its front-of-the-meter power purchase agreement with Amazon Web Services at the Susquehanna nuclear plant.

Largest U.S. nuclear fleet with carbon-free baseload contracting directly to hyperscalers.

Constellation Energy generates and sells electricity and natural gas across the United States. It operates the largest private-sector generating fleet—55 GW across nuclear, natural gas, geothermal, hydro, wind, solar, and battery storage—producing roughly 10% of the nation’s clean energy. Its nuclear fleet alone comprises about 21 GW of capacity, making it the largest nuclear operator in the U.S. and a critical source of firm, carbon-free power for the AI buildout.

Louisiana Lightning Initiative enabling fast-track data center interconnection with $57B four-year capital plan.

Entergy generates, transmits, and distributes electricity across a four-state service territory in the Gulf South, operating a diverse fleet of approximately 25 gigawatts of gas, nuclear, coal, and renewable generation. The company’s monopoly service areas make it the sole provider of grid power for new large loads, positioning it at the center of the region’s industrial and data-center expansion.

Owns roughly 90% of U.S. 765kV transmission with a 190 GW interconnection queue.

American Electric Power is a public utility holding company that owns regulated electric utilities in 11 states, operating generation, transmission, and distribution assets. Its footprint sits at the center of a surge in data-center construction, making it a critical physical enabler of the AI buildout.

Serves Data Center Alley in Northern Virginia, the largest concentration of data centers in the world.

Dominion Energy is a pure‑play regulated electric utility that generates, transmits, and distributes electricity to approximately 4.1 million customers across Virginia, North Carolina, and South Carolina. It owns 30.7 GW of generating capacity, including nuclear, natural gas, offshore wind, and solar, and operates 10,800 miles of electric transmission lines and 80,400 miles of electric distribution lines. Its service territory encompasses Northern Virginia’s “Data Center Alley,” the world’s densest cluster of hyperscale data centers, making it the critical infrastructure provider for AI training and inference workloads.

Clean energy portfolio including nuclear and renewables supporting data center load growth in the Southeast.

Southern Company’s three state-regulated electric utilities — Alabama Power, Georgia Power, and Mississippi Power — own and operate everything from power plants to the final distribution wires across Alabama, Georgia, and Mississippi. They serve a mix of residential, commercial, and industrial customers, with the commercial class increasingly dominated by large‑scale data centers under long‑term, take‑or‑pay electric service agreements.

Largest U.S. natural gas pipeline network, transporting the fuel that runs data center power plants.

Williams is a full‑value‑chain natural gas infrastructure company. It gathers raw gas from production basins, processes it into marketable pipeline‑quality gas, transports it over 32,000 miles of interstate pipelines — including Transco, the nation’s largest — and stores it in 423 billion cubic feet of underground storage. The company also fractionates natural gas liquids and markets gas through its Sequent platform, serving approximately 800 customers. This integrated network is critical for moving gas from supply regions to demand centers, including power plants, industrial users, and increasingly, data centers.

Only U.S. company with proven HALEU technology for next-generation nuclear powering data centers.

Centrus Energy enriches uranium to produce nuclear fuel. It supplies low-enriched uranium (LEU) to utilities operating commercial reactors and produces high-assay low-enriched uranium (HALEU) for advanced reactors and government programs. The company's centrifuge technology is the only proven American enrichment method, positioning it as the sole domestic source of HALEU and a critical component of the U.S. nuclear fuel supply chain. As AI data centers drive demand for carbon-free power, Centrus' fuel becomes an essential input for the reactors that serve them.

Natural gas pipeline and processing network serving power generation demand from data center load growth.

Energy Transfer is one of North America's largest and most diversified midstream energy partnerships, with over 38,000 miles of natural gas pipelines, 13.5 Bcf/d of processing capacity, 1.15 MMBbls/d of fractionation capacity, and more than 18,000 miles of crude oil pipelines. The integrated system links the Permian Basin and other major supply regions to Gulf Coast export terminals and distribution hubs across the U.S., providing transportation, storage, and logistics services essential to domestic and international energy markets.

Largest lithium producer, supplying the battery storage systems co-located with data center campuses.

Albemarle is a global leader in lithium and bromine, operating through two segments: Energy Storage and Specialties. Its lithium compounds—carbonate, hydroxide, and chloride—are the essential raw materials for electric vehicle batteries and stationary energy storage systems, including those supporting AI data centers. The company’s mines and brine operations in Australia, Chile, and the United States form one of the largest and most diverse lithium resource bases in the world.

PLM and CAD software used to design and digitally twin data center infrastructure and components.

PTC provides a suite of software products that manage the entire lifecycle of a product, from design (CAD) and engineering collaboration (PLM/ALM) to field service (SLM). Its flagship products include Windchill for PLM, Creo for 3D CAD, Codebeamer for ALM, and ServiceMax for service management, with cloud-native options like Onshape and Arena. These systems serve as the digital backbone for over 30,000 customers in industries such as aerospace, automotive, electronics, and medical technology, and they are increasingly being positioned as the data foundation for AI-driven engineering and manufacturing.

BIM and design software for the architects and engineers building data center facilities.

Autodesk is a global provider of 3D design, engineering, and entertainment software. Its products span the full lifecycle of the built world: from the initial design of buildings, factories, and infrastructure, through construction, and — with the pending acquisition of MaintainX — into the ongoing operation and maintenance of physical assets. The company's software is deeply embedded in professional workflows; architects, engineers, and contractors rely on AutoCAD, Revit, Fusion, and Forma to design everything from water utilities to automotive factories to data centers. The company has built a strong construction business through a series of acquisitions.

Industrial automation and control systems for data center power and cooling management.

Rockwell Automation designs and manufactures the industrial control systems, drives, sensors, and software that enable automated production in factories and increasingly in data centers. Its Allen‑Bradley brand and Logix programmable automation controllers are the de facto standard in North American discrete manufacturing, providing the precision, reliability, and cybersecurity that mission‑critical operations demand.

Over 1 GW of GPU cloud with $99.4B contracted backlog from Meta, Microsoft, OpenAI, and Anthropic.

CoreWeave operates a specialized AI‑cloud platform that provides on‑demand access to NVIDIA GPU compute, high‑speed networking, and integrated software tools for AI development. Its stack spans GPU instances across multiple generations, AI‑optimized storage, and orchestration software including the SUNK cluster manager, Mission Control observability suite, and the Weights & Biases MLOps platform. This environment supports the full AI lifecycle — from training and fine‑tuning to large‑scale inference and agentic workflows — and is used by top AI labs, financial firms, and physical‑AI startups.

AI revenue grew 841% with NVIDIA's $2B equity investment and a $27B Meta contract.

Nebius Group is a full‑stack AI cloud platform providing GPU‑accelerated compute, bare‑metal clusters, multi‑tenant cloud, storage, and managed inference tools including Token Factory and agentic search. The platform serves the entire AI lifecycle — from training large models to deploying inference — and is designed for both hyperscale clients and AI‑native enterprises. Two early‑stage units, Avride (autonomous vehicles) and TripleTen (edtech), sit alongside the core business; management intends to deconsolidate them over time.

Largest global data center REIT with 300+ facilities providing the physical shell for AI workloads.

Digital Realty owns and operates a global platform of interconnected data centers that provide the physical infrastructure for enterprise IT, cloud, and AI workloads. Its facilities deliver space, power, cooling, and cross-connectivity, enabling customers to deploy workloads from a single cabinet to multi-megawatt campuses. At the end of 2025, the portfolio comprised 310 data centers across six continents, with 300+ cloud on-ramps and a ServiceFabric software-defined networking platform.

Global interconnection platform with 260+ data centers and the densest network peering ecosystem.

Equinix is the world's largest digital-infrastructure company, providing colocation, interconnection, and managed services that enterprises, clouds, and network operators use to house and connect their applications, data, and AI workloads. It is the neutral meeting point — not aligned to any single cloud or network — which has attracted over 500,000 live interconnections across its platform.