By Layer

Sole manufacturer of EUV lithography systems required for 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.

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

KLA makes process-control and process-enabling equipment and services for semiconductor and electronics manufacturing. Its dominant segment, Semiconductor Process Control, sells inspection, metrology, and software that help fabs manage yield from R&D through high-volume manufacturing. In FY2025, wafer inspection was $6.20B, patterning $2.20B, and services $2.68B.

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

Lam Research supplies wafer fabrication equipment and services used to make advanced logic, DRAM, and NAND chips. Its product families span etch, deposition, and clean, including SABRE, ALTUS, VECTOR, Kiyo, Flex, Reliant, and others, and management positions them against rising etch and deposition intensity in AI chips.

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

Applied Materials designs and builds wafer-fabrication equipment used to produce virtually every semiconductor. Its portfolio spans patterning systems, deposition, process control, and advanced packaging—the steps that determine chip performance, power, and cost. The company says it holds the #1 process-equipment position in leading-edge foundry-logic, DRAM, and advanced packaging, the areas management expects to drive more than 80% of wafer-fab-equipment spending growth in 2026 and 2027.

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

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.

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

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.

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

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.

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

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.

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 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.

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

Seagate makes hard disk drives, SSDs, storage subsystems, and the Lyve edge-to-cloud platform. The 10-K describes the company as a leading provider of data storage technology and infrastructure solutions. Its AI-infrastructure connection runs through high-capacity nearline HDDs, including HAMR-based Mozaic drives, which supply the low-cost mass-capacity storage tier beneath compute-intensive AI workloads.

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 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.

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

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

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.

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

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.

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

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.

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

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.'

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

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.

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

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.

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

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.

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

Modine makes thermal-management systems that heat, cool, and ventilate. For data centers, the product line spans chillers, dry coolers, air handlers, CRAC and CRAH units, fan walls, rear-door heat exchangers, coolant distribution units, immersion, and modular data-center solutions. The data-center work is the part most directly tied to AI infrastructure, because these systems reject heat from densely packed chips.

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

SPX Technologies is a diversified global supplier of highly specialized, engineered products in two reportable segments. HVAC covers package and process cooling, engineered air movement, and hydronic and electrical heating and ventilation, with the industrial portion including data center and power generation markets. Detection & Measurement covers underground locators, inspection and rehabilitation equipment, robotic systems, transportation systems, communication technologies, and aids to navigation. The AI infrastructure role is physical and sits inside HVAC.

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

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.

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

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.

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

Powell Industries designs, develops, manufactures, and services custom-engineered electrical distribution equipment — integrated power control room substations, E-Houses, switchgear, medium-voltage circuit breakers, motor control centers, and bus duct systems — that distributes, controls, and monitors electrical energy and protects motors, transformers, and other equipment. A 79-year-old industrial equipment maker, it serves oil and gas, petrochemical, electric utility, commercial/industrial, and light rail traction markets; for the AI buildout, it supplies data center electrical infrastructure and behind-the-meter power packages but remains outside the data center.

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

Vicor designs, develops, manufactures, and markets modular power components and power systems for converting electrical power. Its Advanced Products implement the proprietary Factorized Power Architecture and include Vertical Power Delivery modules that sit close to AI accelerators, wafer-scale engines, and future multi-die AI chiplets. Brick Products are largely integrated power converters used in conventional power architectures. The company also licenses its power-delivery IP, adding a high-margin stream.

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

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%.

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

Dycom Industries is a U.S. specialty contracting company focused on digital infrastructure, telecommunications and utilities. The 10-K describes it as a provider of program management, planning, engineering and design; aerial, underground and wireless construction; maintenance; and fulfillment services. In the AI buildout it does two things. Its Communications segment places fiber, copper and coaxial cable, builds fiber-to-the-home, long-haul and middle-mile routes, and performs wireless equipment replacement and network maintenance. Its Building Systems segment wires data centers and other critical facilities with electrical systems, energy management, security, fire safety and, after the NTI acquisition, structured cabling and audio-visual work.

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

Sterling operates three U.S. segments: E-Infrastructure Solutions, Transportation Solutions, and Building Solutions. E-Infrastructure provides advanced, large-scale site development and mission-critical electrical services for data centers, semiconductor fabrication, manufacturing, distribution centers, warehousing, and power generation. In Q1 2026, it was 72% of total revenue, up from 51% a year earlier, while the other two segments were run mainly as cash generators and resource pools.

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

Quanta Services is a leading provider of comprehensive infrastructure solutions for electric and gas utilities, power generation, large load centers, manufacturing, communications, pipelines, and broader energy industries. It provides design, engineering, procurement, construction, upgrade, repair, and maintenance services. Its two segments are Electric Infrastructure Solutions and Underground Utility and Infrastructure Solutions. The company's work sits where utility grid investment, high-voltage transmission, substations, generation, and data-center/large-load construction converge.

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

Bloom Energy designs, manufactures, sells, and installs a proprietary high-temperature solid-oxide fuel-cell platform. Its primary product is the Bloom Energy Server, which converts natural gas, biogas, or hydrogen into electricity without combustion or moving parts. The same technology powers the Bloom Electrolyzer for hydrogen production. The company serves data centers, commercial and industrial customers, and utilities, with data centers now the dominant growth driver.

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

Caterpillar is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Its 2025 sales and revenues were $67.589 billion. In the AI buildout, the Power & Energy segment supplies large gas reciprocating gensets, Solar Turbines industrial gas turbines such as the PGM130, and diesel standby generators; demand has shifted from backup toward continuously running prime power.

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

Energy Vault describes itself as an integrated energy and power infrastructure platform. Its products include B-VAULT electrochemical battery storage, G-VAULT gravity storage, H-VAULT hydrogen or hybrid storage, VaultOS energy management software, Vault-Bidder AI-based dispatch and revenue optimization, and Vault-Manager asset performance software. The company is moving from build-and-transfer project delivery and licensing toward selectively developing, owning, and operating storage assets. For AI data centers, it packages Powered Land, Powered Shell, and integrated storage plus gas generation plus UPS behind the meter, because power availability is the gating factor for expansion.

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

Fluence designs, supplies, integrates, and services utility-scale battery energy storage systems, with an increasing product focus on its newer Smartstack platform. Its product set includes Gridstack Pro, Gridstack, Ultrastack, Smartstack, Mosaic forecasting and bid optimization software, and Nispera asset performance management software. It does not sell AI hardware; instead, data-center developers and hyperscalers buy behind-the-meter storage for power quality, load smoothing, and low-voltage handling.

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

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.

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

NRG Energy is an integrated competitive power and energy company that sells electricity, natural gas, and smart-home technology to about 8 million residential customers, plus large commercial, industrial, data center, and wholesale customers. It operates four reported segments—Texas, East, West/Other, and Vivint Smart Home—and owns roughly 12 GW of competitive generation, primarily in Texas, before the January 30, 2026 LS Power acquisition added 18 natural gas assets and doubled management's fleet count to 25 GW.

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

Talen Energy is an independent power producer and energy-infrastructure company with approximately 13.1 GW of U.S. generation, principally in the Mid-Atlantic, Ohio, and Montana. It sells electricity, capacity, and ancillary services from nuclear, natural gas, and coal plants, including the 2.5 GW Susquehanna nuclear facility in Pennsylvania.

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

Constellation operates a post-Calpine fleet of 55 GW across nuclear, natural gas, geothermal, hydro, wind, and solar. It describes itself as the largest private-sector power producer in the world and the largest nuclear energy company in the U.S., providing about 10% of the nation's clean energy. Its customer-facing products - CORe+, the Hourly Carbon-Free Energy platform, and Constellation Navigator - sell clean baseload and emissions-matching to commercial and industrial load.

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

Entergy is an integrated electric utility engaged primarily in electric power production and energy delivery. It owns and operates approximately 25,000 MW of electric generating capacity and delivers electricity to about 3.1 million Utility customers across Arkansas, Louisiana, Mississippi, and Texas. Its AI-infrastructure role is electricity delivery: data center customers sign long-term electric service agreements, and Entergy builds generation, transmission, and storage capacity to serve them.

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

American Electric Power is a public utility holding company that directly owns all outstanding common stock of its utility subsidiaries. Those subsidiaries provide electric service — generation, transmission, and distribution — to retail customers in portions of 11 states, and reported through four segments: Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation & Marketing.

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

Dominion Energy is a Richmond, Virginia-headquartered regulated utility serving about 4.1 million primarily electric customers in Virginia, North Carolina, and South Carolina. It owns roughly 30.7 GW of electric generating capacity, 10,800 miles of electric transmission lines, and 80,400 miles of distribution lines. In the AI infrastructure buildout, Dominion is the demand-bearing utility: it sells the electricity, transmission, distribution, and new generation that data centers in its service territory consume.

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

Southern Company is a holding company whose main operating businesses are regulated electric utilities — Alabama Power, Georgia Power, and Mississippi Power — along with Southern Power and Southern Company Gas. The traditional electric utilities are vertically integrated, owning generation, transmission, and distribution. Its AI relevance is physical and demand-side: it sells the electricity, grid connection, and generation capacity that data centers and hyperscalers need.

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

Williams owns and operates more than 32,000 miles of natural gas pipelines across 24 states and the Gulf of America, plus 35 processing facilities, 9 NGL fractionation facilities, roughly 23 million barrels of NGL storage, and 423 Bcf of natural gas storage, serving approximately 800 customers across 11 supply areas. It is not an AI company; it is a natural gas infrastructure business increasingly selling energy into AI-driven electricity demand through behind-the-meter gas power and Transco expansions.

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

Centrus makes the fuel that keeps nuclear reactors running and is rebuilding U.S. commercial uranium enrichment. Its LEU segment supplies separative work units (SWU), natural uranium hexafluoride, uranium concentrates, uranium conversion, and enriched uranium product; its Technical Solutions segment produces HALEU, the fuel required by many next-generation reactor designs. Management describes Centrus as the only company with a proven American technology for commercial LEU and HALEU demand — a management claim, not independently verified.

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

The 10-K describes Energy Transfer as one of the largest diversified midstream energy companies in the U.S. It moves natural gas, NGLs, crude oil, and refined products from supply basins to domestic and export markets. In the AI buildout, it supplies the firm gas transportation and storage that power plants and data centers need for reliable electricity.

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

Albemarle is a global producer of lithium, bromine, and specialty chemicals. Its Energy Storage segment manufactures lithium carbonate, lithium hydroxide, and lithium chloride for battery and cathode customers, primarily in electric vehicles and stationary storage. Specialties spans bromine derivatives, butyllithium, lithium aluminum hydride, cesium, and zirconium/barium/titanium products serving electronics, energy, mobility, connectivity, health, and fire safety. The company does not disclose AI-specific revenue; AI exposure flows indirectly through stationary storage batteries and electronics/semiconductor applications.

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

PTC is a Boston-based software company with more than 7,000 employees and more than 30,000 customers. Its two software segments are PLM — Windchill, Codebeamer, pure::variants, ServiceMax, Servigistics, Arena — and CAD — Creo and Onshape. These are systems of record for product data across design, engineering, manufacturing, and service, and PTC frames them as the governed data and workflow layer that determines how useful AI can be for industrial companies.

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

Autodesk provides 3D design, engineering, and entertainment software. Its products are used across architecture, engineering, construction, manufacturing, and media. The company is expanding from design and make into operations through the MaintainX acquisition, which it describes as the cornerstone of a new operations segment and a claimed $40B TAM.

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

Rockwell Automation describes itself as the world's largest company dedicated to industrial automation and digital transformation. It makes drives, motion, safety, sensing, industrial components, controllers, visualization and digital twin software, and services such as cybersecurity and remote monitoring. Its hardware and software sit inside factory floors, process plants, and increasingly data center power and cooling infrastructure.

Over 1 GW of GPU cloud with $99.4B contracted backlog 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% with NVIDIA's $2B equity investment and a $27B Meta contract.

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.

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

Digital Realty develops and operates a global portfolio of data centers, colocation, and interconnection facilities. It sells PlatformDIGITAL as an ecosystem platform, Turn-Key Flex move-in-ready colocation, Powered Base Building shells, ServiceFabric software-defined networking, and connectivity products including Cross Connect and Metro Connect. That full-spectrum capacity supports enterprises, hyperscalers, and AI deployments from small interconnected cages to 200 MW AI inference leases.

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

Equinix describes itself as the world's digital infrastructure company. It operates International Business Exchange (IBX) and xScale data centers across the Americas, EMEA, and Asia-Pacific, combined with infrastructure, interconnection, and digital-ecosystem offerings. It sells colocation capacity, power, and interconnection access — not compute, models, or chips — making it the neutral exchange where enterprises, cloud providers, networks, AI model providers, and neo-clouds interconnect.