Designs the GPUs, rack-scale systems, networking and CUDA software used in most large AI training clusters and a large share of inference. Its Data Center segment is the largest single revenue pool in this guide.

What to watch: Operating cash flow of $24.08bn equaled about 40.3% of net income ($59.69bn). Net income included $7.77bn of equity-security gains, and receivables stood at $63.06bn at quarter end, so cash conversion is worth checking each quarter. Gene Munster, quoted by Benzinga, describes NVIDIA as a full infrastructure platform rather than a chip vendor.

Co-designs custom AI accelerators with hyperscalers and supplies the Ethernet switching chips that connect large clusters. It also owns a large infrastructure-software business built around VMware.

What to watch: AI semiconductor sales were about 56.4% of total company revenue. Shares fell after the September report because total fourth-quarter guidance landed slightly below consensus, a reminder that growth and the stock reaction can diverge. Broadcom appeared on Cantor Fitzgerald's November semiconductor list.

Sells Instinct accelerators and EPYC server processors. Its Data Center segment combines both, so the reported growth is not a pure accelerator figure.

What to watch: CEO Lisa Su told investors AMD and its customers are coordinating land, power and site readiness for planned 2027 deployments. AMD appeared on both the Cantor Fitzgerald list and Shay Boloor's post-election rebound list. Quarterly free cash flow was well below operating income.

Builds custom AI chips for hyperscalers and the electro-optical connectivity used inside AI data centers. On November 2, 2026 it announced an all-stock agreement to acquire Lumentum.

What to watch: Management targets roughly $30bn of custom revenue in fiscal 2031; that is a target, not recognized revenue. The Lumentum consideration is fixed at 4.5 Marvell shares per Lumentum share, so its dollar value moves with Marvell's stock, and closing remains conditional.

Licenses the CPU architecture and compute subsystems used in hyperscaler server chips and is now selling its own AGI CPU. It earns licensing fees up front and royalties as chips ship.

What to watch: Data center royalties doubled year over year, but total royalty growth slowed to 8% as smartphone demand weakened, so licensing carried the quarter. Selling its own CPU means Arm now competes with some of its licensees.

Supplies Xeon processors that host AI accelerators in servers and is building a contract manufacturing business, Intel Foundry.

What to watch: Management expects the PC slowdown to last at least through the first half of 2027, and the full fourth-quarter guidance range sits below third-quarter revenue. Server CPU demand tied to AI clusters is the main source of growth.

Best known for smartphone processors and modems. It is entering data center AI with custom inference silicon, CPUs and optical connectivity, including a multi-generation collaboration with Amazon.

What to watch: The $5bn target depends on a ramp still in early production. The Amazon arrangement includes warrants tied to potential purchases, which are not guaranteed orders. Investors are weighing that ramp against a shrinking handset business.

One of three large DRAM producers and a supplier of the high-bandwidth memory (HBM) stacked beside AI accelerators. It also sells data center SSDs.

What to watch: Memory is a cyclical business and current margins reflect tight supply. Cantor Fitzgerald included Micron in its November list while acknowledging that low multiples on cyclical profits can turn into value traps. Shares rose about 13% on November 11 as CoreWeave's outlook eased spending concerns.

South Korea's largest memory maker and a leading HBM supplier to NVIDIA. Its American depositary receipts began trading on Nasdaq on July 10, 2026, after pricing at $149 each.

What to watch: The common shares also trade in Seoul (000660), and the ADR and local prices can diverge. The ADR is the same business as the Korean listing, not a separate entity.

Makes NAND flash and solid-state drives. It separated from Western Digital in 2025, and data center SSDs used for inference, caching and data staging now drive most of its growth.

What to watch: An 8-for-1 stock split is scheduled to take effect on November 19, 2026, so the pre-split price in the November 11 snapshot will not match post-split quotes. Management said roughly half of fiscal 2027 bits are already covered by long-term agreements.

Makes hard-disk drives. High-capacity drives hold most of the data that AI systems train on and generate, and Seagate's heat-assisted (HAMR) drives raise capacity per unit.

What to watch: Track exabyte shipments, pricing and the pace of the HAMR transition.

The dominant contract manufacturer of leading-edge chips, including AI accelerators and custom silicon designed by NVIDIA, AMD, Broadcom and hyperscalers. Its foundry revenue serves many end markets, not only AI.

What to watch: Benzinga reported that TSMC's board authorized investments in Anthropic and OpenAI. Results are reported in Taiwan dollars, so US-dollar growth differs from local-currency growth.

The only supplier of extreme ultraviolet (EUV) lithography systems, which are required to print the most advanced logic and memory chips.

What to watch: ASML has said it plans to raise low-NA EUV and DUV immersion capacity by 30% in 2027 and is studying a further increase for 2028. China's share of sales and export controls remain the main external variables. Cantor Fitzgerald included ASML in its November list.

Supplies etch and deposition equipment, with heavy exposure to memory makers expanding HBM and advanced NAND capacity.

What to watch: Memory accounted for 46% of systems revenue. China was 35% of September-quarter revenue, and management expects that share to fall significantly in the December quarter. Lam was on Cantor Fitzgerald's November list.

Leads in process control: the inspection and measurement tools chipmakers use to find defects. Larger AI chips and advanced packaging raise the amount of inspection per wafer.

What to watch: KLA completed a 10-for-1 stock split effective June 11, 2026, so per-share history needs split adjustment. KLA expects China to decline as a share of revenue in the December quarter. KLA was on Cantor Fitzgerald's November list.

Supplies process-control, inspection and lithography tools, with growing exposure to the advanced packaging steps used for AI accelerators.

What to watch: Track advanced packaging orders and customer concentration.

Sells high-speed Ethernet switches and software used to build AI back-end and front-end networks, with hyperscalers as its largest customers.

What to watch: Management expects existing networking applications to drive near-term revenue and does not expect scale-up networking to contribute materially until 2028. The 2027 AI target is a management target, not recognized revenue.

Sells networking systems built on its Silicon One chips, Acacia optics and security software. Hyperscaler AI infrastructure has become a measurable share of its business.

What to watch: Hyperscaler AI infrastructure was about 6% of fiscal 2026 revenue. Management said roughly 60% of those orders were Silicon One systems and 40% optics, and hardware mix weighed on gross margin.

Sells active electrical cables, SerDes and optical DSP chips that move data between servers and switches inside AI racks.

What to watch: The release did not include a cash-flow statement, so cash conversion could not be checked. Credo appeared on Shay Boloor's November 5 rebound list.

Designs connectivity chips for rack-scale AI systems, including Scorpio fabric switches, Aries retimers and Taurus cable modules.

What to watch: Scorpio fabric switches became the largest product family in the quarter. Customer concentration and stock-based compensation are the main points to monitor.

Makes lasers, optical components and transceivers used in AI data center links. Marvell agreed on November 2, 2026 to acquire it in an all-stock deal.

What to watch: The reference value implied a premium of about 23.9% at announcement, but the dollar value floats with Marvell's share price. Lumentum holders would own about 33% of the combined company. Closing remains conditional.

Makes optical transceivers, lasers and engineered materials used in data center networking, alongside industrial laser businesses.

What to watch: Track datacom transceiver growth and the transition to 1.6T optics.

Designs analog, RF and optical semiconductors, including components used in high-speed data center optical links.

What to watch: Track data center revenue as a share of the total.

Designs analog and mixed-signal chips, including signal-integrity products used in data center optical and copper connections.

What to watch: Track data center product growth against its IoT and industrial lines.

Builds AI-optimized servers for cloud providers, neoclouds and enterprises, along with storage and PCs.

What to watch: Orders and backlog are not recognized revenue; converting them depends on supply of accelerators, memory and power at customer sites. Dell raised its fiscal 2027 AI server revenue forecast to about $74bn.

Designs and assembles AI server and liquid-cooled rack systems built on NVIDIA and other accelerators.

What to watch: Results were preliminary and unaudited when released, which matters given the company's accounting history. Margins fell sharply as volume rose, and receivables and inventory absorbed cash.

Designs and manufactures network switches, servers and storage systems for hyperscalers and AI developers.

What to watch: Revenue is concentrated among a small number of hyperscale customers, and inventory rose $1.1bn in the quarter to about $4.5bn. Celestica appears on Benzinga's evergreen AI stock guide.

A small systems integrator that assembles and configures server racks. Procurement makes up most of its revenue, with integration services as the higher-margin growth line.

What to watch: Procurement was about 64.7% of quarterly revenue and carries lower margins than integration work. Nine-month revenue was down about 24% year over year. TSS appeared in Tim Melvin's November 3 small-cap list.

Runs Azure, one of the three largest cloud platforms, and sells AI features through Microsoft 365 Copilot and GitHub. It funds its data center expansion largely from operating cash flow.

What to watch: Cash spent on property and equipment used about 67.9% of quarterly operating cash flow, the lowest ratio among the large platforms in this guide. Benzinga reported in early November that Microsoft was reassessing some external computing contracts with neocloud providers and winding down an older-GPU lease with Oracle.

Owns Google Search, Google Cloud and the Gemini models, and designs its own TPU accelerators, which it also sells as systems through Google Cloud.

What to watch: Quarterly capex was about 121.5% of operating cash flow, so the quarter's free cash flow turned negative while trailing-year free cash flow stayed positive. Benzinga reported that five of six listed analyst firms cut price targets after the quarter while largely keeping bullish ratings, citing softer Search and higher costs.

Runs AWS, the largest cloud platform by revenue, designs its own Trainium and Inferentia AI chips, and offers models through Bedrock.

What to watch: Management projected AWS growth above 40% in each of 2027 and 2028, a projection rather than guidance. Shares fell about 7.3% after hours on the report even as commentators praised the AWS acceleration.

Uses AI to rank content and target ads across Facebook, Instagram, WhatsApp and Threads, and builds its own models and AI agents. AI revenue is embedded in advertising rather than reported separately.

What to watch: Capital spending including lease principal was about 106.5% of operating cash flow. Ad impressions grew 10% and average price per ad grew 14%, which management links to AI ranking improvements.

Builds Oracle Cloud Infrastructure (OCI) capacity under large contracts with AI developers, alongside its database and applications business.

What to watch: About 49.2% of quarterly operating cash flow came from customer prepayments with a significant financing component. Bernstein, quoted by Benzinga, expects positive free cash flow in the second half of fiscal 2028; Steve Eisman has described a downside scenario tied to OpenAI's finances. Fiscal 2027 revenue guidance is at least ≥$90bn.

Rents NVIDIA GPU capacity to AI labs and large technology companies under multi-year contracts. It is the largest listed specialist AI cloud and a bellwether for the group.

What to watch: Operating income of $207m covered only 0.24x of net interest expense ($846m). Operating cash flow minus cash capital purchases was ($7.47bn). JPMorgan's credit analyst saw clearer funding visibility; short seller Jim Chanos questioned returns on capital. Both views were reported by Benzinga on November 11.

Builds and operates AI cloud capacity in Europe and the United States, with Microsoft among its customers.

What to watch: Shares fell about 15.86% on November 12 after Nebius said 2026 revenue would land near the low end of its range and some New Jersey capacity for Microsoft slipped to the second quarter of 2027. Quarterly financing inflows of $7.46bn funded the build-out. Nebius was on Shay Boloor's rebound list.

Converted bitcoin-mining sites into AI cloud capacity and now earns most of its revenue renting GPUs, with Microsoft among its customers.

What to watch: The 86% AI cloud segment margin excludes depreciation and site-level costs. The annualized revenue target moved from year-end into January and possibly February 2027, and the wider plan still requires about $6bn of additional financing. Shares rose 7.45% on November 11.

Develops and leases large AI data center campuses in North Dakota, led by its Polaris Forge sites.

What to watch: Benzinga's earnings summary used the adjusted revenue figure while citing growth tied to GAAP revenue; the two differ by about $41m. Cash after capital purchases was ($2.01bn) for the quarter. Shares rose 9.11% on November 11.

Combines a digital-asset trading and investment business with the Helios data center campus in Texas, which leases capacity to CoreWeave.

What to watch: Most adjusted gross profit came from Treasury and Corporate investment gains ($418.9m), not data centers, so consolidated earnings should not be read as AI earnings. Lease income depends heavily on CoreWeave. Shares rose 15.31% on November 11.

Develops and leases data center infrastructure at its Lake Mariner campus in New York and new sites, without owning the GPUs inside.

What to watch: Net income of $709.9m was driven by a $728.4m noncash gain on warrants and derivatives, not by operations. Benzinga reported Google credit support for financing tied to the Anthropic leases. Not owning GPUs reduces direct exposure to chip obsolescence.

Leases high-density colocation capacity to AI cloud tenants while running a smaller bitcoin-mining operation.

What to watch: Power-cost pass-through made up about 26.7% of colocation revenue, so not all colocation revenue is high-margin rent. Reported net income is dominated by noncash warrant effects.

A bitcoin miner that is leasing its Texas power capacity to AI data center tenants, including AMD and a new Corsicana anchor lease.

What to watch: Most current revenue is still bitcoin mining and engineering; the Corsicana lease economics are future management estimates. Benzinga's October coverage flagged credit risk as miners turn into data center developers.

A large bitcoin miner holding about 34,000 BTC that is developing power and data center capacity that could serve AI tenants.

What to watch: Net income reflected ~$885.3m of fair-value gains on bitcoin. After quarter end MARA sold 13,597 BTC and repaid $750m of bitcoin-backed loans. AI exposure is prospective rather than current.

An early-stage AI cloud provider planning large NVIDIA GPU deployments in Australia, New Zealand and the Asia-Pacific region.

What to watch: About ~$423.8m of the quarterly loss was noncash, mainly a convertible-note fair-value charge. The deployment plan is far larger than the current revenue base, so execution and financing carry most of the risk. Shares rose 14.49% on November 11.

A data center REIT that leases both large hyperscale blocks and smaller colocation and interconnection space.

What to watch: Much of the record leasing will not start paying rent until 2027 or 2028. Track commencements, funding needs and power delivery in markets such as Northern Virginia.

Sells data integration and AI platforms (Foundry, Gotham and AIP) to US government agencies and a fast-growing base of commercial customers.

What to watch: Shares fell after the report as Benzinga highlighted the premium valuation and total contract value growth slowing to 6% from 49%. Stock compensation equaled about 13.8% of revenue. Palantir was on Dan Ives' November 2 list.

Sells a workflow platform for IT, HR and customer service and monetizes AI through premium AI-enabled subscription tiers and agents.

What to watch: Company-defined free cash flow adds back $74m of acquisition cash costs; without it, operating cash flow minus capex was $748m. Shares fell about 15.25% after hours on the report, and Benzinga tied November weakness to concern about Anthropic's workplace tools.

Sells customer-relationship software and is pushing Agentforce, its AI agent product, and Data 360 across its customer base. Results include the acquired Informatica business.

What to watch: GAAP EPS of $4.29 included a $2.43-per-share gain from strategic investments, and non-GAAP EPS still carried a $2.53 gain effect. The ARR definition now covers more products, so prior-period comparisons need checking.

Runs a cloud data platform where enterprises store and query data, and sells AI agents and model access that run on that governed data.

What to watch: Product revenue growth accelerated for a third straight quarter, which management attributed partly to AI products. GAAP operating loss was $263m, against non-GAAP operating income of $237m.

Sells the Falcon cybersecurity platform, which uses AI models for threat detection and automates security operations.

What to watch: CrowdStrike posted a GAAP operating loss of (~$33.2m) against non-GAAP operating income of ~$371.6m. Its results are cybersecurity revenue, not separately measured AI revenue. CrowdStrike was on Dan Ives' list.

Sells hybrid cloud software (Red Hat), the watsonx AI platform, mainframes and consulting services that implement AI for large enterprises.

What to watch: IBM reports generative AI as a share of consulting backlog rather than a dollar total. Full-year guidance calls for 4% to 5% constant-currency revenue growth.

Sells voice AI for automakers, restaurants and devices and, after acquiring LivePerson, customer-service software.

What to watch: About ~$14m of quarterly revenue (22.4%) came from LivePerson, which closed September 4. Management targets sustained positive adjusted EBITDA in the second half of 2027. Cantor Fitzgerald cut its price target to $10.00 from $15.00.

Sells decision-intelligence and generative AI software, including Ask Sage, mainly to US defense and security agencies.

What to watch: The net loss included a $76.7m noncash goodwill impairment, while quarterly operating cash outflow was ($9.55m). Growth includes the Ask Sage acquisition and is not an organic figure.

Sells packaged enterprise AI applications and a development platform to industrial, energy and government customers.

What to watch: Stock compensation of $59.2m was about 113% of quarterly revenue. Management cut the workforce by about 40% in a restructuring, and full-year guidance still includes a non-GAAP operating loss of $123m to $155m.

The largest US nuclear operator, selling power under long-term agreements with Amazon, Google and other buyers. It acquired Calpine's gas fleet in January 2026.

What to watch: The 690 MW Amazon agreement includes existing output, and the 2,700 MW Google agreement is a financial load-following contract, so the headline megawatts should not be added together as new generation. The CEO argued that underused existing generation can serve more data center demand.

Owns nuclear, gas and coal plants, mainly in Texas and the PJM market, and runs a large retail power business. It is signing power agreements with data center developers.

What to watch: GAAP net income of $1.14bn included a $559m unrealized hedging gain. A 20-year agreement with New Era supports a proposed Texas data center that was still seeking tenants when Benzinga reported it.

An independent power producer in the PJM market that supplies Amazon's data center campus next to its Susquehanna nuclear plant.

What to watch: Growth includes acquired gas plants. GAAP net income fell to $138m on derivative swings. Talen expanded its buyback to $3bn and is marketing additional baseload capacity and powered land to large-load customers.

Makes solid-oxide fuel-cell systems that provide on-site power for data centers that cannot wait for a grid connection.

What to watch: Track data center orders, margins on new installations and financing partners.

A pre-commercial developer of small fast-fission reactors (the Aurora powerhouse) aimed at data centers and industrial users, with fuel and isotope businesses on the side.

What to watch: The first plant's startup window widened from 2028 to 2028–2029, and PJM withdrew a Virginia interconnection application. Funding relies on at-the-market share sales. The Meta-backed Ohio campus agreement is not a binding commitment to build a reactor.

Supplies power distribution, backup power and thermal management, including liquid cooling, for AI data centers.

What to watch: The CFO told Benzinga customers were accepting higher prices, with manufacturing capacity and available power the main constraints. Vertiv was on Shay Boloor's rebound list. Its shares still fell in the broad November 10 supplier selloff.

Makes switchgear, power distribution and power-management equipment for data centers, utilities and industry, alongside aerospace and vehicle businesses.

What to watch: Acquisitions added eight percentage points to growth. Shares reversed an initial rally after the report despite an EPS beat and higher guidance, as analysts weighed policy and permitting concerns.

Makes gas turbines, grid equipment and wind turbines. Data center demand has filled its gas turbine order book for years ahead.

What to watch: Slot reservations are not as firm as signed equipment orders. GE Vernova also announced an agreement to acquire Trench Group, a grid equipment maker.

Sells grid power-quality and voltage-control equipment and wind turbine electrical systems.

What to watch: Growth includes acquisitions. AMSC was one of seven names in Tim Melvin's November 3 list; the author noted none had a confirmed Anthropic contract.

Makes dry-type transformers and power magnetics used in data centers and industrial facilities. HMDPF is the US over-the-counter symbol; the primary listing is HPS.A in Toronto.

What to watch: Growth includes acquisitions, and backlog dipped from the prior quarter. Figures are in Canadian dollars and are not converted.

Makes pre-insulated piping systems used in district energy, oil and gas, and cooling infrastructure.

What to watch: Total sales are not AI revenue; data center cooling is one end market among several.

Builds and maintains electric transmission, distribution and generation infrastructure, including connections for large data center loads.

What to watch: Free cash flow of $1.20bn deducts net capex after asset-sale and insurance proceeds. Acquisitions and diversified end markets mean revenue growth is not all AI-related.

Develops energy efficiency and on-site energy projects for governments and companies, including data center energy infrastructure.

What to watch: Most backlog ($4.56bn) was awarded but not yet signed. Operating cash flow was ($8.85m) for the quarter.

A contract metal fabricator with a fast-growing data center and critical power end market.

What to watch: Data center and critical power was about 21.8% of revenue. Guidance still calls for negative free cash flow this year.

Builds energy, utility and power infrastructure, including storage terminals and power delivery projects.

What to watch: Awards below revenue for one quarter do not prove a structural slowdown, but the cash outflow is worth monitoring.