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Nov 12, 2026 | Stocks

Top 100 AI Stocks: Chips, Cloud, Power and Software

top 100 stocks
Top 100 AI Stocks: 2026 Guide to the AI Value Chain

Top 100 AI StocksA 2026 guide to the companies building, powering and selling artificial intelligence

This guide profiles 100 publicly traded companies with meaningful exposure to AI, from the chip designers at the center of the build-out to the cloud platforms, data center developers, software vendors, power producers and contractors around them. Each entry covers what the company does in AI, its latest reported figures and the issues to check before treating it as an AI investment.

NVIDIA Data Center revenue, quarter to July 26
~$89bn, up 117%
Five largest hyperscalers, 2026 capex (BofA estimate)
~$700bn
CoreWeave revenue backlog, September 30
~$132.5bn
VanEck Semiconductor ETF below peak, November 3
24.3%
Data through November 12, 2026. Financial figures come from company earnings releases and filings, Benzinga coverage and other cited reporting. Share prices are a historical late-morning snapshot from November 11, not live or closing quotes. Fiscal calendars differ, so every figure carries its period. The list is organized by segment and is not a ranking of investment merit.

In this guide

Where the AI trade stands in November 2026

AI demand is showing up clearly in reported results. The questions investors are now asking are about cash: how much of the spending is being financed with debt, how long the equipment will stay useful, and which companies will earn an adequate return on what they are building. Those questions drove a sharp selloff in late October and early November, followed by a relief rally on November 11.

A relief rally after CoreWeave reported

CoreWeave reported third-quarter revenue of $3.66bn on November 10, raised its full-year outlook and said it expected ~$9bn of customer prepayments and deposits over the following three months. The next morning Benzinga counted 17 AI stocks up more than 10% in late-morning trading, spanning neoclouds, memory, optics, servers and power. A separate Benzinga report tied gains in IREN, Galaxy Digital, SharonAI and Applied Digital to the same results.

Those moves trace back to one catalyst, so they are not 17 separate confirmations that each company’s business improved. The mood also did not last uniformly: on November 12 Nebius fell about 16% after saying 2026 revenue would land near the low end of its range.

Seventeen AI stocks rose more than 10% on November 11

Intraday change and share price at the time of Benzinga’s late-morning report

AI stocks up more than 10% intraday on November 11, 2026Seventeen stocks Benzinga listed as up more than 10% in late-morning trading after CoreWeave's results, with share price at the time.0%5%10%15%20%25%Ticker and companyPriceCRWV CoreWeave+23.20%$60.04NBIS Nebius+16.32%$155.88BE Bloom Energy+15.40%$213.99SNDK Sandisk+15.33%$991.90LITE Lumentum+13.47%$664.49DELL Dell Technologies+12.54%$376.33MU Micron+12.42%$815.18SMTC Semtech+11.75%$126.83ARM Arm+11.47%$202.32COHR Coherent+11.46%$239.28CRDO Credo+11.21%$144.36STX Seagate+11.19%$557.78MTSI MACOM+10.96%$251.32SKHY SK Hynix (ADR)+10.92%$143.83MRVL Marvell+10.84%$171.13SMCI Super Micro Computer+10.20%$30.63ONTO Onto Innovation+10.19%$217.65
Source: Benzinga, November 11, 2026. Historical intraday snapshot, not closing prices. Sandisk’s price is before its 8-for-1 split scheduled for November 19.

The selloff that came before it

Hyperscalers and chipmakers lost more than $800bn of market value in the week ended October 30, according to Benzinga. By November 2 the Technology Select Sector SPDR ETF (XLK) was 14.3% below its record, and by November 3 the VanEck Semiconductor ETF (SMH) was 24.3% below its peak. On November 10 selling spread to power, cooling, electrical, fiber and construction suppliers, even though many of them had reported strong demand.

Politics added to the pressure after the midterm elections. Investor Brad Gerstner warned that 10 to 15 gigawatts of expected 2027 data center capacity could be delayed by permitting changes. Bernstein estimated a much smaller effect of 2% to 4% on credible nationwide capacity, and favored operating assets with secured power. The two estimates use different denominators and time frames. On November 12 Benzinga reported that voters had rejected data center projects in 10 states; proposed restrictions are not the same as cancelled projects.

Valuations reset, on estimates that assume strong growth

18.2xS&P 500 Information Technology forward P/E, November 2
18.2xS&P 500 forward P/E, October 30
13.5xSemiconductor industry forward P/E, early November
114.3% / 77.9%Analysts’ expected semiconductor earnings growth for 2026 and 2027

Technology now trades at roughly the same forward earnings multiple as the broader index, and chip stocks trade at a discount to both. Those multiples depend on forecasts of very fast earnings growth. Cantor Fitzgerald and HSBC described the chip decline as a mid-cycle correction and favored NVIDIA, Broadcom, AMD, Micron, Sandisk, ASML, Applied Materials, Lam Research and KLA, while acknowledging that low multiples on cyclical profits can turn into value traps.

Spending keeps rising, and so does the borrowing

Alphabet guides to $195−205bn of capital spending in 2026, Microsoft to about $170bn, and Meta to $135−145bn. Amazon spent $210.7bn on property and equipment, net of proceeds, in the 12 months to September. A Bank of America estimate cited by Benzinga puts 2026 capex for the five largest hyperscalers near $700bn and 2027 above $1tn.

More of that spending is being financed with debt. The same report cited estimates that the five largest hyperscalers issued more than $180bn of US investment-grade bonds through midsummer 2026, compared with about $28bn a year on average from 2020 to 2024. Carlyle’s Jason Thomas estimated that AI infrastructure could require about $5tn of investment, with up to $1tn coming from private credit. An October Benzinga analysis collected forecasts that hyperscaler depreciation could reach $500bn to $1tn a year by the end of the decade, and that up to 40% of 2026 AI capital spending will not be in service until 2027 to 2029. These are third-party estimates and forecasts, not reported results.

What fund managers told Bank of America

In the September Global Fund Manager Survey of 190 managers overseeing about $512bn in assets, a majority named semiconductors the most crowded trade, and the share naming AI capex as the top systemic credit risk rose from August. A larger share also said they did not expect the big AI spenders to cut capital spending.

Fund managers see crowded chip positioning and rising credit risk

Share of respondents, BofA Global Fund Manager Survey

BofA Global Fund Manager Survey, August and September 2026Share of respondents. September bars with August values marked where reported.0%25%50%75%100%Expect no capex cut by AI spenders79% Sept.Aug. 71%Name semiconductors the most crowded trade53% Sept.Name AI capex the top systemic credit risk42% Sept.Aug. 38%Net share saying companies overinvest33% Sept.
Source: Benzinga, September 16, 2026, citing BofA. Survey percentages describe respondents’ views, not the probability of any outcome.

The 100 at a glance

Filter by segment or search by ticker, name or theme. Select a ticker to jump to its profile. Numbering follows the chapter order below and does not rank the companies against one another.

Showing 100 of 100 companies

Top 100 AI stocks by segment
SegmentAI exposureIn this guide
1NVDANVIDIACompute and accelerator chipsGPUs, networking and CUDA softwareDetailed figures
2AVGOBroadcomCompute and accelerator chipsCustom AI accelerators and Ethernet switchingDetailed figures
3AMDAdvanced Micro DevicesCompute and accelerator chipsInstinct GPUs and EPYC server CPUsDetailed figures
4MRVLMarvell TechnologyCompute and accelerator chipsCustom silicon and optical interconnectDetailed figures
5ARMArm HoldingsCompute and accelerator chipsCPU designs licensed into AI serversKey figures
6INTCIntelCompute and accelerator chipsXeon server CPUs and contract foundryKey figures
7QCOMQualcommCompute and accelerator chipsCustom inference silicon; moving into data centersKey figures
8MPWRMonolithic Power SystemsCompute and accelerator chipsPower-delivery chips for AI boardsProfile
9MUMicron TechnologyMemory and storageDRAM and high-bandwidth memory (HBM)Detailed figures
10SKHYSK hynix (ADR)Memory and storageHBM leader; Nasdaq ADR since July 2026Price snapshot
11SNDKSandiskMemory and storageNAND flash and data center SSDsKey figures
12STXSeagate TechnologyMemory and storageHigh-capacity hard drivesPrice snapshot
13WDCWestern DigitalMemory and storageHard drives for cloud data centersProfile
14TSMTaiwan Semiconductor Manufacturing (ADR)Foundry, equipment and chip designLeading-edge contract chip manufacturingDetailed figures
15ASMLASML HoldingFoundry, equipment and chip designSole supplier of EUV lithographyKey figures
16AMATApplied MaterialsFoundry, equipment and chip designDeposition, etch and process equipmentProfile
17LRCXLam ResearchFoundry, equipment and chip designEtch and deposition for memory and logicKey figures
18KLACKLAFoundry, equipment and chip designInspection and metrologyKey figures
19SNPSSynopsysFoundry, equipment and chip designChip design software and IPProfile
20CDNSCadence Design SystemsFoundry, equipment and chip designEDA software and hardware emulationProfile
21AMKRAmkor TechnologyFoundry, equipment and chip designAdvanced packaging and testProfile
22TERTeradyneFoundry, equipment and chip designTest systems for AI chips and HBMProfile
23ONTOOnto InnovationFoundry, equipment and chip designInspection and lithography for packagingPrice snapshot
24ANETArista NetworksNetworking, optics and connectivityEthernet switching for AI clustersDetailed figures
25CSCOCisco SystemsNetworking, optics and connectivitySilicon One systems and opticsKey figures
26CRDOCredo TechnologyNetworking, optics and connectivityActive electrical cables and connectivity chipsDetailed figures
27ALABAstera LabsNetworking, optics and connectivityPCIe and fabric switches for AI racksKey figures
28LITELumentumNetworking, optics and connectivityLasers and optical transceiversPrice snapshot
29COHRCoherentNetworking, optics and connectivityOptical transceivers and lasersPrice snapshot
30CIENCienaNetworking, optics and connectivityOptical systems linking data centersProfile
31GLWCorningNetworking, optics and connectivityOptical fiber and connectivityProfile
32APHAmphenolNetworking, optics and connectivityConnectors and cable assembliesProfile
33FNFabrinetNetworking, optics and connectivityOptical component manufacturingProfile
34MTSIMACOM TechnologyNetworking, optics and connectivityAnalog and optical chips for linksPrice snapshot
35SMTCSemtechNetworking, optics and connectivitySignal-integrity chips for linksPrice snapshot
36DELLDell TechnologiesServers and systemsAI servers, storage and PCsKey figures
37SMCISuper Micro ComputerServers and systemsAI server and rack systemsKey figures
38CLSCelesticaServers and systemsSwitches and AI server manufacturingKey figures
39HPEHewlett Packard EnterpriseServers and systemsAI servers, supercomputers, networkingProfile
40JBLJabilServers and systemsManufacturing for cloud infrastructureProfile
41TSSITSSServers and systemsRack integration servicesDetailed figures
42MSFTMicrosoftHyperscalers and platformsAzure, Copilot and OpenAI partnershipDetailed figures
43GOOGLAlphabetHyperscalers and platformsGoogle Cloud, TPUs and GeminiDetailed figures
44AMZNAmazonHyperscalers and platformsAWS, Trainium chips and BedrockDetailed figures
45METAMeta PlatformsHyperscalers and platformsAI-driven ads and AI agentsDetailed figures
46ORCLOracleHyperscalers and platformsOCI capacity for AI labsDetailed figures
47AAPLAppleHyperscalers and platformsOn-device AI on Apple siliconProfile
48TSLATeslaHyperscalers and platformsAutonomy software and roboticsProfile
49BABAAlibaba Group (ADR)Hyperscalers and platformsAlibaba Cloud and Qwen modelsProfile
50CRWVCoreWeaveNeoclouds and data center operatorsGPU cloud for AI labsDetailed figures
51NBISNebius GroupNeoclouds and data center operatorsAI cloud in Europe and the USDetailed figures
52IRENIRENNeoclouds and data center operatorsAI cloud built on bitcoin-mining sitesDetailed figures
53APLDApplied DigitalNeoclouds and data center operatorsAI data center developer and landlordDetailed figures
54GLXYGalaxy DigitalNeoclouds and data center operatorsHelios data center campus plus digital assetsDetailed figures
55WULFTeraWulfNeoclouds and data center operatorsData center leasing to AI tenantsDetailed figures
56CORZCore ScientificNeoclouds and data center operatorsColocation capacity for AI tenantsDetailed figures
57CIFRCipher MiningNeoclouds and data center operatorsMining sites converted to HPC leasesProfile
58HUTHut 8Neoclouds and data center operatorsPower-dense sites for AI and miningProfile
59RIOTRiot PlatformsNeoclouds and data center operatorsPowered land leased to AI tenantsDetailed figures
60MARAMARA HoldingsNeoclouds and data center operatorsBitcoin miner developing power sitesDetailed figures
61SHAZSharonAI HoldingsNeoclouds and data center operatorsEarly-stage AI cloud, Asia-PacificDetailed figures
62DOCNDigitalOceanNeoclouds and data center operatorsDeveloper cloud adding GPU capacityProfile
63EQIXEquinixNeoclouds and data center operatorsColocation and interconnection REITProfile
64DLRDigital RealtyNeoclouds and data center operatorsHyperscale and colocation data center REITKey figures
65PLTRPalantir TechnologiesEnterprise software and AI applicationsAIP platform for enterprises and governmentDetailed figures
66NOWServiceNowEnterprise software and AI applicationsWorkflow automation and AI agentsDetailed figures
67CRMSalesforceEnterprise software and AI applicationsCRM with Agentforce AI agentsDetailed figures
68SNOWSnowflakeEnterprise software and AI applicationsData cloud and AI agents on enterprise dataKey figures
69CRWDCrowdStrikeEnterprise software and AI applicationsAI-assisted endpoint and cloud securityDetailed figures
70PANWPalo Alto NetworksEnterprise software and AI applicationsNetwork, cloud and AI securityProfile
71IBMIBMEnterprise software and AI applicationswatsonx, Red Hat and AI consultingKey figures
72ADBEAdobeEnterprise software and AI applicationsFirefly generative models in Creative CloudProfile
73DDOGDatadogEnterprise software and AI applicationsObservability for AI workloadsProfile
74NETCloudflareEnterprise software and AI applicationsEdge network and AI inferenceProfile
75APPAppLovinEnterprise software and AI applicationsAI-driven advertising engineProfile
76TEMTempus AIEnterprise software and AI applicationsAI in diagnostics and clinical dataProfile
77SOUNSoundHound AIEnterprise software and AI applicationsVoice AI and customer-service agentsDetailed figures
78BBAIBigBear.aiEnterprise software and AI applicationsDecision intelligence for defenseDetailed figures
79AIC3.aiEnterprise software and AI applicationsEnterprise AI applicationsDetailed figures
80CEGConstellation EnergyPower generationNuclear power under hyperscaler contractsDetailed figures
81VSTVistraPower generationTexas nuclear and gas generationDetailed figures
82TLNTalen EnergyPower generationPJM generation with data center dealsKey figures
83NRGNRG EnergyPower generationGeneration and retail power in TexasProfile
84BEBloom EnergyPower generationOn-site fuel-cell powerPrice snapshot
85OKLOOkloPower generationPre-commercial small nuclear reactorsKey figures
86VRTVertivElectrical, cooling and grid equipmentPower and liquid cooling for data centersDetailed figures
87ETNEatonElectrical, cooling and grid equipmentElectrical distribution and power managementDetailed figures
88GEVGE VernovaElectrical, cooling and grid equipmentGas turbines and grid equipmentDetailed figures
89NVTnVent ElectricElectrical, cooling and grid equipmentEnclosures and liquid coolingProfile
90MODModine ManufacturingElectrical, cooling and grid equipmentData center cooling systemsProfile
91CATCaterpillarElectrical, cooling and grid equipmentEngines and turbines for on-site powerProfile
92AMSCAmerican SuperconductorElectrical, cooling and grid equipmentGrid and power-quality equipmentDetailed figures
93HMDPFHammond Power SolutionsElectrical, cooling and grid equipmentDry-type transformersDetailed figures
94PPIHPerma-Pipe InternationalElectrical, cooling and grid equipmentPre-insulated piping incl. coolingDetailed figures
95PWRQuanta ServicesConstruction and engineeringGrid and power constructionDetailed figures
96EMEEMCOR GroupConstruction and engineeringElectrical and mechanical contractingProfile
97FIXComfort Systems USAConstruction and engineeringMechanical and modular constructionProfile
98AMRCAmerescoConstruction and engineeringEnergy infrastructure projectsDetailed figures
99MECMayville EngineeringConstruction and engineeringFabrication for data center equipmentDetailed figures
100MTRXMatrix ServiceConstruction and engineeringEnergy and utility constructionDetailed figures

Detailed figures: several metrics from the latest earnings release or filing. Key figures: headline results from the latest release. Price snapshot: the November 11 intraday move plus a business profile. Profile: the company’s role in AI and what to track; no current-quarter figures were verified for this edition.

Nos. 1–8, 8 companies

Compute and accelerator chips

Accelerators are where most AI spending lands first. NVIDIA’s Data Center segment reported about $89bn of revenue in a single quarter. Broadcom and Marvell co-design custom accelerators with individual hyperscalers, and AMD competes with GPUs of its own. CPU suppliers such as Intel, Arm and Qualcomm benefit because every accelerator rack also needs host processors.

The companies define their AI revenue differently. NVIDIA reports a Data Center platform segment, AMD’s Data Center segment includes server CPUs, and Broadcom’s AI semiconductor figure is a management definition. Fiscal quarters also end on different dates. The growth rates below show momentum, not market share.

AI-related revenue growth, by each company’s own definition

Year-over-year growth, latest reported quarter

Year-over-year growth in AI-related revenue, by each company's own definitionBroadcom AI semiconductors up 221%, NVIDIA Data Center up 117%, AMD Data Center up 97%, Intel Data Center and AI up 78%, Marvell Data Center up 46%, Arm total revenue up 27%.0%50%100%150%200%250%AVGO Q3 FY2026AI semiconductor revenue (management-defined)+221%NVDA Q2 FY2027Data Center segment+117%AMD Q3 2026Data Center segment (includes server CPUs)+97%INTC Q3 2026Data Center and AI segment (mostly server CPUs)+78%MRVL Q2 FY2027Data Center segment+46%ARM Q2 FY2027Total revenue (licensing and royalties)+27%
Sources: Nvidia fiscal second-quarter company earnings release; AMD third-quarter company earnings release; Broadcom fiscal third-quarter company earnings release; Marvell Technology, Inc. Reports Second Quarter of Fiscal Year 2027 Financial Results; Intel Q3 2026 results release; Arm Q2 FYE27 results. Categories are not comparable across companies.
1

NVDANVIDIA

GPUs, networking and CUDA software

Detailed figures

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.

Q2 FY2027, quarter ended July 26, 2026

Revenue$96.22bn (up 106% YoY)
Data Center revenue~$89bn (up 117% YoY)
Gross margin75%
Free cash flow (company definition)$21.34bn
Q3 FY2027 revenue guidance, midpoint~$108bn

Sources: Nvidia fiscal second-quarter company earnings release; Munster outlines Nvidia platform growth thesis

2

AVGOBroadcom

Custom AI accelerators and Ethernet switching

Detailed figures

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.

Q3 FY2026, quarter ended August 2, 2026

Revenue$29.59bn (up 86% YoY)
AI semiconductor revenue (management-defined)~$16.7bn (up 221% YoY)
Free cash flow$13.66bn
Q4 FY2026 revenue guidance~$34.8bn
Q4 FY2026 AI semiconductor guidance~$21.7bn

Sources: Broadcom fiscal third-quarter company earnings release; Broadcom growth meets higher investor expectations; Analysts weigh semiconductor buying opportunities after steep declines

3

AMDAdvanced Micro Devices

Instinct GPUs and EPYC server CPUs

Detailed figures

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.

Q3 2026, quarter ended September 26, 2026

Revenue$13.38bn (up 45% YoY)
Data Center revenue$8.55bn (up 97% YoY)
Data Center operating income$2.88bn
Free cash flow$554m
Q4 2026 revenue guidance, midpoint~$17bn

Sources: AMD third-quarter company earnings release; AMD discusses infrastructure readiness for future deployments; Strategist selects AI stocks following election volatility

4

MRVLMarvell Technology

Custom silicon and optical interconnect

Detailed figures

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.

Q2 FY2027, quarter ended August 1, 2026

Revenue$2.74bn (up 37% YoY)
Data Center revenue$2.17bn (up 46% YoY)
Operating cash flow$605.5m
Q3 FY2027 revenue guidance, midpoint~$3.1bn
Lumentum deal, implied enterprise value~$115bn

November 11, 2026, late-morning snapshot: $171.13, up 10.84% intraday. Historical, not a current quote.

Sources: Marvell Technology, Inc. Reports Second Quarter of Fiscal Year 2027 Financial Results; Marvell projects growth in custom AI chips; Marvell and Lumentum definitive transaction announcement; Marvell and Lumentum transaction analysis; CoreWeave results trigger widespread AI stock rally

5

ARMArm Holdings

CPU designs licensed into AI servers

Key figures

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.

Q2 FY2027, quarter ended September 30, 2026

Revenue$1.44bn (up 27% YoY)
Licensing and other revenue$773m (up 50% YoY)
Royalty revenue$670m (up 8% YoY)
Q3 FY2027 revenue guidance$1.54bn, plus or minus $50m
AGI CPU revenue outlookUp to $2bn across FY2027 and FY2028

November 11, 2026, late-morning snapshot: $202.32, up 11.47% intraday. Historical, not a current quote.

Sources: Arm Q2 FYE27 results; Neoteo: Arm Q2 FY2027 figures and guidance; CoreWeave results trigger widespread AI stock rally

6

INTCIntel

Xeon server CPUs and contract foundry

Key figures

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.

Q3 2026, quarter ended September 2026

Revenue$16.5bn (up 21% YoY)
Data Center and AI revenue$7.3bn (up 78% YoY)
Intel Foundry revenue$6.7bn (up 58% YoY, includes intersegment sales)
Operating cash flow$5.1bn
Q4 2026 revenue guidance$15.0−16.0bn

Sources: Intel Q3 2026 results release

7

QCOMQualcomm

Custom inference silicon; moving into data centers

Key figures

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.

Q4 FY2026, quarter ended September 27, 2026

Revenue$10.32bn (down 8% YoY)
Handset chip revenue$5.14bn (down 26% YoY)
Data center revenue expected in Q1 FY2027At least $650m
Fiscal 2027 data center revenue target$5bn

Sources: Benzinga: Qualcomm Q4 highlights; Securities.io: Qualcomm data center target

8

MPWRMonolithic Power Systems

Power-delivery chips for AI boards

Profile

Designs power-management chips that convert and regulate the power delivered to AI accelerators, CPUs and server boards. Higher accelerator power draw raises the amount of power silicon needed per rack.

What to watch: Track the share of revenue from data center customers and how much depends on a small number of accelerator platforms.

Nos. 9–13, 5 companies

Memory and storage

Each AI accelerator sits beside stacks of high-bandwidth memory, and inference workloads lean heavily on fast flash storage. Supply has not kept up. Micron reported a 86.8% gross margin for its fiscal fourth quarter and guided first-quarter revenue to about $61.5bn; Sandisk reported an 85.0% gross margin and revenue up 378% from a year earlier.

Memory has always been cyclical, and these margins reflect a shortage rather than a permanent change in the business. The useful signals are long-term supply agreements, capacity additions across the industry and the share of revenue coming from data centers, which is rising quickly.

Data centers account for a growing share of memory revenue

Share of revenue from data-center-facing units or end markets

Share of memory revenue tied to data centersMicron's two data-center business units made up about 63% of fiscal Q4 2026 revenue. Sandisk's data center share rose from about 12% to about 44% in a year.Micron, Q4 FY2026Two data center business units63.2%$34.3bn of $54.2bnSandisk, Q1 FY2027Data center end market43.5%$4.80bn of $11.03bnSandisk, Q1 FY2026Data center end market11.7%$0.27bn of $2.31bn
Sources: Micron Technology, Inc. Reports Record Fiscal Fourth-Quarter and Full-Year 2026 Results; Sandisk fiscal Q1 2027 results release; FourWeekMBA: Sandisk data center mix. Micron reports business units and Sandisk reports end markets, so the definitions differ.
9

MUMicron Technology

DRAM and high-bandwidth memory (HBM)

Detailed figures

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.

Q4 FY2026, quarter ended September 3, 2026

Revenue$54.23bn
Cloud Memory Business Unit revenue$16.28bn
Gross margin (GAAP)86.8%
Fiscal 2026 revenue$133.2bn
Q1 FY2027 revenue guidance, midpoint~$61.5bn

November 11, 2026, late-morning snapshot: $815.18, up 12.42% intraday. Historical, not a current quote.

Sources: Micron Technology, Inc. Reports Record Fiscal Fourth-Quarter and Full-Year 2026 Results; Micron benefits from improved AI infrastructure sentiment; Analysts weigh semiconductor buying opportunities after steep declines; CoreWeave results trigger widespread AI stock rally

10

SKHYSK hynix (ADR)

HBM leader; Nasdaq ADR since July 2026

Price snapshot

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.

November 11, 2026, late-morning snapshot: $143.83, up 10.92% intraday. Historical, not a current quote.

Sources: Kyunghyang Shinmun: SK hynix lists ADRs on Nasdaq; New Straits Times: SK hynix ADR pricing; CoreWeave results trigger widespread AI stock rally

11

SNDKSandisk

NAND flash and data center SSDs

Key figures

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.

Q1 FY2027, quarter ended October 2, 2026

Revenue$11.03bn (up 378% YoY)
Data center revenue$4.80bn (up 61% from prior quarter)
Gross margin (GAAP)85.0%
Q2 FY2027 revenue guidance$12.2−12.6bn

November 11, 2026, late-morning snapshot: $991.90, up 15.33% intraday. Historical, not a current quote.

Sources: Sandisk fiscal Q1 2027 results release; MarketBeat: Sandisk Q1 call highlights; 24/7 Wall St.: Sandisk results and stock split; CoreWeave results trigger widespread AI stock rally

12

STXSeagate Technology

High-capacity hard drives

Price snapshot

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.

November 11, 2026, late-morning snapshot: $557.78, up 11.19% intraday. Historical, not a current quote.

Sources: CoreWeave results trigger widespread AI stock rally

13

WDCWestern Digital

Hard drives for cloud data centers

Profile

Makes high-capacity hard drives sold mostly to cloud data center operators, after separating its flash business into Sandisk in 2025.

What to watch: Track cloud exabyte demand and pricing; the business is now concentrated in hard drives.

Nos. 14–23, 10 companies

Foundry, equipment and chip design

Nearly every AI chip in this guide is manufactured at TSMC’s leading-edge nodes using equipment from a short list of suppliers. ASML is the only source of EUV lithography; Applied Materials, Lam Research and KLA supply deposition, etch and inspection tools; Synopsys and Cadence sell the design software; Amkor and Teradyne handle packaging and test.

Orders in this layer follow chipmakers’ capacity plans, which currently point higher. Three of the four companies with recent guidance expect double-digit sequential revenue growth. Lam and KLA both expect China’s share of revenue to fall in the December quarter.

Next-quarter guidance against the latest quarter

Guidance midpoint indexed to the latest reported quarter (= 100)

Next-quarter guidance midpoints compared with the latest quarterIndexed to the latest reported quarter equal to 100. ASML guides to about 126, TSMC about 114, KLA about 114 and Lam Research about 105.100105110115120125130ASML€11.66bn → €14.7bn126.1 (+26.1%)TSMC~$46.72bn → $53.3bn114.1 (+14.1%)KLA$4.14bn → $4.7bn113.6 (+13.6%)Lam Research$8.22bn → $8.6bn104.6 (+4.6%)Latest quarter = 100
Sources: TSMC Reports Third Quarter EPS of NT$29.43; ASML Q3 2026 results; iConnect007: KLA fiscal Q1 2027 results; Lam Research September 2026 quarter release (SEC). Index values are calculated from reported revenue and guidance midpoints; TSMC’s quarterly US-dollar revenue is approximate.
14

TSMTaiwan Semiconductor Manufacturing (ADR)

Leading-edge contract chip manufacturing

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue (US dollars)~$46.7bn (up 41.2% YoY)
Revenue (NT dollars)NT$1.49tn (up 50.9% YoY)
Gross margin66.4%
7nm-and-below share of wafer revenue79%
October 2026 revenue~NT$586.9bn (up 59.7% YoY)
Q4 2026 revenue guidance$52.3−54.3bn

Sources: TSMC Reports Third Quarter EPS of NT$29.43; TSMC October consolidated revenue report; TSMC shares respond to AI investment and revenue growth

15

ASMLASML Holding

Sole supplier of EUV lithography

Key figures

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.

Q3 2026, quarter ended September 27, 2026

Net sales€11.7bn (up 55% YoY)
Gross margin57.5%
Net income€5.0bn
Q4 2026 net sales guidance€14.2−15.2bn
Full-year 2026 net sales guidance€44−45bn

Sources: ASML Q3 2026 results; ASML Q3 2026 press release; Analysts weigh semiconductor buying opportunities after steep declines

16

AMATApplied Materials

Deposition, etch and process equipment

Profile

The largest US maker of chip-manufacturing equipment, covering deposition, etch, ion implant and process control. Spending on leading-edge logic, HBM and advanced packaging drives demand for its tools.

What to watch: Applied Materials was on Cantor Fitzgerald's November 9 semiconductor list. Track China revenue share and orders tied to gate-all-around transistors and HBM.

Sources: Analysts weigh semiconductor buying opportunities after steep declines

17

LRCXLam Research

Etch and deposition for memory and logic

Key figures

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.

September 2026 quarter (fiscal Q1 2027)

Revenue$8.22bn (up 54% YoY)
GAAP gross margin52.3%
GAAP operating margin40.0%
December 2026 quarter revenue guidance$8.6bn, plus or minus $0.4bn

Sources: Lam Research September 2026 quarter release (SEC); MarketBeat: Lam Research call highlights; Analysts weigh semiconductor buying opportunities after steep declines

18

KLACKLA

Inspection and metrology

Key figures

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.

Q1 FY2027, quarter ended September 30, 2026

Revenue$4.14bn (up 29% YoY)
GAAP net income$1.55bn
Q2 FY2027 revenue guidance$4.7bn, plus or minus $0.2bn

Sources: iConnect007: KLA fiscal Q1 2027 results; Securities.io: KLA fiscal Q1 detail; Analysts weigh semiconductor buying opportunities after steep declines

19

SNPSSynopsys

Chip design software and IP

Profile

Sells electronic design automation (EDA) software and licensed silicon IP used to design AI chips, and added engineering simulation through its acquisition of Ansys.

What to watch: Track design-starts activity, China exposure and growth in its IP business.

20

CDNSCadence Design Systems

EDA software and hardware emulation

Profile

Sells EDA software plus hardware emulation and prototyping systems that chip designers use to verify very large AI processors before manufacturing.

What to watch: Track emulation hardware demand, which tends to rise when large new chip designs are in development.

21

AMKRAmkor Technology

Advanced packaging and test

Profile

Provides outsourced chip packaging and test, including the advanced packaging used to combine accelerators with HBM. It is building an advanced packaging site in Arizona.

What to watch: Track advanced packaging capacity, customer concentration and the timing of the Arizona site.

22

TERTeradyne

Test systems for AI chips and HBM

Profile

Makes automated test equipment for semiconductors, including testers used for AI accelerators and high-bandwidth memory, and owns industrial robotics businesses.

What to watch: Track compute and memory test demand separately from the robotics segment.

23

ONTOOnto Innovation

Inspection and lithography for packaging

Price snapshot

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.

November 11, 2026, late-morning snapshot: $217.65, up 10.19% intraday. Historical, not a current quote.

Sources: CoreWeave results trigger widespread AI stock rally

Nos. 24–35, 12 companies

Networking, optics and connectivity

Large AI clusters only work if thousands of accelerators can exchange data quickly, which makes switches, optical transceivers, cables and signal-conditioning chips a growing share of data center budgets. Arista and Cisco sell switches; Credo, Astera Labs, Marvell, MACOM and Semtech sell connectivity silicon; Lumentum, Coherent and Fabrinet make optical components; Corning and Amphenol supply fiber and connectors.

Marvell’s proposed all-stock acquisition of Lumentum, announced November 2 at an implied enterprise value of about $115bn, would combine custom silicon with optics. Across chip and networking suppliers, the fastest growers also tend to earn high gross margins.

Revenue growth and gross margin across chip and networking suppliers

Latest reported quarter; growth is year over year

Revenue growth and gross margin, latest reported quarterTen chip and networking suppliers. Astera Labs and Credo combine the fastest growth with gross margins above 64%; NVIDIA has the highest margin at 75%.0%25%50%75%100%125%150%45%50%55%60%65%70%75%80%Revenue growth, year over yearGross margin (GAAP)NVDAAMDMRVLANETCRDOALABTSMASMLLRCXKLAC
Sources: Nvidia fiscal second-quarter company earnings release; AMD third-quarter company earnings release; Marvell Technology, Inc. Reports Second Quarter of Fiscal Year 2027 Financial Results; Arista Networks, Inc. Reports Third Quarter 2026 Financial Results; Credo Technology Group Holding Ltd Reports First Quarter of Fiscal Year 2027 Financial Results; TSMC Reports Third Quarter EPS of NT$29.43; Astera Labs Q3 2026 release (SEC); ASML Q3 2026 results; Lam Research September 2026 quarter release (SEC); Securities.io: KLA fiscal Q1 detail. TSMC growth is in US dollars. Sandisk (+378% revenue growth, 85.0% margin) is outside the scale and not plotted.
24

ANETArista Networks

Ethernet switching for AI clusters

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$3.66bn (up 58.5% YoY)
Gross margin (GAAP)63.6%
Net income$1.56bn
Q4 2026 revenue guidance$3.9−4.0bn
Calendar 2027 AI fabrics revenue target~$7bn

Sources: Arista Networks, Inc. Reports Third Quarter 2026 Financial Results; Arista outlines timing of AI networking opportunities

25

CSCOCisco Systems

Silicon One systems and optics

Key figures

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.

Fiscal 2026, year ended July 2026

Hyperscaler AI infrastructure orders, FY2026$9.3bn
Q4 FY2026 revenue$17.3bn (up 18% YoY)
Expected hyperscaler AI infrastructure revenue, FY2027~$7.5bn
Fiscal 2027 revenue guidance$72.2−73.4bn

Sources: MarketBeat: Cisco Q4 FY2026 call highlights; Pulse 2.0: Cisco AI infrastructure orders

26

CRDOCredo Technology

Active electrical cables and connectivity chips

Detailed figures

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.

Q1 FY2027, quarter ended August 1, 2026

Revenue$479.0m (up 114.7% YoY)
Gross margin (GAAP)64.5%
Net income (GAAP)$129.4m
Q2 FY2027 revenue guidance$525−535m

November 11, 2026, late-morning snapshot: $144.36, up 11.21% intraday. Historical, not a current quote.

Sources: Credo Technology Group Holding Ltd Reports First Quarter of Fiscal Year 2027 Financial Results; Strategist selects AI stocks following election volatility; CoreWeave results trigger widespread AI stock rally

27

ALABAstera Labs

PCIe and fabric switches for AI racks

Key figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$584.9m (up 154% YoY)
GAAP gross margin72.3%
GAAP operating margin30.6%
Q4 2026 revenue guidance$730−750m

Sources: Astera Labs Q3 2026 release (SEC); Earnings Whispers: Astera Labs results

28

LITELumentum

Lasers and optical transceivers

Price snapshot

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.

Q1 FY2027 (limited data from transaction coverage)

Revenue$1.26bn
Q2 FY2027 revenue guidance$1.6−1.6bn
Deal terms4.5 Marvell shares per Lumentum share
Reference value per share at announcement~$1,132

November 11, 2026, late-morning snapshot: $664.49, up 13.47% intraday. Historical, not a current quote.

Sources: Marvell and Lumentum definitive transaction announcement; Marvell and Lumentum transaction analysis; CoreWeave results trigger widespread AI stock rally

29

COHRCoherent

Optical transceivers and lasers

Price snapshot

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.

November 11, 2026, late-morning snapshot: $239.28, up 11.46% intraday. Historical, not a current quote.

Sources: CoreWeave results trigger widespread AI stock rally

30

CIENCiena

Optical systems linking data centers

Profile

Sells optical networking systems and coherent modules used to connect data centers to each other and to cloud regions.

What to watch: Track cloud-provider orders for data center interconnect.

31

GLWCorning

Optical fiber and connectivity

Profile

Makes optical fiber, cable and connectivity products that wire data centers internally and connect campuses.

What to watch: Corning was among the suppliers in Benzinga's November 10 report on a broad selloff in AI infrastructure suppliers, which showed that strong demand did not prevent sharp share declines.

Sources: AI infrastructure suppliers face broad selling pressure

32

APHAmphenol

Connectors and cable assemblies

Profile

Supplies high-speed connectors, cable assemblies and power interconnects used inside AI server racks.

What to watch: Track IT datacom sales growth relative to the rest of the business.

33

FNFabrinet

Optical component manufacturing

Profile

A contract manufacturer of optical communications components and modules for networking and data center customers.

What to watch: Track customer concentration and capacity expansion.

34

MTSIMACOM Technology

Analog and optical chips for links

Price snapshot

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.

November 11, 2026, late-morning snapshot: $251.32, up 10.96% intraday. Historical, not a current quote.

Sources: CoreWeave results trigger widespread AI stock rally

35

SMTCSemtech

Signal-integrity chips for links

Price snapshot

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.

November 11, 2026, late-morning snapshot: $126.83, up 11.75% intraday. Historical, not a current quote.

Sources: CoreWeave results trigger widespread AI stock rally

Nos. 36–41, 6 companies

Servers and systems

Server makers assemble accelerators, CPUs, memory, networking and cooling into finished racks. This layer has added the most revenue in dollar terms, but margins are thin: Super Micro’s gross margin was 12.7% in its latest quarter, down from 17.5% the quarter before. Dell’s order book shows how far demand is running ahead of shipments.

Dell AI server orders, revenue and backlog

Q2 FY2027, quarter ended July 31, 2026

Dell AI server orders, revenue and backlog, Q2 FY2027Dell booked 60.9 billion dollars of AI server orders, recognized 16.4 billion of AI server revenue and ended with a 95 billion backlog.$0bn$25bn$50bn$75bn$100bnOrders booked in the quarter$60.9bnRevenue recognized$16.4bnBacklog at quarter end$95bn

Super Micro quarterly net sales

Quarters ended September 2025, June 2026 and September 2026

Super Micro Computer quarterly net salesNet sales rose from 5.0 billion dollars a year earlier to 11.1 billion in the prior quarter and 19.9 billion in the quarter ended September 30, 2026.$0bn$5bn$10bn$15bn$20bn$5.0bnQ1 FY2026$11.1bnQ4 FY2026$19.9bnQ1 FY2027
Sources: Dell Q2 FY2027 release; StorageNewsletter: Dell fiscal 2Q27; Supermicro Q1 FY2027 release (SEC). Super Micro results were preliminary and unaudited when released.
36

DELLDell Technologies

AI servers, storage and PCs

Key figures

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.

Q2 FY2027, quarter ended July 31, 2026

Revenue$47.0bn (up 58% YoY)
AI-optimized server revenue$16.4bn (up 100% YoY)
AI server orders$60.9bn
AI server backlog at quarter end$95bn
Fiscal 2027 revenue outlook~$192bn

November 11, 2026, late-morning snapshot: $376.33, up 12.54% intraday. Historical, not a current quote.

Sources: Dell Q2 FY2027 release; StorageNewsletter: Dell fiscal 2Q27; Pulse 2.0: Dell outlook raised; CoreWeave results trigger widespread AI stock rally

37

SMCISuper Micro Computer

AI server and rack systems

Key figures

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.

Q1 FY2027, quarter ended September 30, 2026 (preliminary, unaudited)

Net sales$19.9bn (vs $5.0bn a year earlier)
Gross margin (GAAP)12.7% (17.5% prior quarter)
Cash used in operations($434m)
Fiscal 2027 net sales guidance$72−82bn

November 11, 2026, late-morning snapshot: $30.63, up 10.20% intraday. Historical, not a current quote.

Sources: Supermicro Q1 FY2027 release (SEC); Securities.io: Supermicro outlook; CoreWeave results trigger widespread AI stock rally

38

CLSCelestica

Switches and AI server manufacturing

Key figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$5.83bn (up 83% YoY)
Connectivity and Cloud Solutions revenue$4.87bn (up 102% YoY)
Q4 2026 revenue guidance$6.275−6.575bn
2027 revenue outlook~$40bn

Sources: Celestica Q3 2026 release (SEC); Celestica Q3 2026 release and Q4 guidance; Evertiq: Celestica 2027 outlook; Earnings Whispers: Celestica Q3 review; Benzinga evergreen guide to AI stocks

39

HPEHewlett Packard Enterprise

AI servers, supercomputers, networking

Profile

Sells AI servers and Cray supercomputing systems, storage and networking to enterprises, governments and service providers.

What to watch: Track AI systems backlog and margins on AI server deals.

40

JBLJabil

Manufacturing for cloud infrastructure

Profile

An electronics manufacturing services company with a growing cloud and data center infrastructure business.

What to watch: Track the cloud and data center segment against slower consumer and industrial lines.

41

TSSITSS

Rack integration services

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$50.1m (up ~20% YoY)
Systems integration revenue$16.1m (up ~75% YoY)
Net income$1.15m
FY2026 adjusted EBITDA guidance$21−23m

Sources: TSS third quarter 2026 results; Contributor identifies smaller AI infrastructure companies

Nos. 42–49, 8 companies

Hyperscalers and platforms

Microsoft, Alphabet, Amazon, Meta and Oracle are the largest buyers of AI infrastructure and the companies best placed to resell it as cloud services. Cloud growth has accelerated: Google Cloud revenue roughly doubled, Azure grew 48% and AWS 39%. Spending has grown faster still, and at Alphabet, Meta and Oracle it exceeded operating cash flow in the latest quarter.

The comparison keeps each company’s own capex measure. Microsoft’s free cash flow uses cash paid for equipment, while its $45.2bn headline capex includes finance leases. Meta includes finance-lease principal. Amazon reports cash flow on a trailing 12-month basis: ($42.36bn) of free cash flow over the year to September.

Operating cash flow and capital spending, latest quarter

US$ billions; free cash flow at right

Operating cash flow and capital spending, latest quarterMicrosoft generated 58 billion dollars of operating cash flow against 39.4 billion of cash capex. Alphabet, Meta and Oracle spent more on capex than they generated in operating cash flow.$0bn$20bn$40bn$60bnOperating cash flowCapital spending (company measure)Free cash flowMicrosoftQ1 FY2027$58.0bn$39.4bncash paid for PP&E$18.6bnAlphabetQ3 2026$42.3bn$51.4bncapital expenditures($9.1bn)MetaQ3 2026$32.8bn$34.9bncapex incl. finance-lease principal($2.1bn)OracleQ1 FY2027$23.1bn$28.5bnGAAP capital expenditures($5.4bn)
Sources: Microsoft official fiscal first-quarter earnings discussion; Alphabet official third-quarter earnings discussion; Meta third-quarter company earnings release; Oracle Announces Q1 Results Driven by Triple Digit Growth in Cloud Infrastructure Revenues. Capex definitions differ by company, as labeled.

2026 capital spending plans

Guidance ranges, US$ billions

2026 capital expenditure guidanceAlphabet 195 to 205 billion dollars, Microsoft about 170 billion, Meta 135 to 145 billion, CoreWeave 37 to 39 billion.$0bn$50bn$100bn$150bn$200bn$250bnAlphabetCalendar 2026 guidance$195−205bnMicrosoftCalendar 2026, approximately~$170bnMetaCalendar 2026 guidance$135−145bnCoreWeave2026 guidance$37−39bn
Sources: Microsoft official fiscal first-quarter earnings discussion; Alphabet official third-quarter earnings discussion; Meta third-quarter company earnings release; CoreWeave third-quarter company earnings release. Amazon does not give a comparable calendar-year range; its trailing 12-month spending is noted above.
42

MSFTMicrosoft

Azure, Copilot and OpenAI partnership

Detailed figures

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.

Q1 FY2027, quarter ended September 30, 2026

Revenue$92.28bn (up 19% YoY)
Azure revenue$33.16bn (up 48% YoY)
Commercial remaining performance obligations~$677bn
Capex including finance leases~$45.2bn
Free cash flow (OCF less cash PP&E)~$18.6bn
Calendar 2026 capex guidance~$170bn

Sources: Microsoft Announces First Quarter Results; Microsoft official fiscal first-quarter earnings discussion; Microsoft fiscal first-quarter earnings discussion; Microsoft reviews computing contracts with neocloud providers; Microsoft reportedly reduces older Oracle computing lease

43

GOOGLAlphabet

Google Cloud, TPUs and Gemini

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue~$127.6bn (up 25% YoY)
Google Cloud revenue~$30.7bn (up 103% YoY)
Google Cloud backlog~$561bn
Capital expenditures~$51.4bn
Free cash flow, quarter / trailing 12 months(~$9.1bn) / ~$19.7bn
Calendar 2026 capex guidance$195−205bn

Sources: Alphabet official third-quarter earnings discussion; Alphabet third-quarter earnings discussion and transcript correction; Analysts cut Alphabet targets while largely retaining bullish ratings; Alphabet spending raises concerns about near-term margins

44

AMZNAmazon

AWS, Trainium chips and Bedrock

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Net sales$201.9bn (up 12% YoY)
AWS net sales$45.98bn (up 39% YoY)
AWS operating income~$17.8bn
Free cash flow, trailing 12 months($42.36bn)
PP&E purchases net of proceeds, trailing 12 months$210.7bn
Q4 2026 net sales guidance$240−247bn

Sources: Amazon third-quarter company earnings release; Amazon third-quarter earnings discussion; Commentators assess Amazon growth after earnings selloff

45

METAMeta Platforms

AI-driven ads and AI agents

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$64.6bn (up 26% YoY)
Operating margin20% (after a $9.89bn litigation charge)
Capex including finance-lease principal~$34.9bn
Free cash flow($2.12bn)
Calendar 2026 capex guidance$135−145bn
Q4 2026 revenue guidance$73−76bn

Sources: Meta third-quarter company earnings release; Meta third-quarter earnings discussion

46

ORCLOracle

OCI capacity for AI labs

Detailed figures

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.

Q1 FY2027, quarter ended August 31, 2026

Revenue$19.34bn (up 30% YoY)
Cloud infrastructure revenue$7.39bn (up 121% YoY)
Remaining performance obligations~$664bn
Capital expenditures$28.5bn
Free cash flow($5.4bn)
Equity raised through at-the-market sales$19.91bn

Sources: Oracle Announces Q1 Results Driven by Triple Digit Growth in Cloud Infrastructure Revenues; Analysts maintain Oracle optimism despite project risks; Microsoft reportedly reduces older Oracle computing lease; Eisman discusses OpenAI and Oracle downside scenario

47

AAPLApple

On-device AI on Apple silicon

Profile

Runs Apple Intelligence features on its own chips in iPhones, iPads and Macs, with heavier requests handled in its Private Cloud Compute servers. Its AI exposure is mostly through device demand rather than cloud services.

What to watch: Apple was one of six names on Dan Ives' November 2 AI list. Track whether AI features change iPhone upgrade rates.

Sources: Ives names technology stocks after sector selloff

48

TSLATesla

Autonomy software and robotics

Profile

Trains driver-assistance and autonomy software on data from its vehicle fleet and is developing the Optimus humanoid robot. Most revenue still comes from vehicles and energy storage.

What to watch: Tesla was on Dan Ives' November 2 list. Its AI value depends on autonomy and robotics milestones that are not yet reflected in reported revenue.

Sources: Ives names technology stocks after sector selloff

49

BABAAlibaba Group (ADR)

Alibaba Cloud and Qwen models

Profile

Operates Alibaba Cloud, China's largest cloud provider, and develops the Qwen family of open-weight AI models.

What to watch: US export controls on advanced chips and China regulatory policy shape its access to compute. Track cloud segment growth and AI-related revenue disclosures.

Nos. 50–64, 15 companies

Neoclouds and data center operators

Specialist AI clouds and data center developers sit between chip suppliers and the AI labs and hyperscalers that rent capacity. They borrow heavily to buy GPUs or build powered buildings, then lease capacity under multi-year contracts. Several started as bitcoin miners and are converting their power sites. Digital Realty and Equinix, the large data center REITs, follow a slower, landlord model.

Reported earnings in this group are often dominated by noncash items such as warrant remeasurement or bitcoin gains, so cash flow, debt and contract quality are the more useful measures. Benzinga’s coverage in November ranged from a JPMorgan credit analyst seeing clearer funding to an investor warning that most neocloud providers could fail.

CoreWeave: from revenue to net loss

Q3 2026, quarter ended September 30

CoreWeave Q3 2026: from revenue to net lossRevenue of 3.661 billion dollars, adjusted EBITDA of 2.256 billion, GAAP operating income of 207 million and a GAAP net loss of 709 million.−$1bn$0bn$1bn$2bn$3bn$4bn$3.66bnRevenue$2.26bnAdjusted EBITDA$207mGAAP operating income($709m)GAAP net lossDepreciation and amortization: $1.89bnNet interest expense: $846m
Sources: CoreWeave third-quarter company earnings release. Adjusted EBITDA excludes depreciation, interest and other items.

Capital purchases far exceed operating cash flow

Latest quarter; US$ billions

Operating cash flow against cash capital purchases, latest quarterCoreWeave, Nebius, IREN and Applied Digital each spent several times their operating cash flow on capital purchases, leaving gaps of 2.0 to 7.6 billion dollars funded by debt, equity and customer prepayments.−$10bn−$7.5bn−$5bn−$2.5bn$0bn$2.5bnOperating cash flowCash capital purchasesNetCoreWeaveQ3 2026($7.47bn)$1.98bnNebiusQ3 2026($7.57bn)($0.27bn)IRENQ1 FY2027($4.29bn)$0.53bnApplied DigitalQ1 FY2027($2.01bn)$0.06bn
Sources: CoreWeave third-quarter company earnings release; Nebius Reports Third Quarter 2026 Financial Results — financial results PDF; IREN fiscal first-quarter company earnings release; Applied Digital fiscal first-quarter company earnings release. Net is operating cash flow minus cash capital purchases, before other investing and financing flows; it is not company-defined free cash flow.
50

CRWVCoreWeave

GPU cloud for AI labs

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$3.66bn (up ~168% YoY)
Adjusted EBITDA$2.26bn
GAAP net loss($709m)
Revenue backlog~$132.5bn
Active / contracted power>1,700 MW / >4,600 MW
2026 capex guidance$37−39bn

November 11, 2026, late-morning snapshot: $60.04, up 23.20% intraday. Historical, not a current quote.

Sources: CoreWeave third-quarter company earnings release; Analyst relief after CoreWeave third-quarter results; CoreWeave backlog grows as Chanos questions capital returns; CoreWeave results trigger widespread AI stock rally

51

NBISNebius Group

AI cloud in Europe and the US

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$980.8m (up ~571% YoY)
Adjusted EBITDA$465.8m
Net loss, continuing operations($37.5m)
Operating cash flow, Q3 / nine months($273m) / $4.23bn
Cash purchases of PP&E and intangibles$7.3bn
2027 revenue guidance$12−13bn

November 11, 2026, late-morning snapshot: $155.88, up 16.32% intraday. Historical, not a current quote.

Sources: Nebius Reports Third Quarter 2026 Financial Results — financial results PDF; Nebius lowers outlook toward existing range bottom; Nebius third-quarter company earnings release; Strategist selects AI stocks following election volatility; CoreWeave results trigger widespread AI stock rally

52

IRENIREN

AI cloud built on bitcoin-mining sites

Detailed figures

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.

Q1 FY2027, quarter ended September 30, 2026

Revenue$228m
AI cloud revenue$200m (up ~182% from prior quarter)
AI cloud revenue backlog~$20.3bn
Balance-sheet debt including finance leases$10.21bn
Remaining FY2027 capex (management)~$15bn
Annualized revenue target, early 2027>$4bn

Sources: IREN fiscal first-quarter company earnings release; IREN reports higher AI cloud revenue; Commentator supports IREN AI infrastructure economics; IREN faces renewed selling pressure

53

APLDApplied Digital

AI data center developer and landlord

Detailed figures

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.

Q1 FY2027, quarter ended August 31, 2026

GAAP revenue$341.9m (up ~322% YoY)
Adjusted revenue (excludes ChronoScale)$300.4m
Net loss, continuing operations($168.0m)
Polaris Forge 1 ready-for-service capacity250 MW
Total debt~$6.4bn

Sources: Applied Digital fiscal first-quarter company earnings release; Applied Digital fiscal first-quarter earnings; AI infrastructure shares rally after CoreWeave earnings

54

GLXYGalaxy Digital

Helios data center campus plus digital assets

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Data Centers segment revenue$89.0m
Data Centers adjusted EBITDA$68.7m
Delivered critical IT load133 MW
Helios II capacity approved, not yet leased830 MW
Notes issued to finance Helios I Phase II$3.5bn

Sources: Galaxy Announces Third Quarter 2026 Financial Results; Galaxy data-center outlook supports shares; Analysts assess Galaxy data-center expansion; AI infrastructure shares rally after CoreWeave earnings

55

WULFTeraWulf

Data center leasing to AI tenants

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$76.2m
HPC lease revenue~$63m
Operating loss($88.2m)
Anthropic lease initial contract revenue~$19bn over 20 years
Lake Mariner capacity, operating / under construction102 MW / 336 MW

Sources: TeraWulf Reports Third Quarter 2026 Results; TeraWulf outlook draws attention amid sector volatility; TeraWulf third-quarter earnings discussion; TeraWulf shares follow AI infrastructure rally

56

CORZCore Scientific

Colocation capacity for AI tenants

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue~$232.9m
Colocation revenue$215.4m
Billing critical IT capacity485 MW
Net income (includes warrant remeasurement)$1.18bn
Capex including land and rights~$985.1m

Sources: Core Scientific Announces Third Quarter 2026 Results; Crypto miners expanding into AI face credit concerns

57

CIFRCipher Mining

Mining sites converted to HPC leases

Profile

A bitcoin miner converting its Texas power sites into data centers leased to large technology and AI customers under long-term contracts.

What to watch: Track lease commencement dates, tenant credit support and the financing of construction.

58

HUTHut 8

Power-dense sites for AI and mining

Profile

An energy and digital infrastructure company that develops power-dense sites for AI and high-performance computing alongside bitcoin mining.

What to watch: Track signed AI tenants, construction financing and the share of revenue still tied to bitcoin.

59

RIOTRiot Platforms

Powered land leased to AI tenants

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue~$181.4m
Data center revenue~$18.4m
Corsicana lease contract value~$28bn over 15 years
Corsicana critical IT capacity under lease910 MW
Estimated Corsicana capital requirement~$5.5bn

Sources: Riot Platforms Reports Third Quarter 2026 Financial Results and Strategic Highlights; Crypto miners expanding into AI face credit concerns

60

MARAMARA Holdings

Bitcoin miner developing power sites

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$164.2m (down ~35% YoY)
Net income (includes digital-asset gains)$632.1m
Bitcoin holdings including receivables34,012 BTC
Energized power capacity~1,900 MW

Sources: MARA Q3 2026 Shareholder Letter; Crypto miners expanding into AI face credit concerns

61

SHAZSharonAI Holdings

Early-stage AI cloud, Asia-Pacific

Detailed figures

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.

Q2 2026, quarter ended June 30, 2026 (latest verified)

Revenue$1.93m
Net loss (mostly noncash)($430.4m)
NVIDIA compute collaboration~$4.9bn over 6 years
GPU-backed debt facility$356m at 9.95% before fees
Planned GPU deployment by mid-2027>68,000 GPUs

Sources: SharonAI second-quarter company earnings release; SharonAI announces financing for Nvidia GPU deployments; SharonAI partnership news offsets weaker earnings; Sharon AI Enters Into GPU-Backed Debt Facility, Expanding Funding Flexibility for AI Factory Deployments; AI infrastructure shares rally after CoreWeave earnings

62

DOCNDigitalOcean

Developer cloud adding GPU capacity

Profile

A cloud provider for developers and smaller companies that has added GPU capacity and inference services.

What to watch: DigitalOcean was on Shay Boloor's November 5 rebound list. Track AI revenue growth and the capital needed to add GPUs.

Sources: Strategist selects AI stocks following election volatility

63

EQIXEquinix

Colocation and interconnection REIT

Profile

A global data center REIT focused on colocation and interconnection, building larger hyperscale campuses through its xScale joint ventures.

What to watch: Track interconnection growth, xScale leasing and power availability in key metros.

64

DLRDigital Realty

Hyperscale and colocation data center REIT

Key figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$1.9bn (up 21% YoY)
Leasing signed (annualized rent)$855m ($627m at Digital Realty's share)
Signed-not-commenced backlog$2.5bn ($1.8bn at share)
Core FFO per share$2.10

Sources: Digital Realty Q3 2026 results release; Earnings Whispers: Digital Realty Q3 call transcript

Nos. 65–79, 15 companies

Enterprise software and AI applications

Software companies earn AI revenue by charging for agents, copilots and platforms built on top of models. Results vary widely. Palantir grew revenue 96% with a 46.9% GAAP operating margin, while C3.ai’s revenue fell 25.5%. Acquisitions complicate several comparisons: SoundHound, BigBear.ai and Salesforce all include acquired revenue.

AI is also a competitive threat in this layer. Benzinga tied ServiceNow’s November weakness to concern about Anthropic’s workplace tools, and Palantir fell after reporting strong results because of its valuation. The test is whether customers pay more, renew and expand at attractive margins.

Revenue growth across AI software companies

Year-over-year total revenue growth, latest reported quarter

Year-over-year total revenue growth, latest reported quarterPalantir 96%, SoundHound 48.5% (about 15% excluding the LivePerson acquisition), Snowflake 35%, BigBear.ai 31%, CrowdStrike 26%, ServiceNow 20.5%, Salesforce 11%, IBM 5%, C3.ai down 25.5%.−40%−20%0%20%40%60%80%100%Growth excluding acquired revenue, where reportedPalantir+96%SoundHound AI+48.5%Snowflake+35%BigBear.ai+31%CrowdStrike+26%ServiceNow+20.5%Salesforce+11%IBM+5%C3.ai−25.5%
Sources: Palantir third-quarter investor update; SoundHound third-quarter company results and profitability outlook; BigBear.ai third-quarter company earnings release; C3.ai fiscal first-quarter company earnings release; ServiceNow Reports Third Quarter 2026 Financial Results; Salesforce Delivers Record Second Quarter Fiscal 2027 Results; CrowdStrike Reports Second Quarter Fiscal Year 2027 Financial Results; Snowflake Q2 FY2027 results release; IBM Q3 2026 results release. Fiscal quarters differ. SoundHound’s marker shows growth excluding LivePerson as reported by Benzinga.
65

PLTRPalantir Technologies

AIP platform for enterprises and government

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$2.31bn (up 96% YoY)
US commercial revenue~$984m (up 148% YoY)
GAAP operating margin46.9%
Adjusted free cash flow$1.22bn
Net dollar retention165%
2026 revenue guidance$8.53−8.53bn

Sources: Palantir third-quarter investor update; Palantir raises outlook after third-quarter earnings beat; Palantir shares decline despite strong results; Ives names technology stocks after sector selloff

66

NOWServiceNow

Workflow automation and AI agents

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$4.11bn (up 20.5% YoY)
Subscription revenue$3.99bn (up 21% YoY)
Current remaining performance obligations~$13.7bn
Free cash flow (company definition)$822m
Year-end 2026 AI annual contract value target$1.7bn

Sources: ServiceNow Reports Third Quarter 2026 Financial Results; ServiceNow shares decline after mixed quarterly results; Anthropic products intensify concerns about ServiceNow competition

67

CRMSalesforce

CRM with Agentforce AI agents

Detailed figures

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.

Q2 FY2027, quarter ended July 31, 2026

Revenue$11.35bn (up 11% YoY)
Informatica contribution to revenue$456m
Agentforce ARR>$1.5bn (up >240% YoY)
Agentforce and Data 360 ARR~$3.9bn
FY2027 revenue guidance$46.1−46.4bn

Sources: Salesforce Delivers Record Second Quarter Fiscal 2027 Results; Salesforce AI growth faces investor skepticism; Analyst links Agentforce adoption to Salesforce renewals

68

SNOWSnowflake

Data cloud and AI agents on enterprise data

Key figures

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.

Q2 FY2027, quarter ended July 31, 2026

Product revenue$1.49bn (up 37% YoY)
Net revenue retention126%
Remaining performance obligations$9.0bn (up 30% YoY)
FY2027 product revenue guidance$6.07bn (up 36%)

Sources: Snowflake Q2 FY2027 results release; Pulse 2.0: Snowflake guidance raised

69

CRWDCrowdStrike

AI-assisted endpoint and cloud security

Detailed figures

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.

Q2 FY2027, quarter ended July 31, 2026

Revenue$1.47bn (up 26% YoY)
Annual recurring revenue~$5.8bn (up 25% YoY)
Net new ARR$332.8m
Free cash flow$377.4m
FY2027 revenue guidance$5.99−6.01bn

Sources: CrowdStrike Reports Second Quarter Fiscal Year 2027 Financial Results; Ives names technology stocks after sector selloff

70

PANWPalo Alto Networks

Network, cloud and AI security

Profile

Sells network firewalls, cloud security and security-operations software, including tools to secure AI applications and agents.

What to watch: Palo Alto appears on Benzinga's evergreen AI stock guide. Track next-generation security ARR and platform consolidation deals.

Sources: Benzinga evergreen guide to AI stocks

71

IBMIBM

watsonx, Red Hat and AI consulting

Key figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$17.1bn (up 5% YoY)
Software revenue$7.8bn (up 8% YoY)
Free cash flow$3.0bn
Consulting backlog with generative AI embedded35%

Sources: IBM Q3 2026 results release; IBM Q3 2026 results (full text); FourWeekMBA: IBM generative AI share of consulting backlog

72

ADBEAdobe

Firefly generative models in Creative Cloud

Profile

Builds Firefly generative image and video models into Creative Cloud and adds AI assistants to Acrobat and its marketing software.

What to watch: Track AI-influenced recurring revenue and competition from standalone image and video generators.

73

DDOGDatadog

Observability for AI workloads

Profile

Sells monitoring and observability software, including tools to track the cost and performance of AI models and applications. AI-native companies are a growing customer group.

What to watch: Track revenue concentration among large AI-native customers.

74

NETCloudflare

Edge network and AI inference

Profile

Runs a global edge network for security and performance and offers AI inference on GPUs deployed across that network.

What to watch: Track large-customer growth and adoption of its developer and AI products.

75

APPAppLovin

AI-driven advertising engine

Profile

Runs a mobile and e-commerce advertising platform whose results depend on its AI recommendation engine, Axon.

What to watch: Track e-commerce advertiser adoption and any regulatory scrutiny of its data practices.

76

TEMTempus AI

AI in diagnostics and clinical data

Profile

Sells genomic testing and licenses de-identified clinical data, using AI tools to support diagnosis and drug development.

What to watch: Track testing volumes, data licensing revenue and progress toward sustained profitability.

77

SOUNSoundHound AI

Voice AI and customer-service agents

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$62.4m (up 48.5% YoY)
Revenue growth excluding LivePerson~15%
GAAP net loss($46.4m)
Adjusted EBITDA($20.7m)
2027 revenue guidance$350−400m

Sources: SoundHound third-quarter company results and profitability outlook; Analysts assess SoundHound earnings and outlook

78

BBAIBigBear.ai

Decision intelligence for defense

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$43.6m (up 31% YoY)
GAAP net loss($91.9m)
Adjusted EBITDA($9.08m)
Backlog~$330m
2026 revenue guidance$150−165m

Sources: BigBear.ai third-quarter company earnings release; BigBear.ai reports growth in generative AI platform revenue

79

AIC3.ai

Enterprise AI applications

Detailed figures

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.

Q1 FY2027, quarter ended July 31, 2026

Revenue$52.4m (down 25.5% YoY)
Subscription revenue$49.2m
GAAP operating loss($98.3m)
Free cash flow~$2.10m
FY2027 revenue guidance$210−240m

Sources: C3.ai fiscal first-quarter company earnings release; C3.ai reports progress in first-quarter turnaround; C3.ai fiscal first-quarter earnings discussion

Nos. 80–85, 6 companies

Power generation

Data centers need firm power, and the grid connection is often the longest lead-time item in a project. Owners of existing nuclear and gas plants can sign long-term supply agreements with technology companies. Fuel-cell and small-reactor developers offer on-site alternatives, on longer and less certain timelines.

Power announcements use megawatts to describe very different things: new generation, existing output under contract, or financial agreements that do not involve delivering a specific plant’s output. Constellation’s agreements show why the figures should not be added together.

Constellation’s announced agreements are different kinds of megawatts

Megawatts by agreement

Constellation's announced power agreements are different kinds of megawattsA 2,700 MW financial agreement with Google, about 890 MW of Google-supported uprates, a 690 MW Amazon agreement that includes existing output, a 270 MW contract for existing nuclear output and 190 MW of Amazon-supported uprates.0 MW1,000 MW2,000 MW3,000 MWNew physical capacityExisting output under contractFinancial agreementGoogle financial load-following agreementFinancial contract, 15 years2,700 MWGoogle-supported nuclear upratesNew capacity, first expected 2028~890 MWAmazon 20-year agreementIncludes existing output690 MWPeak+ contract, existing nuclearExisting output, 20 years from 2028270 MWAmazon-supported upratesNew capacity, expected 2030–2032190 MW
Sources: Constellation Reports Third Quarter 2026 Results. Approximate where marked.
80

CEGConstellation Energy

Nuclear power under hyperscaler contracts

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$9.55bn
GAAP net income$1.83bn
Nuclear capacity factor97.2%
Google-supported nuclear uprates~890 MW
2026 adjusted operating EPS guidance$12.50−$12.80

Sources: Constellation Reports Third Quarter 2026 Results; Constellation discusses unused electricity capacity for AI; Constellation outlines its power supply business model

81

VSTVistra

Texas nuclear and gas generation

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$6.35bn
Ongoing-operations adjusted EBITDA$2.38bn
2027 adjusted EBITDA guidance$7.7−8.5bn
Gas capacity acquired with Cogentrix~5,500 MW
Expected 2027 generation already hedged~98%

Sources: Vistra Reports Third Quarter 2026 Results; Vistra third-quarter earnings discussion; Vistra signs long-term electricity agreement for AI development

82

TLNTalen Energy

PJM generation with data center deals

Key figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue~$1.33bn (up 63% YoY)
Adjusted EBITDA$669m
Adjusted free cash flow$433m
2027 adjusted EBITDA guidance$2.50−2.85bn

Sources: Talen Q3 2026 results release; Earnings Whispers: Talen Q3 2026

83

NRGNRG Energy

Generation and retail power in Texas

Profile

An integrated power company with generation and a large retail electricity business, exposed to rising demand in Texas and the PJM region.

What to watch: Track signed data center supply agreements and new generation projects in Texas.

84

BEBloom Energy

On-site fuel-cell power

Price snapshot

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.

November 11, 2026, late-morning snapshot: $213.99, up 15.40% intraday. Historical, not a current quote.

Sources: CoreWeave results trigger widespread AI stock rally

85

OKLOOklo

Pre-commercial small nuclear reactors

Key figures

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.

Nine months ended September 30, 2026

Net loss, nine months($123.3m)
Cash, equivalents and marketable securities$3.1bn
First Aurora startup window2028 to 2029
2026 capex guidance$400−500m

Sources: Earnings Whispers: Oklo Q3 2026 review; MarketBeat: Oklo Q3 call highlights

Nos. 86–94, 9 companies

Electrical, cooling and grid equipment

AI racks draw far more power and produce far more heat than conventional servers, which lifts demand for transformers, switchgear, backup generation, turbines and liquid cooling. Orders have grown faster than revenue: Vertiv’s organic orders more than doubled, and GE Vernova’s gas turbine backlog and reservations reached 122 gigawatts.

Strong demand did not protect these stocks from the November 10 selloff. Reported growth also includes acquisitions, so organic growth is the cleaner comparison.

Reported and organic revenue growth

Q3 2026, year over year

Reported and organic revenue growth, Q3 2026Vertiv grew 61% reported and 55% organic; Eaton 28% and 19%; GE Vernova 27% and 18%.0%10%20%30%40%50%60%70%OrganicReported (includes acquisitions and currency)Vertiv55%61%Eaton19%28%GE Vernova18%27%
Sources: Vertiv third-quarter company results and higher outlook; Eaton Reports Record Third Quarter 2026 Results, with Strong Organic Growth, Accelerating Record Orders and Backlog; Raises Organic Growth Guidance; GE Vernova reports strong third quarter 2026 financial performance, raises 2026 guidance, and increases share repurchase authorization.
86

VRTVertiv

Power and liquid cooling for data centers

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$4.31bn (up 61% YoY; 55% organic)
Adjusted operating margin25.2%
Organic order growth>100%
Adjusted free cash flow$652m
2026 revenue guidance$14.45−14.85bn

Sources: Vertiv third-quarter company results and higher outlook; Vertiv discusses pricing and customer demand; Strategist selects AI stocks following election volatility; AI infrastructure suppliers face broad selling pressure

87

ETNEaton

Electrical distribution and power management

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$8.95bn (up 28% YoY; 19% organic)
Segment operating margin25.3%
Electrical Americas organic orders, rolling 12 monthsup 39%
Electrical backlog growthup 46%
Free cash flow~$1bn

Sources: Eaton Reports Record Third Quarter 2026 Results, with Strong Organic Growth, Accelerating Record Orders and Backlog; Raises Organic Growth Guidance; Analysts assess Eaton after earnings

88

GEVGE Vernova

Gas turbines and grid equipment

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue~$12.6bn (up 27% YoY; 18% organic)
Orders~$29bn (up 96% organic)
Backlog / remaining performance obligations~$197bn
Gas equipment backlog plus slot reservations122 GW
2026 free cash flow guidance$16−17bn

Sources: GE Vernova reports strong third quarter 2026 financial performance, raises 2026 guidance, and increases share repurchase authorization; GE Vernova Releases Third Quarter 2026 Financial Results & Announces Agreement to Acquire Trench Group

89

NVTnVent Electric

Enclosures and liquid cooling

Profile

Makes electrical enclosures, connection products and liquid-cooling systems used in data centers and utility infrastructure.

What to watch: Track data center liquid-cooling orders and capacity additions.

90

MODModine Manufacturing

Data center cooling systems

Profile

Makes thermal management products, with data center cooling (chillers and air handlers) now its main growth business.

What to watch: Track data center segment growth and margin as new capacity comes online.

91

CATCaterpillar

Engines and turbines for on-site power

Profile

Supplies reciprocating generator sets and Solar gas turbines used for backup and on-site prime power at data centers.

What to watch: Caterpillar was among the suppliers in Benzinga's November 10 selloff report. Track power-generation sales within its energy and transportation segment.

Sources: AI infrastructure suppliers face broad selling pressure

92

AMSCAmerican Superconductor

Grid and power-quality equipment

Detailed figures

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.

Q2 FY2026, quarter ended September 30, 2026

Revenue$94.0m (up 42.8% YoY)
Grid revenue$76.7m
Net income$3.00m
Q3 FY2026 revenue guidance>$80m

Sources: AMSC fiscal second quarter 2026 results; Contributor identifies smaller AI infrastructure companies

93

HMDPFHammond Power Solutions

Dry-type transformers

Detailed figures

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.

Q3 2026, quarter ended September 26, 2026 (Canadian dollars)

RevenueC$446.3m (up 104.4% YoY)
Adjusted EBITDA margin18.8%
Net incomeC$27.7m
Power Magnetics backlog, YoY / quarter-on-quarterup 61.1% / down 3.8%

Sources: Hammond Power Solutions third quarter 2026 results; Contributor identifies smaller AI infrastructure companies

94

PPIHPerma-Pipe International

Pre-insulated piping incl. cooling

Detailed figures

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.

Q2 FY2026, quarter ended July 31, 2026

Revenue$59.6m (up 24.4% YoY)
Gross margin29.2%
Backlog$142.3m
Receivable impairment provision$3.90m

Sources: Perma-Pipe fiscal second quarter 2026 results; Contributor identifies smaller AI infrastructure companies

Nos. 95–100, 6 companies

Construction and engineering

Contractors build the substations and transmission lines that connect data centers to the grid, and the electrical and mechanical systems inside them. Backlog is the main indicator, but definitions range from signed contracts to work that has been awarded but not yet signed.

How much construction backlog is firm

Share of reported backlog, September 30, 2026

How much construction backlog is firmAmeresco: 36% contracted, 64% awarded but unsigned. Quanta: about 66% remaining performance obligations, 34% other backlog.AmerescoTotal project backlog $7.15bn36%64%ContractedAwarded, not yet signedQuanta ServicesTotal backlog ~$63.7bn66%34%Remaining performance obligationsBacklog beyond RPO
Sources: Ameresco third quarter 2026 results; QUANTA SERVICES REPORTS THIRD QUARTER 2026 RESULTS.
95

PWRQuanta Services

Grid and power construction

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue~$12bn
Net income attributable to common stock$694.9m
Total backlog~$63.7bn
Remaining performance obligations~$41.8bn
2026 revenue guidance$41.3−41.6bn

Sources: QUANTA SERVICES REPORTS THIRD QUARTER 2026 RESULTS

96

EMEEMCOR Group

Electrical and mechanical contracting

Profile

Provides electrical and mechanical construction, with data centers a large part of its network and communications work.

What to watch: Track remaining performance obligations in network and communications projects.

97

FIXComfort Systems USA

Mechanical and modular construction

Profile

Provides mechanical, electrical and modular construction for technology facilities, including data centers.

What to watch: Track the technology share of backlog and modular capacity.

98

AMRCAmeresco

Energy infrastructure projects

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$580.3m (up 10.3% YoY)
Total project backlog$7.15bn
Contracted share of backlog36.2%
Data center energy infrastructure awards$200m
2026 revenue guidance$2.13−2.15bn

Sources: Ameresco third quarter 2026 results; Contributor identifies smaller AI infrastructure companies

99

MECMayville Engineering

Fabrication for data center equipment

Detailed figures

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.

Q3 2026, quarter ended September 30, 2026

Revenue$170.4m (up 18.1% YoY)
Datacenter and Critical Power revenue$37.2m (up 64.9% YoY)
Net leverage2.9x
2026 free cash flow guidance($16m) to ($6m)

Sources: Mayville Engineering third quarter 2026 results; Contributor identifies smaller AI infrastructure companies

100

MTRXMatrix Service

Energy and utility construction

Detailed figures

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.

Q1 FY2027, quarter ended September 30, 2026

Revenue$219.4m (up 3.5% YoY)
Backlog$872.6m
Awards to revenue0.63x
Operating cash flow($37.0m)
Cash / debt~$182.4m / none

Sources: Matrix Service fiscal first quarter 2027 results; Contributor identifies smaller AI infrastructure companies

Analyst and strategist picks

Several AI stock lists circulated in early November. They come from different authors with different methods, so repeated mentions do not measure merit. Use them to find research candidates, then check each argument and its date.

Source and dateNamesBasis
Dan Ives, November 2NVDA, MSFT, PLTR, CRWD, AAPL, TSLASelections across six AI subsectors after the tech selloff
Shay Boloor, November 5AMD, VRT, CRDO, DOCN, NBISPost-election rebound thesis separating construction delays from compute demand
Cantor Fitzgerald, November 9NVDA, AVGO, AMD, MU, SNDK, ASML, AMAT, LRCX, KLACSemiconductor valuation and cycle thesis, partly based on 2028 earnings estimates
Tim Melvin, November 3AMSC, HMDPF, AMRC, MEC, PPIH, MTRX, TSSISmall-cap infrastructure suppliers; the author noted none had a confirmed Anthropic contract
Benzinga evergreen guideMSFT, NVDA, META, NOW, PANW, TSM, CLSGeneral idea list; its body text retained references from earlier in the year

A November 2 partner article on Benzinga paired a microcap with Meta, Salesforce and ServiceNow and carried a disclosure that its distributor had been paid to produce it. Paid content of that kind was not used to select companies for this guide.

The case for and against

The case for

Demand is in reported revenue. NVIDIA, Broadcom, TSMC, Micron and Sandisk are reporting sharply higher sales and profits, not projections. The demand is visible at every layer, from equipment orders to cloud revenue.

Contracts extend visibility. Microsoft reported about $677bn of commercial remaining performance obligations, Oracle about $664bn and Google Cloud a backlog of about $561bn. Customer prepayments are funding part of the build-out.

Scarce power favors existing assets. Bernstein favors operating data centers with secured power, and portfolio managers quoted by Benzinga argued that limited new supply could improve pricing for established cloud providers.

Monetization is broadening. Custom chips, networking, memory and software are taking a growing share of spending, so returns are no longer tied to a single GPU supplier.

Multiples have come down. Semiconductors traded at about 13.5 times forward earnings in early November, below the S&P 500.

The case against

Spending is running ahead of cash. Alphabet, Meta and Oracle spent more than their operating cash flow in the latest quarter, Amazon’s trailing free cash flow was negative, and hyperscaler bond issuance has climbed.

Financing is interlinked. Suppliers invest in customers that buy their products, lenders can hold overlapping claims on the same GPUs, and neoclouds carry large debts. One forecast cited by Benzinga projects that more than 80% of neocloud providers will cease to operate independently by 2030.

Depreciation will rise. One forecast holds that up to 40% of 2026 AI capital spending will not be in service until 2027 to 2029. As it enters service, depreciation will weigh on earnings, and the useful life of GPUs is still uncertain, as the Microsoft and Oracle lease report illustrated.

Customer concentration. Backlog at several companies in this guide depends on a small number of AI labs and hyperscalers. Steve Eisman outlined how trouble at OpenAI could reach Oracle and the wider economy.

Good results are not enough. Broadcom, Palantir and ServiceNow all fell after reporting growth. When expectations are high, a strong quarter can still disappoint.

Seven checks before buying an AI stock

The same issues come up across all 11 segments. Working through them for any single company separates the businesses with durable AI earnings from those carried by the theme.

  1. Separate AI revenue that is already recognized from targets, annualized run rates, backlog and awarded but unsigned work.
  2. Look at what remains after depreciation, interest and stock-based compensation, not only adjusted EBITDA.
  3. Find out how much construction and equipment spending still needs financing, on what terms and with how much dilution.
  4. Identify the customers behind revenue and backlog, and whether they can fund their commitments.
  5. Confirm that power, permits and delivery milestones are secured for the sites that matter.
  6. Check how much growth is organic and whether metrics are defined the same way from period to period.
  7. Work out what growth and margins the current share price already assumes.

AI ETFs and concentration

Exchange-traded funds offer a simpler way to hold the theme, but the largest AI and semiconductor funds overlap heavily. NVIDIA alone made up about 20.04% of the VanEck Semiconductor ETF in mid-October, according to Benzinga. Owning several AI funds therefore does not diversify much across the spending cycle. A January interview on the AI ETF trade came from an executive at a competing fund provider, which is relevant context for its recommendations.

Glossary

Accelerator
A chip designed to run AI calculations in parallel. GPUs from NVIDIA and AMD are the best-known type; custom accelerators (often called XPUs or ASICs) are designed for a single customer.
HBM
High-bandwidth memory: stacks of DRAM packaged beside an accelerator to feed it data quickly.
Hyperscaler
One of the largest cloud operators, such as Microsoft, Alphabet, Amazon, Meta and Oracle.
Neocloud
A specialist cloud provider that rents GPU capacity for AI, such as CoreWeave or Nebius.
Backlog / RPO
Contracted revenue not yet recognized. Remaining performance obligations follow an accounting standard; backlog definitions vary by company and may include awarded work that is not signed.
ARR
Annualized recurring revenue: a run rate based on current contracts or usage, not recognized revenue.
Adjusted EBITDA
Earnings before interest, taxes, depreciation and amortization, with other company-chosen exclusions. It leaves out the cost of equipment wearing out and the cost of debt.
Free cash flow
Operating cash flow minus capital spending. Companies define it differently, so check what is added back or deducted.
Capex
Capital expenditure: spending on long-lived assets such as data centers, servers and chip-making tools. Some companies include finance leases.
Organic growth
Revenue growth excluding acquisitions and currency effects.
Critical IT load (MW)
The power available to run servers in a data center, excluding cooling and other overhead.
Power purchase agreement
A long-term contract to buy electricity. Some deliver a specific plant’s output; others are financial hedges.
Uprate
An upgrade that increases the output of an existing power plant.
Forward P/E
Share price divided by expected earnings over the next 12 months. It depends on analysts’ forecasts.
ADR
American depositary receipt: a US-listed certificate representing shares of a foreign company, such as TSMC, ASML, SK hynix or Alibaba.
Stock-based compensation
Pay in shares or options. It does not use cash but dilutes existing shareholders.

Method and sources

How the 100 were chosen

The list starts with the 55 companies that featured in Benzinga’s AI coverage through November 12, 2026, with financial figures checked against each company’s own release or filing. It adds 11 companies named in analyst and strategist lists that Benzinga carried, and 34 widely followed companies needed to complete each layer of the value chain. Companies appear in chapter order, by segment, and the numbering does not rank them.

Coverage depth varies. 43 entries carry detailed figures, 17 carry key figures from their latest release, 8 carry the November 11 price snapshot and 32 are business profiles. A profile without figures means current-quarter numbers were not verified for this edition, not that the company is less important.

Reading the figures

Amounts are in US dollars unless marked: NT$ for Taiwan dollars, C$ for Canadian dollars and € for euros. Currencies are not converted. A tilde (~) marks an approximate figure as reported. Negative amounts appear in parentheses. Growth is year over year unless labeled otherwise. GAAP figures follow standard accounting rules; adjusted and non-GAAP figures follow each company’s own definitions, which differ. Guidance, management targets and analyst forecasts are labeled as such and are not results.

Figures should not be added across companies to estimate the size of the AI market. Supply-chain revenue overlaps: NVIDIA’s sales are part of Microsoft’s capex, which becomes Dell’s and Super Micro’s revenue, and so on.

Sources

  1. CoreWeave results trigger widespread AI stock rally Benzinga, Nov. 11, 2026
  2. AI infrastructure shares rally after CoreWeave earnings Benzinga, Nov. 11, 2026
  3. Analysts compare technology valuations with earlier AI enthusiasm Benzinga, Nov. 3, 2026
  4. AI infrastructure suppliers face broad selling pressure Benzinga, Nov. 10, 2026
  5. Gerstner flags potential data-center project risks Benzinga, Nov. 4, 2026
  6. Analyst argues AI selloff overstates election risks Benzinga, Nov. 6, 2026
  7. Local elections add uncertainty to data-center development Benzinga, Nov. 12, 2026
  8. Analysts weigh semiconductor buying opportunities after steep declines Benzinga, Nov. 9, 2026
  9. Survey highlights crowded chip positioning and customer debt Benzinga, Sept. 16, 2026
  10. Carlyle discusses private-credit exposure to AI financing Benzinga, Oct. 13, 2026
  11. Analysts assess AI infrastructure depreciation risks Benzinga, Oct. 25, 2026
  12. Nvidia fiscal second-quarter company earnings release Company release, Aug. 26, 2026
  13. AMD third-quarter company earnings release Company release, Nov. 3, 2026
  14. Broadcom fiscal third-quarter company earnings release Company release, Sept. 2, 2026
  15. Marvell Technology, Inc. Reports Second Quarter of Fiscal Year 2027 Financial Results Marvell Technology, Aug. 27, 2026
  16. Intel Q3 2026 results release Accessed Nov. 12, 2026
  17. Arm Q2 FYE27 results Accessed Nov. 12, 2026
  18. Munster outlines Nvidia platform growth thesis Benzinga, Oct. 21, 2026
  19. Broadcom growth meets higher investor expectations Benzinga, Sept. 2, 2026
  20. AMD discusses infrastructure readiness for future deployments Benzinga, Nov. 4, 2026
  21. Strategist selects AI stocks following election volatility Benzinga, Nov. 5, 2026
  22. Marvell projects growth in custom AI chips Benzinga, Oct. 7, 2026
  23. Marvell and Lumentum definitive transaction announcement Marvell SEC filing, Nov. 2, 2026
  24. Marvell and Lumentum transaction analysis Benzinga, Nov. 2, 2026
  25. Neoteo: Arm Q2 FY2027 figures and guidance Accessed Nov. 12, 2026
  26. Benzinga: Qualcomm Q4 highlights Accessed Nov. 12, 2026
  27. Securities.io: Qualcomm data center target Accessed Nov. 12, 2026
  28. Micron Technology, Inc. Reports Record Fiscal Fourth-Quarter and Full-Year 2026 Results Micron Technology, Sept. 30, 2026
  29. Sandisk fiscal Q1 2027 results release Accessed Nov. 12, 2026
  30. FourWeekMBA: Sandisk data center mix Accessed Nov. 12, 2026
  31. Micron benefits from improved AI infrastructure sentiment Benzinga, Nov. 11, 2026
  32. Kyunghyang Shinmun: SK hynix lists ADRs on Nasdaq Accessed Nov. 12, 2026
  33. New Straits Times: SK hynix ADR pricing Accessed Nov. 12, 2026
  34. MarketBeat: Sandisk Q1 call highlights Accessed Nov. 12, 2026
  35. 24/7 Wall St.: Sandisk results and stock split Accessed Nov. 12, 2026
  36. TSMC Reports Third Quarter EPS of NT$29.43 TSMC, Oct. 15, 2026
  37. ASML Q3 2026 results Accessed Nov. 12, 2026
  38. iConnect007: KLA fiscal Q1 2027 results Accessed Nov. 12, 2026
  39. Lam Research September 2026 quarter release (SEC) Accessed Nov. 12, 2026
  40. TSMC October consolidated revenue report Company release, Nov. 10, 2026
  41. TSMC shares respond to AI investment and revenue growth Benzinga, Nov. 11, 2026
  42. ASML Q3 2026 press release Accessed Nov. 12, 2026
  43. MarketBeat: Lam Research call highlights Accessed Nov. 12, 2026
  44. Securities.io: KLA fiscal Q1 detail Accessed Nov. 12, 2026
  45. Arista Networks, Inc. Reports Third Quarter 2026 Financial Results Arista Networks, Nov. 3, 2026
  46. Credo Technology Group Holding Ltd Reports First Quarter of Fiscal Year 2027 Financial Results Credo Technology, Sept. 1, 2026
  47. Astera Labs Q3 2026 release (SEC) Accessed Nov. 12, 2026
  48. Arista outlines timing of AI networking opportunities Benzinga, Nov. 4, 2026
  49. MarketBeat: Cisco Q4 FY2026 call highlights Accessed Nov. 12, 2026
  50. Pulse 2.0: Cisco AI infrastructure orders Accessed Nov. 12, 2026
  51. Earnings Whispers: Astera Labs results Accessed Nov. 12, 2026
  52. Dell Q2 FY2027 release Accessed Nov. 12, 2026
  53. StorageNewsletter: Dell fiscal 2Q27 Accessed Nov. 12, 2026
  54. Supermicro Q1 FY2027 release (SEC) Accessed Nov. 12, 2026
  55. Pulse 2.0: Dell outlook raised Accessed Nov. 12, 2026
  56. Securities.io: Supermicro outlook Accessed Nov. 12, 2026
  57. Celestica Q3 2026 release (SEC) Accessed Nov. 12, 2026
  58. Celestica Q3 2026 release and Q4 guidance Accessed Nov. 12, 2026
  59. Evertiq: Celestica 2027 outlook Accessed Nov. 12, 2026
  60. Earnings Whispers: Celestica Q3 review Accessed Nov. 12, 2026
  61. Benzinga evergreen guide to AI stocks Benzinga, updated Nov. 2026
  62. TSS third quarter 2026 results TSS SEC exhibit, Nov. 5, 2026
  63. Contributor identifies smaller AI infrastructure companies Benzinga, Nov. 3, 2026
  64. Microsoft official fiscal first-quarter earnings discussion Company release, Oct. 28, 2026
  65. Alphabet official third-quarter earnings discussion Company release, Oct. 28, 2026
  66. Meta third-quarter company earnings release Company release, Oct. 21, 2026
  67. Oracle Announces Q1 Results Driven by Triple Digit Growth in Cloud Infrastructure Revenues Oracle, Sept. 10, 2026
  68. CoreWeave third-quarter company earnings release CoreWeave / SEC exhibit, Nov. 10, 2026
  69. Microsoft Announces First Quarter Results Microsoft, Oct. 28, 2026
  70. Microsoft fiscal first-quarter earnings discussion Benzinga, Oct. 28, 2026
  71. Microsoft reviews computing contracts with neocloud providers Benzinga, Nov. 7, 2026
  72. Microsoft reportedly reduces older Oracle computing lease Benzinga, Nov. 6, 2026
  73. Alphabet third-quarter earnings discussion and transcript correction Benzinga, Oct. 29, 2026
  74. Analysts cut Alphabet targets while largely retaining bullish ratings Benzinga, Oct. 29, 2026
  75. Alphabet spending raises concerns about near-term margins Benzinga, Oct. 29, 2026
  76. Amazon third-quarter company earnings release Company release, Oct. 29, 2026
  77. Amazon third-quarter earnings discussion Benzinga, Oct. 29, 2026
  78. Commentators assess Amazon growth after earnings selloff Benzinga, Oct. 29, 2026
  79. Meta third-quarter earnings discussion Benzinga, Oct. 21, 2026
  80. Analysts maintain Oracle optimism despite project risks Benzinga, Nov. 10, 2026
  81. Eisman discusses OpenAI and Oracle downside scenario Benzinga, Nov. 10, 2026
  82. Ives names technology stocks after sector selloff Benzinga, Nov. 2, 2026
  83. Nebius Reports Third Quarter 2026 Financial Results — financial results PDF Nebius Group, Nov. 12, 2026
  84. IREN fiscal first-quarter company earnings release IREN investor relations, Nov. 5, 2026
  85. Applied Digital fiscal first-quarter company earnings release Applied Digital investor relations, Oct. 7, 2026
  86. Analyst relief after CoreWeave third-quarter results Benzinga, Nov. 11, 2026
  87. CoreWeave backlog grows as Chanos questions capital returns Benzinga, Nov. 11, 2026
  88. Nebius lowers outlook toward existing range bottom Benzinga, Nov. 12, 2026
  89. Nebius third-quarter company earnings release Nebius via Business Wire/Benzinga, Nov. 12, 2026
  90. IREN reports higher AI cloud revenue Benzinga, Nov. 5, 2026
  91. Commentator supports IREN AI infrastructure economics Benzinga, Nov. 6, 2026
  92. IREN faces renewed selling pressure Benzinga, Nov. 9, 2026
  93. Applied Digital fiscal first-quarter earnings Benzinga, Oct. 7, 2026
  94. Galaxy Announces Third Quarter 2026 Financial Results Galaxy Digital, Oct. 27, 2026
  95. Galaxy data-center outlook supports shares Benzinga, Oct. 27, 2026
  96. Analysts assess Galaxy data-center expansion Benzinga, Oct. 28, 2026
  97. TeraWulf Reports Third Quarter 2026 Results TeraWulf / SEC exhibit, Nov. 6, 2026
  98. TeraWulf outlook draws attention amid sector volatility Benzinga, Nov. 4, 2026
  99. TeraWulf third-quarter earnings discussion Benzinga, Nov. 6, 2026
  100. TeraWulf shares follow AI infrastructure rally Benzinga, Nov. 11, 2026
  101. Core Scientific Announces Third Quarter 2026 Results Core Scientific, Nov. 5, 2026
  102. Crypto miners expanding into AI face credit concerns Benzinga, Oct. 24, 2026
  103. Riot Platforms Reports Third Quarter 2026 Financial Results and Strategic Highlights Riot Platforms, Nov. 4, 2026
  104. MARA Q3 2026 Shareholder Letter MARA Holdings, Nov. 9, 2026
  105. SharonAI second-quarter company earnings release SharonAI investor relations, Aug. 6, 2026
  106. SharonAI announces financing for Nvidia GPU deployments Benzinga, Oct. 1, 2026
  107. SharonAI partnership news offsets weaker earnings Benzinga, Aug. 12, 2026
  108. Sharon AI Enters Into GPU-Backed Debt Facility, Expanding Funding Flexibility for AI Factory Deployments SharonAI / PRNewswire via Benzinga, Oct. 1, 2026
  109. Digital Realty Q3 2026 results release Accessed Nov. 12, 2026
  110. Earnings Whispers: Digital Realty Q3 call transcript Accessed Nov. 12, 2026
  111. Palantir third-quarter investor update Company release, Nov. 2, 2026
  112. SoundHound third-quarter company results and profitability outlook Company release, Nov. 5, 2026
  113. BigBear.ai third-quarter company earnings release Company release, Oct. 27, 2026
  114. C3.ai fiscal first-quarter company earnings release Company release, Sept. 2, 2026
  115. ServiceNow Reports Third Quarter 2026 Financial Results ServiceNow, Oct. 28, 2026
  116. Salesforce Delivers Record Second Quarter Fiscal 2027 Results Salesforce, Aug. 26, 2026
  117. CrowdStrike Reports Second Quarter Fiscal Year 2027 Financial Results CrowdStrike, Aug. 26, 2026
  118. Snowflake Q2 FY2027 results release Accessed Nov. 12, 2026
  119. IBM Q3 2026 results release Accessed Nov. 12, 2026
  120. Palantir raises outlook after third-quarter earnings beat Benzinga, Nov. 2, 2026
  121. Palantir shares decline despite strong results Benzinga, Nov. 3, 2026
  122. ServiceNow shares decline after mixed quarterly results Benzinga, Oct. 28, 2026
  123. Anthropic products intensify concerns about ServiceNow competition Benzinga, Nov. 10, 2026
  124. Salesforce AI growth faces investor skepticism Benzinga, Sept. 14, 2026
  125. Analyst links Agentforce adoption to Salesforce renewals Benzinga, Sept. 18, 2026
  126. Pulse 2.0: Snowflake guidance raised Accessed Nov. 12, 2026
  127. IBM Q3 2026 results (full text) Accessed Nov. 12, 2026
  128. FourWeekMBA: IBM generative AI share of consulting backlog Accessed Nov. 12, 2026
  129. Analysts assess SoundHound earnings and outlook Benzinga, Nov. 6, 2026
  130. BigBear.ai reports growth in generative AI platform revenue Benzinga, Oct. 27, 2026
  131. C3.ai reports progress in first-quarter turnaround Benzinga, Sept. 2, 2026
  132. C3.ai fiscal first-quarter earnings discussion Benzinga, Sept. 2, 2026
  133. Constellation Reports Third Quarter 2026 Results Constellation Energy, Nov. 9, 2026
  134. Constellation discusses unused electricity capacity for AI Benzinga, Nov. 10, 2026
  135. Constellation outlines its power supply business model Benzinga, Nov. 10, 2026
  136. Vistra Reports Third Quarter 2026 Results Vistra, Nov. 6, 2026
  137. Vistra third-quarter earnings discussion Benzinga, Nov. 6, 2026
  138. Vistra signs long-term electricity agreement for AI development Benzinga, Sept. 21, 2026
  139. Talen Q3 2026 results release Accessed Nov. 12, 2026
  140. Earnings Whispers: Talen Q3 2026 Accessed Nov. 12, 2026
  141. Earnings Whispers: Oklo Q3 2026 review Accessed Nov. 12, 2026
  142. MarketBeat: Oklo Q3 call highlights Accessed Nov. 12, 2026
  143. Vertiv third-quarter company results and higher outlook Company release, Oct. 28, 2026
  144. Eaton Reports Record Third Quarter 2026 Results, with Strong Organic Growth, Accelerating Record Orders and Backlog; Raises Organic Growth Guidance Eaton via SEC EDGAR, Nov. 3, 2026
  145. GE Vernova reports strong third quarter 2026 financial performance, raises 2026 guidance, and increases share repurchase authorization GE Vernova, Oct. 28, 2026
  146. Vertiv discusses pricing and customer demand Benzinga, Nov. 11, 2026
  147. Analysts assess Eaton after earnings Benzinga, Nov. 4, 2026
  148. GE Vernova Releases Third Quarter 2026 Financial Results & Announces Agreement to Acquire Trench Group GE Vernova, Oct. 28, 2026
  149. AMSC fiscal second quarter 2026 results AMSC, Nov. 4, 2026
  150. Hammond Power Solutions third quarter 2026 results Hammond Power Solutions via GlobeNewswire, Oct. 29, 2026
  151. Perma-Pipe fiscal second quarter 2026 results Perma-Pipe, Sept. 9, 2026
  152. Ameresco third quarter 2026 results Ameresco, Nov. 9, 2026
  153. QUANTA SERVICES REPORTS THIRD QUARTER 2026 RESULTS Quanta Services, Oct. 29, 2026
  154. Mayville Engineering third quarter 2026 results Mayville Engineering SEC exhibit, Nov. 3, 2026
  155. Matrix Service fiscal first quarter 2027 results Matrix Service SEC exhibit, Nov. 4, 2026
  156. Investors assess cloud pricing under capacity constraints Benzinga, Nov. 5, 2026
  157. Semiconductor ETF structures expose different AI concentration risks Benzinga, Oct. 15, 2026
  158. Interview examines changing risks in AI-themed funds Benzinga, Jan. 11, 2026

This guide is for information only. It is not investment advice or a recommendation to buy or sell any security, and it does not consider any reader’s financial situation. Figures come from company filings and releases, Benzinga coverage and other cited reporting available on November 12, 2026, and may have changed since. Analyst opinions and price targets belong to the analysts quoted. Verify figures with the original source before relying on them.

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