AI Infrastructure
Ai · Active
· Information Technology
Latest report
2026-05-01 13:50
Operators of GPU clusters, AI training/inference infrastructure, MLOps platforms, AI cloud services.
Pool
83
Industries
6
Cohort
16
Cohort MCap
95.6B
Layers
5
Topology Rationale
The AI infrastructure theme is driven by a core layer of GPU cloud, AI hosting, and infrastructure software operators that turn compute capacity into delivered training and inference services. Upstream layers supply the semiconductors, networking, servers, and storage needed to build clusters, while adjacent software expands utilization and monetization of that capacity; downstream layers capture enterprises and digital platforms that are meaningful consumers of AI infrastructure rather than infrastructure providers themselves.
Value-Chain Layers
1
AI Compute Capacity Operators & Cloud Infrastructure Platforms
Companies in this layer own, lease, orchestrate, or deliver AI compute capacity, GPU cloud, edge inference, and related infrastructure services that sit at the center of the theme.
9 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Operating Income ($M) |
|---|---|---|---|---|---|---|
|
Microsoft Corporation
MSFT
Q3-FY2026
|
Azure intelligent cloud operator and major AI infrastructure provider
Technology
|
3.2T | 82,886 | 30,876 | 46,679 | — |
|
Oracle Corporation
ORCL
Q3-FY2026
|
cloud infrastructure and AI compute capacity supplier
Technology
|
471.2B | 17,190 | 48,250 | 23,514 | 5,464 |
|
Cloudflare Inc
NET
FY2025
|
edge cloud platform monetizing inference and delivery workloads
Technology
|
74.6B | 2,168 | 316 | 603 | -207 |
|
CoreWeave, Inc. Class A Common Stock
CRWV
FY2025
|
pure-play GPU cloud and AI compute hosting
Technology
|
60.3B | 5,131 | 10,309 | 3,058 | -46 |
|
Nebius Group N.V.
|
AI cloud and infrastructure services operator
Communication Services
|
35.7B | — | — | — | — |
|
VeriSign Inc
VRSN
Q1-2026
|
internet infrastructure operator, but not AI compute-specific
Technology
|
24.8B | 429 | 7 | 272 | — |
|
IREN Ltd
IREN
Q2-FY26
|
AI cloud services alongside power-intensive compute operations
Financial Services
|
14.2B | 185 | 719 | 72 | -116 |
|
Core Scientific, Inc. Common Stock
CORZ
Q4-2025
|
colocation and contracted AI/HPC hosting capacity
Technology
|
6.2B | 80 | 279 | 278 | — |
|
SoundHound AI Inc
SOUN
FY2025
|
voice AI platform consuming and delivering inference services
Technology
|
3.3B | 169 | -60 | -98 | -23 |
2
Accelerators, Memory, Interconnect Silicon & Manufacturing
This layer provides the chips, packaging, connectivity silicon, foundry capacity, and power components that determine AI cluster performance, density, and availability.
25 companies
| Company | Role | Market Cap | Revenue ($M) | Gross Margin (%) | Operating Cash Flow ($M) | Capex ($M) | Net Income ($M) |
|---|---|---|---|---|---|---|---|
|
NVIDIA Corporation
NVDA
FY2026
|
leading AI accelerator and data center compute silicon
Technology
|
5.1T | 215,938 | 71.1% | 102,718 | 6,042 | 120,067 |
|
Taiwan Semiconductor Manufacturing
|
foundry capacity critical to advanced AI chips
Technology
|
2.0T | — | — | — | — | — |
|
Broadcom Inc
AVGO
Q1-2026
|
AI networking and custom semiconductor supplier
Technology
|
1.9T | 19,311 | 68.1% | 8,260 | 250 | 7,349 |
|
Micron Technology Inc
MU
Q2-2026
|
cloud memory and data center DRAM supplier
Technology
|
584.7B | 23,860 | 74.4% | 11,903 | 5,004 | 13,785 |
|
Advanced Micro Devices Inc
AMD
FY2025
|
data center GPU and CPU supplier
Technology
|
549.6B | 34,639 | 50.0% | 7,709 | 974 | 4,335 |
|
Intel Corporation
INTC
Q1-2026
|
server CPU, accelerator, and foundry exposure
Technology
|
474.9B | 13,577 | 39.4% | 1,096 | 4,963 | -3,728 |
|
Texas Instruments Incorporated
TXN
Q1-2026
|
power and analog chips supporting infrastructure electronics
Technology
|
245.0B | 4,825 | — | 1,520 | 676 | 1,545 |
|
Arm Holdings plc American Depositary Shares
|
CPU architecture licensed into AI servers and edge devices
Technology
|
214.2B | — | — | — | — | — |
|
Analog Devices Inc
ADI
Q1-2026
|
analog and signal-chain components for infrastructure systems
Technology
|
190.1B | 3,160 | 64.7% | 1,369 | 109 | 831 |
|
Qualcomm Incorporated
QCOM
Q2-FY2026
|
edge AI and connectivity silicon platform
Technology
|
166.6B | 10,599 | 53.8% | 7,414 | 1,082 | 7,370 |
|
Marvell Technology Group Ltd
MRVL
FY2026
|
data center and interconnect silicon for AI clusters
Technology
|
136.9B | 2,219 | 51.7% | 374 | 114 | 396 |
|
Monolithic Power Systems Inc
MPWR
Q1-2026
|
enterprise data power-management chips for servers
Technology
|
75.0B | 804 | 55.3% | 250 | — | 193 |
|
NXP Semiconductors NV
NXPI
Q1-2026
|
communications infrastructure semis adjacent to AI systems
Technology
|
73.0B | 3,181 | 56.2% | 793 | 79 | 1,122 |
|
ASE Industrial Holding Co Ltd ADR
|
semiconductor assembly and test for advanced devices
Technology
|
67.0B | — | — | — | — | — |
|
Globalfoundries Inc
|
foundry manufacturing for infrastructure semiconductors
Technology
|
34.4B | — | — | — | — | — |
|
Astera Labs, Inc.
ALAB
FY2025
|
connectivity and memory interconnect silicon for AI racks
Technology
|
33.7B | 853 | 75.7% | 319 | 38 | 219 |
|
Credo Technology Group Holding Ltd
CRDO
Q3-FY2026
|
high-speed connectivity silicon for AI networking
Technology
|
32.4B | 406 | — | — | — | — |
|
United Microelectronics
|
foundry capacity supporting semiconductor supply chain
Technology
|
32.1B | — | — | — | — | — |
|
Qnity Electronics, Inc
Q
FY2025
|
interconnect and semiconductor technologies for system buildout
Technology
|
29.6B | 4,754 | 46.2% | 1,273 | 285 | 729 |
|
Tower Semiconductor Ltd
|
specialty foundry capacity within semiconductor supply chain
Technology
|
23.7B | — | — | — | — | — |
|
Amkor Technology Inc
AMKR
Q1-2026
|
advanced packaging and test for computing chips
Technology
|
17.5B | 1,685 | — | 145 | 225 | 83 |
|
Microchip Technology Inc
MCHP
Q3-FY2026
|
embedded and mixed-signal components for infrastructure electronics
Technology
|
48.8B | 1,185 | — | — | — | — |
|
STMicroelectronics NV ADR
|
power and mixed-signal semis for compute systems
Technology
|
46.8B | — | — | — | — | — |
|
ON Semiconductor Corporation
ON
FY2025
|
power semiconductors relevant to energy-dense AI hardware
Technology
|
38.9B | 5,995 | 33.1% | 1,760 | 341 | 121 |
|
MACOM Technology Solutions Holdings Inc
MTSI
Q1-2026
|
analog/RF connectivity components for networking hardware
Technology
|
20.2B | 272 | 55.9% | 43 | 13 | 49 |
3
Cluster Networking, Servers & Storage Systems
These companies convert chips into deployable AI clusters through switching, optical transport, servers, integrated systems, and data storage infrastructure.
15 companies
| Company | Role | Market Cap | Revenue ($M) | Gross Margin (%) | Operating Margin (%) | Operating Cash Flow ($M) | Capex ($M) | Free Cash Flow ($M) |
|---|---|---|---|---|---|---|---|---|
|
Cisco Systems Inc
CSCO
Q2-FY2026
|
switching and networking gear for data center fabrics
Technology
|
353.8B | 15,349 | 65.0% | 24.6% | 1,822 | 283 | — |
|
Arista Networks
ANET
FY2025
|
high-speed Ethernet switching for AI clusters
Technology
|
212.4B | 9,006 | 64.1% | 42.8% | 4,372 | 120 | 4,252 |
|
Sandisk Corp
SNDK
Q3-2026
|
datacenter flash and storage media supplier
Technology
|
157.1B | 5,950 | 78.4% | — | 3,038 | 45 | 2,993 |
|
Seagate Technology PLC
STX
FQ3-2026
|
data storage hardware for AI data lakes
Technology
|
144.1B | 3,112 | 46.5% | 32.1% | 1,114 | — | 953 |
|
Western Digital Corporation
WDC
Q2-2026
|
storage devices supporting AI data infrastructure
Technology
|
141.1B | 3,017 | 45.7% | 30.1% | 745 | 92 | 653 |
|
Dell Technologies Inc
DELL
FY2026
|
AI-optimized servers and enterprise infrastructure systems
Technology
|
133.7B | 113,538 | 20.0% | — | 11,185 | 2,633 | — |
|
Motorola Solutions Inc
MSI
FY2025
|
communications systems vendor with limited AI data center exposure
Technology
|
71.3B | 11,682 | — | 25.6% | 2,837 | 265 | 2,572 |
|
Nokia Corp ADR
|
network infrastructure vendor adjacent to data transport
Technology
|
69.6B | — | — | — | — | — | — |
|
Ciena Corp
CIEN
Q1-2026
|
optical networking and transport for data center connectivity
Technology
|
67.2B | 1,427 | 43.8% | 13.3% | 228 | 74 | 154 |
|
Ubiquiti Networks Inc
UI
Q2-FY2026
|
enterprise and service-provider networking equipment
Technology
|
58.8B | 815 | 45.9% | 35.9% | — | — | — |
|
Telefonaktiebolaget LM Ericsson B ADR
|
communications network equipment adjacent to infrastructure demand
Technology
|
38.1B | — | — | — | — | — | — |
|
Hewlett Packard Enterprise Co
HPE
Q1-2026
|
cloud AI servers and storage systems
Technology
|
37.5B | 9,301 | 35.9% | 5.1% | 1,178 | 569 | 708 |
|
NetApp Inc
NTAP
Q3-FY2026
|
hybrid cloud storage platform for AI data workloads
Technology
|
21.5B | 1,713 | 70.6% | 25.3% | 317 | 46 | 271 |
|
Pure Storage Inc
PSTG
FY2026
|
high-performance storage arrays for AI environments
Technology
|
21.4B | 3,663 | 70.4% | 3.1% | 880 | 264 | 616 |
|
F5 Networks Inc
FFIV
Q2-FY2026
|
application delivery and traffic management infrastructure
Technology
|
18.5B | 812 | 81.4% | 22.1% | 525 | 28 | 497 |
4
AI Infrastructure Software, Data Platforms & Security Control Layers
This layer enables provisioning, orchestration, observability, data management, model deployment, and security for AI workloads, increasing utilization of underlying compute.
10 companies
| Company | Role | Market Cap | Revenue ($M) | Operating Margin (%) | Gross Margin (%) | Operating Cash Flow ($M) | Free Cash Flow ($M) | Capex ($M) |
|---|---|---|---|---|---|---|---|---|
|
Palantir Technologies Inc.
PLTR
FY2025
|
AI platform and operational software driving enterprise usage
Technology
|
330.7B | 4,475 | 50.0% | — | 2,134 | — | 34 |
|
Palo Alto Networks Inc
PANW
Q2-2026
|
security platform protecting cloud and AI environments
Technology
|
147.2B | 2,594 | 30.3% | — | — | — | — |
|
Crowdstrike Holdings Inc
CRWD
FY2026
|
cloud-native security for infrastructure and workloads
Technology
|
114.7B | 1,305 | — | — | 1,612 | 1,235 | 302 |
|
ServiceNow Inc
NOW
Q1-2026
|
enterprise workflow platform embedding AI automation
Technology
|
91.7B | 3,770 | 32.0% | 79.5% | 1,670 | 1,665 | 141 |
|
Cadence Design Systems Inc
CDNS
Q1-2026
|
EDA software enabling next-gen AI semiconductor design
Technology
|
91.1B | 1,474 | 44.7% | 88.0% | 356 | 307 | 49 |
|
Snowflake Inc.
SNOW
FY2026
|
data cloud platform feeding AI model development
Technology
|
48.8B | 4,684 | 10.0% | 72.0% | 1,222 | 1,120 | 102 |
|
Datadog Inc
DDOG
FY2025
|
observability and monitoring for cloud/AI workloads
Technology
|
47.4B | 3,427 | 22.0% | 81.0% | 1,050 | 915 | 50 |
|
MongoDB
MDB
FY2026
|
developer database platform supporting AI applications
Technology
|
20.8B | 2,464 | 19.0% | 74.0% | 505 | 493 | 5 |
|
Zscaler Inc
ZS
Q2-FY2026
|
zero-trust security for distributed AI access
Technology
|
21.7B | 816 | 22.0% | 80.0% | 204 | 169 | — |
|
CyberArk Software Ltd
|
identity security for privileged AI infrastructure access
Technology
|
20.6B | — | — | — | — | — | — |
5
Enterprise AI Applications & Digital Demand Generators
These software and digital platform companies are major adopters, distributors, or monetizers of AI functionality and therefore drive demand for training and inference capacity.
18 companies
| Company | Role | Market Cap | Revenue ($M) | Operating Cash Flow ($M) | Free Cash Flow ($M) | Capex ($M) | Operating Income ($M) |
|---|---|---|---|---|---|---|---|
|
SAP SE ADR
|
enterprise software suite adding AI across installed base
Technology
|
200.5B | — | — | — | — | — |
|
Shopify Inc
SHOP
FY2025
|
commerce platform embedding AI for merchants
Technology
|
157.8B | 11,556 | 2,033 | 2,007 | 26 | — |
|
Applovin Corp
APP
FY2025
|
ad-tech platform using AI at scale
Communication Services
|
149.1B | 5,481 | 3,971 | 3,952 | 0 | — |
|
Salesforce.com Inc
CRM
FY2026
|
enterprise application stack monetizing generative AI agents
Technology
|
148.2B | 41,525 | 14,996 | 14,402 | 594 | 8,331 |
|
Intuit Inc
INTU
Q2-FY2026
|
SMB and consumer software adopting AI assistants
Technology
|
109.9B | 4,651 | 2,207 | — | 84 | 855 |
|
Adobe Systems Incorporated
ADBE
Q1-2026
|
creative and marketing software with inference-heavy features
Technology
|
98.5B | 6,398 | 2,958 | — | 37 | 2,418 |
|
MicroStrategy Incorporated
MSTR
Q4-2025
|
analytics software vendor with AI consumption potential
Technology
|
55.4B | 123 | — | — | — | -17,446 |
|
Autodesk Inc
ADSK
FY2026
|
design software integrating AI-assisted workflows
Technology
|
49.8B | 7,206 | 2,452 | 2,409 | 43 | 1,578 |
|
Thomson Reuters Corporation Common Shares
|
information services platform embedding AI tools
Industrials
|
41.3B | — | — | — | — | — |
|
Roper Technologies Inc
ROP
Q1-2026
|
application software portfolio that can consume AI compute
Technology
|
36.6B | 2,095 | 592 | 562 | 14 | — |
|
Workday Inc
WDAY
FY2026
|
enterprise HCM/finance software deploying AI features
Technology
|
31.5B | — | — | — | — | — |
|
Zoom Video Communications Inc
ZM
FY2026
|
communications platform using AI assistants and inference
Technology
|
28.2B | 4,869 | 1,989 | 1,924 | 65 | 1,124 |
|
Veeva Systems Inc Class A
VEEV
FY2026
|
vertical SaaS platform adopting AI in workflows
Healthcare
|
26.0B | 3,195 | 1,415 | 1,386 | 29 | 916 |
|
Fair Isaac Corporation
FICO
Q2-2026
|
analytics and decisioning software consuming AI capacity
Technology
|
24.8B | 692 | 223 | 214 | — | — |
|
Twilio Inc
TWLO
FY2025
|
customer engagement platform with AI-enabled communications
Technology
|
21.4B | 5,067 | 1,003 | 945 | 58 | 158 |
|
Atlassian Corp Plc
TEAM
Q2-FY2026
|
collaboration and developer tools embedding AI functionality
Technology
|
18.6B | 1,586 | 178 | 169 | 9 | -48 |
|
SS&C Technologies Holdings Inc
SSNC
Q1-2026
|
enterprise software/services provider adopting AI features
Technology
|
16.8B | 1,647 | 300 | 232 | 68 | 398 |
|
PTC Inc
PTC
Q1-2026
|
industrial software platform using AI-assisted engineering
Technology
|
16.4B | 686 | 270 | 267 | 2 | 221 |
Report History
| Generated | Pool | Layers |
|---|---|---|
| 2026-05-01 13:50 | 83 | 5 |