AI Semiconductor / Accelerator
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Latest report
2026-05-01 13:49
Designers and manufacturers of AI accelerators, GPUs, TPUs, neural network processors for training/inference workloads.
Pool
81
Industries
6
Cohort
9
Cohort MCap
7.6T
Layers
5
Topology Rationale
The AI accelerator theme is driven by companies that design and sell training/inference silicon, supported upstream by foundry, packaging, equipment and connectivity/power component suppliers that make advanced chips manufacturable and deployable. Demand is monetized downstream through AI infrastructure builders, cloud/GPU capacity operators and enterprise software platforms that help put accelerator compute to work, while broad consumer, legacy security, or unrelated tech names are left unassigned.
Value-Chain Layers
1
AI Accelerator Designers & Compute Silicon Platforms
These companies create the GPUs, XPUs, custom accelerators, and core semiconductor platforms that directly capture demand for AI training and inference compute.
15 companies
| Company | Role | Market Cap | Revenue ($M) | Gross Margin (%) | Operating Margin (%) | Capex ($M) |
|---|---|---|---|---|---|---|
|
NVIDIA Corporation
NVDA
FY2026
|
Data center GPU leader for AI training and inference
Technology
|
5.1T | 215,938 | 71.1% | — | 6,042 |
|
Broadcom Inc
AVGO
Q1-2026
|
Custom AI ASIC and networking semiconductor supplier
Technology
|
1.9T | 19,311 | 68.1% | 44.3% | 250 |
|
Advanced Micro Devices Inc
AMD
FY2025
|
Data center GPU/CPU platform for AI compute
Technology
|
549.6B | 34,639 | 50.0% | 11.0% | 974 |
|
Intel Corporation
INTC
Q1-2026
|
Server CPU and AI accelerator platform vendor
Technology
|
474.9B | 13,577 | 39.4% | -23.1% | 4,963 |
|
Arm Holdings plc American Depositary Shares
|
CPU architecture IP embedded in AI compute platforms
Technology
|
214.2B | — | — | — | — |
|
Qualcomm Incorporated
QCOM
Q2-FY2026
|
Edge AI SoC designer via QCT portfolio
Technology
|
166.6B | 10,599 | 53.8% | — | 1,082 |
|
Marvell Technology Group Ltd
MRVL
FY2026
|
Data-center silicon and custom accelerator exposure
Technology
|
136.9B | 2,219 | 51.7% | 18.2% | 114 |
|
Texas Instruments Incorporated
TXN
Q1-2026
|
Embedded/analog semiconductor supplier with limited AI compute relevance
Technology
|
245.0B | 4,825 | — | — | 676 |
|
Analog Devices Inc
ADI
Q1-2026
|
Analog semiconductor exposure supporting compute systems
Technology
|
190.1B | 3,160 | 64.7% | 31.5% | 109 |
|
NXP Semiconductors NV
NXPI
Q1-2026
|
Connectivity and processing silicon with edge AI exposure
Technology
|
73.0B | 3,181 | 56.2% | 47.3% | 79 |
|
Microchip Technology Inc
MCHP
Q3-FY2026
|
Microcontroller and embedded processing supplier for edge AI
Technology
|
48.8B | 1,185 | — | — | — |
|
STMicroelectronics NV ADR
|
MCU and edge processing semiconductor exposure
Technology
|
46.8B | — | — | — | — |
|
ON Semiconductor Corporation
ON
FY2025
|
Power and sensing semis with some AI system relevance
Technology
|
38.9B | 5,995 | 33.1% | 1.4% | 341 |
|
Lattice Semiconductor Corporation
LSCC
FY2025
|
Low-power programmable logic for edge AI workloads
Technology
|
15.8B | 523 | 68.2% | — | 43 |
|
Ambarella Inc
AMBA
FY2026
|
Computer vision and edge AI processor designer
Technology
|
2.9B | 391 | 59.2% | — | — |
2
Advanced Manufacturing, Foundry, Packaging & Process Enablement
This layer provides the wafer fabrication, packaging, test, materials, EDA and process-control capabilities required to produce leading-edge AI accelerators at scale.
16 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Gross Margin (%) |
|---|---|---|---|---|---|---|
|
Taiwan Semiconductor Manufacturing
|
Leading-edge foundry manufacturing for AI accelerators
Technology
|
2.0T | — | — | — | — |
|
ASML Holding NV ADR
|
Lithography equipment critical to advanced-node AI chips
Technology
|
537.3B | — | — | — | — |
|
Lam Research Corp
LRCX
Q3-2026
|
Wafer fabrication equipment supplier
Technology
|
311.1B | 5,841 | 332 | 1,141 | 49.8% |
|
Applied Materials Inc
AMAT
Q1-2026
|
Semiconductor systems and process equipment provider
Technology
|
303.6B | 7,012 | 646 | 1,686 | 49.0% |
|
KLA Corporation
KLAC
Q3-FY2026
|
Process control and inspection for advanced chip yields
Technology
|
238.6B | 3,415 | 85 | 707 | — |
|
Synopsys Inc
SNPS
Q1-2026
|
EDA and design IP enabling complex AI chips
Technology
|
92.2B | 2,409 | 35 | 857 | — |
|
Teradyne Inc
TER
Q1-2026
|
Semiconductor test equipment for AI chip production
Technology
|
48.0B | 1,282 | 65 | 265 | 60.9% |
|
Globalfoundries Inc
|
Foundry capacity for supporting AI-related semiconductors
Technology
|
34.4B | — | — | — | — |
|
United Microelectronics
|
Foundry supply for supporting semiconductors in AI systems
Technology
|
32.1B | — | — | — | — |
|
Tower Semiconductor Ltd
|
Specialty foundry for analog and interface chips
Technology
|
23.7B | — | — | — | — |
|
ASE Industrial Holding Co Ltd ADR
|
OSAT packaging and test provider for advanced semis
Technology
|
67.0B | — | — | — | — |
|
Amkor Technology Inc
AMKR
Q1-2026
|
Advanced packaging and test for compute chips
Technology
|
17.5B | 1,685 | 225 | 145 | — |
|
Entegris Inc
ENTG
Q4-2025
|
Materials and purity solutions for chip fabrication
Technology
|
22.7B | 824 | 299 | 695 | 43.8% |
|
Nova Ltd
|
Metrology tools for semiconductor manufacturing control
Technology
|
15.9B | — | — | — | — |
|
Onto Innovation Inc
ONTO
Q1-2026
|
Inspection and metrology for semiconductor processes
Technology
|
14.1B | 292 | — | — | — |
|
FormFactor Inc
FORM
FY2025
|
Probe card supplier for chip testing
Technology
|
10.6B | 785 | 104 | — | 39.3% |
3
AI System Components, Memory, Interconnect & Power Delivery
These suppliers provide the memory, chiplets, retimers, clocks, power semis and other enabling components that determine accelerator performance, bandwidth, rack density and system reliability.
9 companies
| Company | Role | Market Cap | Revenue ($M) | Gross Margin (%) | Operating Margin (%) | Capex ($M) | Operating Cash Flow ($M) |
|---|---|---|---|---|---|---|---|
|
Micron Technology Inc
MU
Q2-2026
|
HBM and data-center memory supplier for AI servers
Technology
|
584.7B | 23,860 | 74.4% | 67.6% | 5,004 | 11,903 |
|
Monolithic Power Systems Inc
MPWR
Q1-2026
|
Power management chips for enterprise data and computing
Technology
|
75.0B | 804 | 55.3% | 30.0% | — | 250 |
|
Astera Labs, Inc.
ALAB
FY2025
|
Connectivity silicon for AI server and accelerator scaling
Technology
|
33.7B | 853 | 75.7% | 20.3% | 38 | 319 |
|
Credo Technology Group Holding Ltd
CRDO
Q3-FY2026
|
High-speed connectivity for AI clusters and racks
Technology
|
32.4B | 406 | — | — | — | — |
|
Rambus Inc
RMBS
Q1-2026
|
Memory interface and chip IP relevant to AI subsystems
Technology
|
12.1B | 180 | — | 34.0% | — | 83 |
|
MACOM Technology Solutions Holdings Inc
MTSI
Q1-2026
|
Analog/connectivity semis supporting high-speed infrastructure
Technology
|
20.2B | 272 | 55.9% | 15.9% | 13 | 43 |
|
Sitime Corporation
SITM
FY2025
|
Timing components for data-center and AI systems
Technology
|
13.9B | 327 | 53.6% | — | — | — |
|
Advanced Energy Industries Inc
AEIS
FY2025
|
Power conversion exposure to semiconductor and data-center equipment
Industrials
|
13.7B | 1,799 | — | 9.3% | 107 | 235 |
|
Qnity Electronics, Inc
Q
FY2025
|
Interconnect solutions relevant to high-performance compute
Technology
|
29.6B | 4,754 | 46.2% | — | 285 | 1,273 |
4
AI Server, Storage & Manufacturing Integration
This layer assembles accelerators into deployable servers, racks, storage systems and contract-manufactured hardware platforms that translate chip demand into installed AI infrastructure.
13 companies
| Company | Role | Market Cap | Revenue ($M) | Gross Margin (%) | Operating Margin (%) | Capex ($M) | Free Cash Flow ($M) |
|---|---|---|---|---|---|---|---|
|
Sandisk Corp
SNDK
Q3-2026
|
Datacenter storage supplier supporting AI workloads
Technology
|
157.1B | 5,950 | 78.4% | — | 45 | 2,993 |
|
Seagate Technology PLC
STX
FQ3-2026
|
Mass-capacity storage used in AI data pipelines
Technology
|
144.1B | 3,112 | 46.5% | 32.1% | — | 953 |
|
Western Digital Corporation
WDC
Q2-2026
|
Datacenter storage supporting AI infrastructure
Technology
|
141.1B | 3,017 | 45.7% | 30.1% | 92 | 653 |
|
Dell Technologies Inc
DELL
FY2026
|
AI-optimized server and infrastructure systems vendor
Technology
|
133.7B | 113,538 | 20.0% | — | 2,633 | — |
|
Celestica Inc.
CLS
Q1-2026
|
Manufactures communications and hardware platforms for AI systems
Technology
|
43.3B | 4,047 | 10.8% | 6.7% | 230 | 138 |
|
Jabil Circuit Inc
JBL
Q2-2026
|
EMS partner for AI hardware assembly
Technology
|
35.2B | 8,282 | — | — | 198 | — |
|
Flex Ltd
FLEX
Q3-2026
|
Contract manufacturer for compute and networking hardware
Technology
|
33.3B | 7,058 | — | 5.5% | — | 275 |
|
Fabrinet
FN
Q2-FY2026
|
Manufacturing partner for high-performance hardware systems
Technology
|
23.1B | 1,133 | 12.2% | 10.1% | 97 | 52 |
|
NetApp Inc
NTAP
Q3-FY2026
|
Enterprise storage and data infrastructure for AI environments
Technology
|
21.5B | 1,713 | 70.6% | 25.3% | 46 | 271 |
|
Pure Storage Inc
PSTG
FY2026
|
High-performance storage platform for AI data workloads
Technology
|
21.4B | 3,663 | 70.4% | 3.1% | 264 | 616 |
|
Hewlett Packard Enterprise Co
HPE
Q1-2026
|
Cloud AI servers and infrastructure systems supplier
Technology
|
37.5B | 9,301 | 35.9% | 5.1% | 569 | 708 |
|
Super Micro Computer Inc
SMCI
Q2-2026
|
AI server and rack system integrator
Technology
|
15.8B | 12,682 | 6.3% | — | 46 | — |
|
Sanmina Corporation
SANM
Q2-2026
|
Electronics manufacturing for compute and networking systems
Technology
|
11.7B | 4,013 | — | 3.9% | 57 | 342 |
5
Cloud GPU Capacity, AI Infrastructure Operators & Platform Consumption
These operators and software platforms buy or orchestrate accelerator capacity, turning AI chips into cloud services, hosted compute, edge delivery and monetizable enterprise workloads.
18 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Operating Margin (%) | Free Cash Flow ($M) |
|---|---|---|---|---|---|---|---|
|
Microsoft Corporation
MSFT
Q3-FY2026
|
Hyperscale cloud platform consuming large AI accelerator volumes
Technology
|
3.2T | 82,886 | 30,876 | 46,679 | — | 15,803 |
|
Oracle Corporation
ORCL
Q3-FY2026
|
Cloud infrastructure provider deploying AI compute clusters
Technology
|
471.2B | 17,190 | 48,250 | 23,514 | — | — |
|
Cloudflare Inc
NET
FY2025
|
Edge/cloud platform leveraging AI infrastructure demand
Technology
|
74.6B | 2,168 | 316 | 603 | -9.6% | 261 |
|
CoreWeave, Inc. Class A Common Stock
CRWV
FY2025
|
Pure-play GPU cloud infrastructure operator
Technology
|
60.3B | 5,131 | 10,309 | 3,058 | -1.0% | — |
|
Nebius Group N.V.
|
Cloud/AI infrastructure operator
Communication Services
|
35.7B | — | — | — | — | — |
|
Akamai Technologies Inc
AKAM
FY2025
|
Cloud infrastructure services with AI/compute adjacency
Technology
|
14.7B | 4,208 | 818 | 1,519 | 13.0% | — |
|
IREN Ltd
IREN
Q2-FY26
|
AI cloud services operator using GPU capacity
Financial Services
|
14.2B | 185 | 719 | 72 | — | — |
|
Bitmine Immersion Technologies, Inc.
BMNR
Q2-FY2026
|
Immersion-cooled compute infrastructure exposure
Financial Services
|
11.8B | 11 | — | — | -34,784.7% | — |
|
Palo Alto Networks Inc
PANW
Q2-2026
|
Security platform increasingly embedding AI workloads
Technology
|
147.2B | 2,594 | — | — | 15.3% | — |
|
Crowdstrike Holdings Inc
CRWD
FY2026
|
Cloud security platform monetizing AI-enabled compute
Technology
|
114.7B | 1,305 | 302 | 1,612 | — | 1,235 |
|
Fortinet Inc
FTNT
FY2025
|
Security infrastructure software consuming AI compute indirectly
Technology
|
63.7B | 6,800 | 365 | 2,591 | 30.7% | 2,212 |
|
Zscaler Inc
ZS
Q2-FY2026
|
Cloud security software platform with AI inference demand
Technology
|
21.7B | 816 | — | 204 | -6.0% | 169 |
|
MongoDB
MDB
FY2026
|
Database platform used in AI application stacks
Technology
|
20.8B | 2,464 | 5 | 505 | -6.0% | 493 |
|
CyberArk Software Ltd
|
Identity security software deploying AI-enabled workflows
Technology
|
20.6B | — | — | — | — | — |
|
Okta Inc
OKTA
FY2026
|
Identity cloud software using AI services indirectly
Technology
|
13.5B | 761 | — | 258 | 6.0% | 252 |
|
Nutanix Inc
NTNX
Q2-FY2026
|
Hybrid cloud stack helping deploy AI infrastructure
Technology
|
11.1B | 723 | 6 | 197 | 11.6% | 191 |
|
Confluent Inc
CFLT
Q4-FY2025
|
Data streaming platform used in AI pipelines
Technology
|
11.1B | 315 | — | — | -31.5% | — |
|
Rubrik, Inc.
RBRK
Q4-FY2026
|
Data security platform tied to AI data protection needs
Technology
|
11.0B | — | — | — | — | — |
Report History
| Generated | Pool | Layers |
|---|---|---|
| 2026-05-01 13:49 | 81 | 5 |