Nvidia’s data center segment posted a 92% year-over-year revenue increase last quarter, signaling a massive investment cycle now firmly underway across the AI infrastructure landscape.
Nvidia CFO Colette Kress stated plainly on the company’s May earnings call that “the build-out of AI factories is accelerating,” a comment that reverberated across Wall Street.
While Nvidia dominates the chip supply side, the companies building out networking, cloud capacity, and power systems stand to capture enormous value from this spending wave.
Astera Labs (NASDAQ: ALAB) has emerged as one of the most striking beneficiaries, with its shares surging 357% over the past year alone as demand for high-speed networking hardware intensifies.
The company’s Scorpio smart fabric switches, introduced in 2024, already accounted for 15% of total revenue in 2025, reflecting how quickly its newer products have gained commercial traction.
Astera Labs reported first-quarter revenue of $308 million, nearly doubling year over year, with analysts projecting adjusted earnings growth of 69% for the full year and continued high double-digit growth beyond that.
The stock trades at 134 times forward earnings estimates, a premium valuation that reflects both its growth trajectory and the deep integration of its COSMOS software platform into customer operations, which raises switching costs significantly.
CoreWeave (NASDAQ: CRWV) offers a GPU-optimized cloud services platform tailored for generative AI workloads, helping clients access AI computing capacity without building costly infrastructure in-house.
The company’s first-quarter revenue reached almost $2.1 billion, more than doubling year over year, backed by a $100 billion revenue backlog that provides substantial long-term visibility.
CoreWeave has expanded its data center portfolio to more than 50 facilities, demonstrating its ability to bring AI-ready infrastructure online within weeks, a capability that has attracted major clients including OpenAI and Anthropic.
Customer concentration remains a material risk, though the company is actively diversifying, with financial services customers now representing 10% of its total backlog.
Analysts expect CoreWeave’s revenue to reach nearly $40 billion by 2028, and if the stock continues trading around 10 times sales, its valuation would sit well above its current $53 billion market cap.
Vertiv Holding (NYSE: VRT) rounds out the trio as a leading supplier of power management and cooling systems, two categories experiencing rising demand as chip density climbs inside modern AI data centers.
Vertiv’s revenue growth accelerated to 30% year over year in the first quarter, and management has issued full-year guidance calling for 34% growth to reach $13.8 billion in revenue.
The company is targeting an adjusted operating margin above 27% by 2030, driven by cost leverage, service growth, and operational execution, with analysts forecasting annualized earnings growth of 32% over the next several years.
Vertiv’s deep integration into customer operations creates a durable competitive moat, as switching suppliers involves significant operational disruption and cost, supporting the company’s long-term margin expansion outlook.
With electricity supply constraints pushing AI operators to prioritize power efficiency, Vertiv’s product portfolio positions it as a critical partner for data center operators navigating the energy demands of next-generation AI workloads.
