Suppliers
Fifteen names across seven layers of the AI infrastructure stack. Each has a modeled dollar flow from Big 5 capex plus the disclosed customer exposure that drives the attribution. Click any ticker for a deep dive.
Compute Silicon
GPUs, custom AI accelerators, networking ASICs sold into hyperscaler training/inference clusters.
| Ticker | What they sell | Hyperscaler exposure | Modeled flow | Notes |
|---|---|---|---|---|
| NVDA NVIDIA | H100/H200/B100/GB200/GB300 datacenter GPUs and NVL networking | 50.0% | $111.8B | 10-K F2025 disclosed two 10%+ customers (‘Customer A’ 16%, ‘Customer B’ 14%) plus several mid-single-digit hyperscaler exposures. Most concentrated AI capex beneficiary. |
| AVGO Broadcom | Custom AI ASICs (Google TPU, Meta MTIA), Tomahawk networking switches | 40.0% | $39.0B | Three named AI ASIC customers as of FY25 (Google, Meta, ByteDance) plus pipeline. AI semiconductor revenue ~$15B FY25 trending toward $25B+ FY26 per company commentary. |
| AMD Advanced Micro Devices | MI300X / MI325X / MI350 series datacenter GPUs | 30.0% | $12.9B | Microsoft, Meta, Oracle are disclosed MI300X customers. DC GPU revenue ~$5B FY25; AI run-rate ramping. |
Foundry & Equipment
Wafer fabs and the semiconductor capital equipment that builds AI chips.
| Ticker | What they sell | Hyperscaler exposure | Modeled flow | Notes |
|---|---|---|---|---|
| TSM TSMC | Leading-edge foundry for NVDA, AMD, AVGO, AAPL, GOOGL, AMZN AI silicon | 60.0% | $11.7B | HPC segment ~52% of revenue FY25 and growing. Effectively the chokepoint for advanced AI silicon production. |
| ASML ASML Holding | EUV + High-NA EUV lithography monopoly for sub-7nm node | 35.0% | $5.2B | Sells to TSMC, Samsung, Intel — indirect AI capex exposure via foundry capacity build. |
| AMAT Applied Materials | Deposition, etch, ion implant tools for advanced logic & HBM | 30.0% | $5.2B | WFE leader; advanced packaging and HBM growth drivers tied to AI demand cycle. |
| LRCX Lam Research | Etch and deposition for memory (HBM/DRAM) and advanced logic | 30.0% | $3.9B | HBM ramp tailwind; memory segment ~40% of revenue and growing on AI. |
HBM & Memory
High-bandwidth memory stacks, DDR5/6 server DRAM.
| Ticker | What they sell | Hyperscaler exposure | Modeled flow | Notes |
|---|---|---|---|---|
| MU Micron Technology | HBM3E, HBM4 memory stacks and DDR5 server DRAM | 45.0% | $11.1B | HBM sold out through 2026; pricing power tied to NVDA/AMD GPU shipments. Disclosed >10% customer (likely NVDA). |
Networking & Optical
Switches, optical transceivers, DWDM gear connecting AI clusters.
| Ticker | What they sell | Hyperscaler exposure | Modeled flow | Notes |
|---|---|---|---|---|
| ANET Arista Networks | Datacenter Ethernet switches for AI back-end and front-end fabrics | 60.0% | $16.3B | META and MSFT each >10% customers historically. AI back-end design wins ramping into 2026. |
| CIEN Ciena | Coherent optical networking for DC interconnect and long-haul AI fabric | 35.0% | $4.4B | Webscale segment >40% of revenue; tied to inter-DC bandwidth growth for distributed AI training. |
Power & Electrical
Switchgear, UPS, busways, transformers, turbines — the bottleneck of AI buildout.
| Ticker | What they sell | Hyperscaler exposure | Modeled flow | Notes |
|---|---|---|---|---|
| VRT Vertiv Holdings | Thermal (liquid cooling, CDU), power (UPS, busway, switchgear) for AI DCs | 45.0% | $36.1B | Backlog and book-to-bill leading indicator. Direct beneficiary of liquid cooling transition for GB200/GB300. |
| ETN Eaton | Power distribution, switchgear, busway for data center electrification | 25.0% | $25.6B | Data center is fastest-growing electrical segment; ~15% of total electrical revenue and rising. |
| GEV GE Vernova | Gas turbines (HA-class), grid equipment, electrification for DC power | 20.0% | $13.9B | Multi-year turbine backlog — lead times pushing to 2028+. Indirect AI capex play via behind-the-meter gas. |
Datacenter Build
EPC contractors and integrators executing hyperscaler DC construction.
| Ticker | What they sell | Hyperscaler exposure | Modeled flow | Notes |
|---|---|---|---|---|
| PWR Quanta Services | Electrical EPC, transmission line construction, DC site builds | 20.0% | $24.4B | Electric segment backlog records on hyperscaler + utility DC interconnect demand. |
Neoclouds
Specialized AI-cloud providers; partially beneficiaries, partially direct counterparties of hyperscalers.
| Ticker | What they sell | Hyperscaler exposure | Modeled flow | Notes |
|---|---|---|---|---|
| CRWV CoreWeave | Pure-play GPU cloud, long-term contracts with hyperscalers + AI labs | 60.0% | $10.2B | MSFT was ~62% of FY24 revenue per S-1; OpenAI and Meta deals signed 2025. Counterparty risk ↔ capex flow. |