These 5 infrastructure stocks have more than tripled this year on the AI trade

Nvidia has been the biggest infrastructure winner in the artificial intelligence boom, soaring in value by almost thirteenfold since the end of 2022 to a market cap of $4.6 trillion.

While Nvidia’s rally continued in 2025, investors betting on other AI data center plays made a lot more money over the past 12 months.

With four of the biggest technology companies projecting collective expenditures of $380 billion on data center and infrastructure build-outs this year, followed by an expected increase in the coming years, Wall Street has poured money into an assortment of vendors that are poised to reap the rewards.

Makers of memory, storage, fiber-optic cables, central processors and other types of enterprise hardware have rocketed in valued this year, driven by excitement around the AI craze.

Investors will be scrutinizing these five companies closely in 2026 now that lofty expectations have been built into their stock prices.

Lumentum, based in San Jose, California, makes switches, transceivers and other optical laser-based parts that are needed for fiber-optic cables. Customers have typically been telecommunications carriers and device makers like Apple, which previously used Lumentum parts in its FaceID sensor. 

But AI servers also need a lot of optical connections. Every graphics processing unit in a rack needs to be connected to every other GPU. Future AI systems will scale out,…