Wall Street is discovering that artificial intelligence’s biggest winners aren’t always the headline grabbers. Smart money is flowing toward companies building the essential backbone of the AI revolution.
While Nvidia captures media attention, several overlooked companies have quietly delivered superior returns. These firms power, manufacture, and connect the infrastructure that makes AI possible.
The Nasdaq climbed over 33% between April and June 2025. But beneath Nvidia’s dominance lies a broader ecosystem of specialized companies posting remarkable gains while trading at attractive valuations.
Vertiv powers AI data centers
Vertiv Holdings (NYSE: VRT) has delivered a staggering 1,445% gain over three years, eclipsing Nvidia’s 990% surge during the same period. The Ohio-based company specializes in power management, cooling solutions, and IT infrastructure for AI data centers.
“We continue to see accelerated scaling of AI deployments across the data center market,” said CEO Giordano Albertazzi. “Our partnership with NVIDIA positions Vertiv at the forefront of AI factory deployment.”
Vertiv’s 2025 revenue is projected to reach $9.23 billion, indicating 15.14% year-over-year growth. The company posted strong first-quarter results with net sales of $2.04 billion, up 24% year-over-year.
Management raised full-year 2025 sales guidance to $9.1-$9.3 billion. Earnings are expected to rise 25% in 2025 following 236% growth in 2023 and 60% in 2024.
The stock trades at 32.1 times forward earnings, representing a 30% discount from its peak. Despite strong fundamentals, shares have declined 24% year-to-date due to tariff concerns.
Vertiv recently introduced a high-density reference design for Nvidia’s GB300 NVL72 platform, supporting up to 142kW per rack. The company anticipates AI racks requiring 500 to 1000kW capacity, representing unprecedented disruption to traditional data center designs.
TSMC dominates AI chip production
Taiwan Semiconductor Manufacturing Company (NYSE: TSM) controls 67% of the global foundry market and 90% of advanced chip production. Advanced 3-nanometer chips essential for AI workloads now account for 22% of TSMC’s total wafer revenue, up from 9% one year ago.
TSMC’s December quarter revenue rose 38.8% year-over-year to NT$868.46 billion, while net income jumped 57% to a record NT$374.68 billion.
“We observed robust AI-related demand from our customers throughout 2024,” CEO C.C. Wei said. “Revenue from AI accelerator products accounted for close to a mid-teens percentage of total revenue in 2024.”
Management forecasts AI accelerator revenue to double in 2025, with revenue growth of about 37% expected in the current quarter. For all of 2025, the company expects growth roughly midway between 20% and 30%.
TSMC announced plans to expand its U.S. investment by an additional $100 billion, bringing total planned investment to $165 billion. Capital spending for 2025 is expected between $38 billion and $42 billion, an increase of as much as 41%.
Despite record performance, the stock trades 18% below the tech sector average at a forward P/E of 22.6. Shares have fallen 35% since January, creating an attractive entry point for long-term investors.
MYR Group builds AI power grid
MYR Group (NASDAQ: MYRG) builds and maintains power infrastructure supporting AI data centers, EV charging stations, and clean energy installations. The Colorado-based electrical construction firm has climbed 960% over 15 years.
Artificial intelligence is “supercharging” data center growth, with more than 170 hyperscale and co-location data centers planned, representing over 45GW of capacity. Data center electricity usage climbed from 58 TWh in 2014 to 176 TWh in 2023.
MYR Group reported strong Q1 2025 results with revenues of $833.6 million and net income of $23.3 million. The company’s EBITDA reached $50.2 million while the total backlog stood at $2.64 billion.
Investor-owned utilities spent $30 billion on transmission investment in 2023 and plan approximately $158 billion on transmission construction between 2024 and 2027.
Revenue is projected to grow 3% in 2025 and 6% in 2026. Earnings are expected to rebound 260% in 2025, reaching $7.48 per share. Currently trading at 25.8 times forward earnings, shares sit 20% below recent highs.
Investment outlook
These three companies represent compelling alternatives to direct AI chip exposure. They provide essential services that enable artificial intelligence without the valuation premium facing headline AI stocks.
Vertiv powers and cools the data centers running AI applications. TSMC manufactures the advanced semiconductors that make AI possible. MYR Group builds the electrical infrastructure supporting the entire ecosystem.
All three benefit from the same AI megatrend driving Nvidia’s success while offering potentially superior risk-adjusted returns. Their strong market positions and attractive valuations make them appealing to investors seeking AI exposure beyond the obvious choices.
Which AI infrastructure stocks offer the best long-term value? Are you investing in companies powering AI or developing the technology? Share your thoughts below.