AI is chewing through electricity, chips and data center capacity at the same time interest rates, demographics and an energy shock are reshaping how capital gets priced. That combination can punish some high-growth stories yet create openings in corners of the market linked to data centers and power. This article walks through three stocks exposed to that news backdrop and explains why each might deserve a closer look right now.
The stocks covered below are just a short sample, while the full screen surfaced 44 more companies with similarly structured stories tied to data centers, chips and power that are not included here. If you want to identify and analyze potential AI infrastructure beneficiaries in more detail, head straight into the AI Infrastructure: Data Center and Power Utilities Beneficiaries screener .
Ichor Holdings (ICHR)
Ichor Holdings sits close to the plumbing of AI infrastructure, supplying the fluid systems that keep chipmaking tools running as wafer fabs scale up to feed data center demand.
Ichor Holdings designs and manufactures fluid delivery subsystems for semiconductor equipment OEMs, generating about US$1.01b from semiconductor equipment and services, and carries a market value of roughly US$1.46b.
"Although Ichor Holdings is participating in an AI driven wafer fab equipment upcycle with customers placing orders around six months ahead, the company is tying this ramp to one of the steepest inventory builds in its history and only expects inventory turns to improve into the first half of 2027. This could keep operating cash flow under pressure even as headline revenue grows."
What happens to Ichor Holdings' earnings power if one quiet pressure on its cost base and capacity plans shifts faster than current expectations?
If that cost pressure proves less stubborn than feared, the full narrative for Ichor Holdings could look very different. Read the full narrative for Ichor Holdings to see what could be shifting under the surface.
Onto Innovation (ONTO)
Onto Innovation sits squarely in the AI infrastructure buildout, supplying the process control and inspection gear that chipmakers need to keep advanced packaging for AI servers, data centers and HBM memory running at high yields as capital spending tilts toward AI-heavy fabs.
Onto Innovation generates about US$1.12b in semiconductor equipment and services revenue and carries a market value near US$9.9b, tying a focused process control business model directly to AI oriented chip production.
"The company's Dragonfly platform recently passed TSMC's New Tool Selection Committee qualification process for 2.5D advanced packaging applications, a significant milestone that could materially expand Onto's role in the semiconductor ecosystem over the next several years."
What happens to Onto Innovation's earnings power if one unresolved constraint around advanced packaging capacity tightens or loosens faster than current expectations?
If that constraint is where Onto Innovation really inflects, read the full narrative for Onto Innovation to see how the story could be accelerating beyond headline orders.
Nova (NVMI)
Nova is one of the clearest AI infrastructure plays in this list, because its process control tools are wired directly into the chip production lines that feed data centers, GPUs and memory used for AI workloads.
Nova generates about US$937 million from semiconductor equipment and services, supplying metrology platforms across logic, foundry, memory and packaging customers. It carries a market value near US$10.6b.
"The accelerating complexity of semiconductor devices driven by AI workloads, larger die sizes, advanced nodes and heterogeneous packaging continues to fuel demand for Nova's advanced metrology solutions across logic, foundry and memory. These solutions can support higher revenue and earnings as customers expand metrology intensity."
The real swing factor for Nova could be how one emerging pressure in its AI focused metrology mix plays through into future profitability.
If that pressure point is what really shifts Nova's earnings mix, read the full narrative for Nova to see how metrology intensity could be quietly accelerating the story.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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