The rapid rise of artificial intelligence has not only transformed technology giants but has also sparked an unexpected resurgence among several long-established companies.
Businesses that were once viewed as slow-growing or struggling have seen their fortunes dramatically change by supplying critical infrastructure and services powering the AI revolution.
Six Companies Join the Exclusive “$100 Billion Club”
A review of market performance since mid-2023 reveals six standout companies that have experienced extraordinary growth.
GE Vernova, Vertiv, Seagate Technology, Western Digital, Sandisk, and AppLovin have all surpassed $100 billion in market value while delivering annualized stock returns exceeding 100%.
Together, these companies have added more than $900 billion in market value, climbing from a combined valuation of roughly $90 billion to nearly $1 trillion.
Their performance has significantly outpaced many of the biggest names in technology, highlighting how AI has created opportunities beyond the industry’s most recognizable players.
The Infrastructure Behind Artificial Intelligence
Unlike software developers building AI models, most of these companies provide the essential hardware and infrastructure needed to keep massive data centers running.
Vertiv has become a major supplier of advanced cooling systems that prevent high-performance AI processors from overheating.
Seagate, Western Digital, and Sandisk have benefited from soaring demand for storage technologies capable of handling enormous amounts of AI-generated data.
Meanwhile, GE Vernova has capitalized on the growing need for electricity by supplying powerful turbines used to energize expanding AI facilities.
AppLovin stands apart from the rest, using AI to strengthen its advertising platform rather than selling physical equipment.
Vertiv’s Remarkable Revival
Vertiv has undergone one of the most dramatic transformations among the group.
Once considered an underperforming industrial business, the company reinvented itself by developing advanced liquid-cooling technology for AI data centers.
Working closely with Nvidia, Vertiv introduced systems capable of cooling densely packed graphics processors, helping hyperscale cloud providers operate increasingly powerful computing clusters.
That innovation has translated into surging sales, profits, and investor confidence.
Storage Giants Ride the AI Wave
Seagate and Western Digital, longtime rivals in the hard drive market, have both reinvented themselves as AI infrastructure leaders.
Seagate introduced its HAMR storage technology, dramatically increasing hard drive capacity while reducing storage costs for data centers.
Western Digital, meanwhile, redesigned its products to meet growing AI workloads and has benefited from strong pricing power as demand continues to outstrip supply.
Sandisk, which became an independent company after spinning off from Western Digital, has also flourished.
Its flash storage products play a crucial role in AI systems that require lightning-fast data access, allowing the company to post explosive financial growth in a short period.
GE Vernova Finds New Life Through AI
GE Vernova’s turnaround has been equally impressive.
After separating from General Electric, the company has emerged as one of the biggest beneficiaries of the AI infrastructure boom.
Demand for electricity has surged as hyperscale data centers expand across the United States, prompting operators to invest heavily in gas turbines and power equipment.
GE Vernova now supplies turbines for major AI projects, while continuing to serve utilities modernizing electrical grids around the world.
The company expects AI-related business to account for an increasingly larger share of its future orders, reinforcing its position as one of the sector’s biggest success stories.
AppLovin Uses AI to Transform Digital Advertising
Unlike the other five companies, AppLovin’s growth has come through software rather than infrastructure.
Its AI-powered advertising platform analyzes massive amounts of consumer data to help app developers reach potential customers more effectively.
As AI computing power has expanded, the company has rapidly scaled its services, delivering impressive increases in revenue and profitability.
Success Depends on Continued AI Spending
Despite their remarkable rise, the future of these companies remains closely tied to investment in AI infrastructure.
Analysts note that hyperscalers have dramatically increased spending on data centers, and expectations remain high for further expansion over the next several years.
However, any slowdown in AI investment could quickly affect these businesses, particularly given the lofty valuations investors now assign to them.
For now, these six firms have become some of the biggest, and often overlooked, beneficiaries of artificial intelligence’s rapid global expansion.
