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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.
