Artificial intelligence may be best known for chatbots and large language models, but a growing share of the value being created by the AI boom is sitting much deeper in the technology stack.
A new analysis by investment research platform BestBrokers has identified 28 companies in the S&P 500 that are directly involved in supplying the chips, networking equipment, memory, manufacturing technology and other hardware underpinning the global AI expansion.
Together, these companies have a combined market capitalisation of approximately $12.39 trillion, representing more than 18% of the value of the S&P 500.
The findings come as investment in artificial intelligence infrastructure continues to accelerate. Anthropic, the company behind Claude, is reportedly preparing for a potential IPO at a valuation exceeding $2 trillion, while also arranging a pre-IPO credit facility that could exceed $10 billion.
AI Compute Dominates Hardware Valuations
