Nvidia remained the face of AI hardware in 2025, but second‑order suppliers tied to data‑center buildouts stole the show. Lumentum led a basket of infrastructure names with a 372% surge as cloud providers funneled record capital into optical interconnects, while Celestica, Western Digital, Seagate and Micron more than tripled on demand for switches, high‑capacity drives and scarce high‑bandwidth memory. Big Tech’s projected $380 billion in data‑center spending buoyed sales across the group, from Micron’s sold‑out HBM to HDD makers signing build‑to‑order deals with hyperscalers. The rally leaves investors weighing rich valuations against forecasts that broadly point to slowing growth into 2026–27, setting up a more demanding stretch as expectations reset.
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