Overlooked AI Infrastructure: A Growth Investor's Guide to 2026

The case for AI infrastructure is not about a fleeting trend, but a fundamental shift in how the world computes. This is a secular growth engine, and its scale is staggering. Market research firm Gartner estimates that AI infrastructure spending alone could surge to almost $1.4 trillion this year, a jump of 41% from 2025. That explosive growth is part of a broader AI market forecast to expand at a 31% annual rate through 2033. For growth investors, this sets the stage for a multi-year expansion cycle.

This isn't just about more servers; it's about a complete rebuild of the digital backbone. The demand is for specialized hardware, networking, and cloud services engineered from the ground up for the immense, parallel workloads of artificial intelligence. This includes everything from the custom processors that power AI models to the high-speed interconnects that move data between them and the purpose-built cloud platforms that deliver compute on demand. The market is moving beyond general-purpose computing to a new architecture optimized for intelligence.

The implications are clear. This isn't a single product cycle but a multi-year build-out of physical and digital infrastructure. Companies that supply the essential components for this new architecture-whether they are chipmakers, networking specialists, or cloud operators-are positioned to capture a significant share of this massive, recurring spend. The growth trajectory is set, driven by the relentless demand for AI capabilities across industries. For investors, the focus is on identifying the players with the technology, partnerships, and scalability to ride this wave.

Comparative Analysis of Overlooked AI Plays

Beyond the headline-grabbing chipmakers, a set of overlooked companies are positioned to capture massive growth within the AI infrastructure stack. Their appeal lies in their specific market niches, scalable models, and often, a valuation disconnect from their growth potential.

Marvell Technology is a prime example, targeting the high-margin custom AI processor market. This segment is projected to grow at a 27% compound annual rate through 2033, reaching a staggering $118 billion in revenue. Marvell's strategic partnerships with Amazon and Microsoft position it to capture a significant share, with estimates suggesting a 20% to 25% market share by the end of the forecast period. That translates to potential annual revenue of $23.6 billion to $29.5 billion, more than tripling its current scale. The company's focus on application-specific integrated circuits (ASICs) offers a compelling cost and performance alternative to GPUs, making it a critical supplier in the AI compute build-out.

Ciena, meanwhile, is capitalizing on the AI-driven demand for high-speed networking. Its order book provides a clear signal of near-term growth, with $7.8 billion in orders for fiscal 2025. This momentum has already delivered strong results, with the company posting 19% top-line growth last year. As data centers scale to handle AI workloads, the need for Ciena's optical networking components and software to move data efficiently becomes non-negotiable. The company's outperformance of the broader market and its attractive valuation make it a compelling play on the physical connectivity layer of AI.

Arm Holdings presents a different kind of opportunity, one rooted in its unique business model. While the stock has been stagnant, its power-efficient architecture is becoming increasingly critical for cost-conscious AI data centers. The company's licensing model, which generates recurring royalty revenue, offers a highly scalable and profitable path. Its technology is already embedded in new, high-performance processors like Amazon's Gravitron5, which promises 30% better performance and 30% lower computing costs. The market may be overlooking the long-term value of this essential, royalty-driven infrastructure.

For pure-play AI cloud, CoreWeave stands out as a leader in purpose-built infrastructure. The company has been recognized as the most capable provider of cloud AI services, outperforming tech giants in key benchmarks. Analysts see significant upside, with a target price of $180 per share implying 105% upside. This valuation gap suggests the market is not fully pricing in CoreWeave's leadership position in a sector where demand for specialized compute is exploding.

Finally, Atlassian represents a more indirect but potent bet on AI adoption. Its work management tools are the digital nervous system for enterprise teams. As AI integrates into workflows, Atlassian's platform is positioned to benefit from the resulting surge in collaboration and project management needs. The stock's current valuation, with a target price implying 130% upside, reflects a similar disconnect, suggesting the market underestimates how AI will amplify the core utility of its products.

The bottom line is that the AI infrastructure story extends far beyond silicon. These overlooked names offer exposure to specific, high-growth segments-from custom processors and networking to foundational architecture and specialized cloud services-each with a clear path to scaling within the trillion-dollar AI build-out.

Growth Metrics and Financial Scalability

The financial health of these overlooked AI plays is less important than their scalability within a trillion-dollar market. The metrics here are about potential, not current earnings. For growth investors, the numbers point to a clear path: capture a meaningful share of explosive demand, and revenue can scale at a breathtaking pace.

Take Ciena. Its financial setup is a textbook case of demand outstripping supply. The company's $7.8 billion in orders for fiscal 2025 vastly exceeds its $4.8 billion in revenue for the same period. This backlog is a forward-looking indicator of growth, with the company's 19% top-line growth last year already accelerating. The scalability is built into its order book; as data centers deploy more AI hardware, Ciena's high-speed networking components become essential. The market cap potential is stark: a 57% jump to a $52 billion valuation hinges on the company achieving $6 billion in revenue this year, a target that seems plausible given its order momentum.

CoreWeave's story is one of pure-play cloud scaling. The company's target price of $180 per share implies 105% upside from recent levels. That valuation gap highlights how the market is discounting the immense growth embedded in its business. CoreWeave is the leader in purpose-built AI cloud, and its revenue is forecast to surge at a 94% annual rate. This isn't a minor expansion; it's a multi-year ramp-up in a sector where demand for specialized compute is exploding. The financial scalability is inherent in its model: as more enterprises train and run AI models, CoreWeave's capacity utilization and pricing power can drive exponential revenue growth.

Marvell's growth is tied to its expanding share of a high-margin custom ASIC market. The company is positioned to capture 20% to 25% of a $118 billion market for custom AI processors by 2033, which could translate to over $23 billion in annual revenue. This is a scalable model dependent on the relentless data center build-out. Marvell's relationships with major hyperscalers and its pipeline of design wins provide a clear path to capturing that share. The financial scalability comes from its application-specific integrated circuit (ASIC) business, which offers a cost and performance advantage over GPUs, making it a critical supplier in the AI compute stack.

The bottom line is that for these companies, the financial metrics are a lagging indicator of market dominance. The real investment thesis is about market penetration and technological leadership within a secular growth cycle. Their order books, market share estimates, and revenue growth forecasts paint a picture of companies positioned to scale revenues from billions to tens of billions within a few years. For the growth investor, that is the ultimate financial scalability.

Catalysts, Risks, and Investment Watchlist

The growth stories for these overlooked AI plays are set to be validated by a series of near-term events. For Ciena, the key catalyst is the execution of its massive order book. The company's $7.8 billion in orders for fiscal 2025 must translate into revenue and earnings growth this year. Any acceleration in the AI data center build-out pace will directly fuel demand for its high-speed networking components, turning backlog into top-line expansion.

Marvell's validation hinges on its custom processor wins. The company's strategic relationships with Amazon and Microsoft are critical for capturing its projected 20% to 25% share of a $118 billion market. Investors should watch for announcements of new design wins and shipments, which would confirm its ability to displace GPUs in cost-sensitive AI deployments.

For CoreWeave, the catalyst is its cloud capacity expansion. As a leader in purpose-built AI cloud, its ability to rapidly scale data center capacity to meet surging demand will determine its market share and revenue growth. The company's recognition as the most capable provider in benchmarks is a strong start, but execution on physical build-out is the next test.

Each opportunity carries distinct risks. Marvell faces intense execution risk in a competitive ASIC market where design wins are hard-fought. Arm's valuation may already reflect its AI importance, leaving little room for error if its royalty growth slows. CoreWeave operates in a crowded cloud landscape and must fend off aggressive competition from tech giants while managing its own capital-intensive expansion.

The watchlist for these companies is straightforward. Quarterly revenue growth and order visibility are the leading indicators of market penetration. For Ciena, that means tracking its backlog conversion. For Marvell, it's the number of new processor designs. For CoreWeave, it's data center capacity additions and utilization rates. Strategic partnerships, like Marvell's with hyperscalers or CoreWeave's with enterprise clients, are also key milestones to monitor. The path to dominance is clear, but the journey will be measured in these tangible, forward-looking metrics.