Why AI Infrastructure Suppliers Are Quietly Outpacing the Competition in 2026

The semiconductor industry has become the backbone of AI infrastructure, and while Nvidia dominates headlines with its GPUs, a deeper look reveals that component suppliers are capturing enormous opportunities as data center operators scale up. According to analysts, the real wealth is hiding in the support ecosystem—and two companies deserve serious attention.

The Memory Bottleneck Problem Micron Just Solved

Micron Technology is solving one of AI’s biggest headaches: memory bandwidth. High-bandwidth memory (HBM) is the critical component that determines how fast a GPU can actually process data. Without sufficient HBM capacity, even the most powerful processors like Nvidia’s Blackwell Ultra GB300 and AMD’s MI350 Series hit performance walls.

Here’s where Micron stands out. Their HBM3E solution delivers 50% more capacity than competitors while consuming 30% less energy—a game-changer for data center economics. The company has already sold out its entire 2026 HBM3E supply and is now rolling out HBM4, which pushes capacity up another 60% with an additional 20% energy efficiency improvement.

The numbers tell the story: Micron’s Cloud Memory business unit (where data center HBM sales live) exploded 257% to $13.5 billion in fiscal 2025, compared to overall company revenue growth of 49% to $37.3 billion. At a P/E ratio of just 27.3 based on fiscal 2025 earnings, Micron is significantly undervalued compared to Nvidia (45.2) and AMD (57.9). When GPU demand outpaces supply—which is happening right now—memory suppliers become the bottleneck’s gatekeepers.

Corning’s Cable Play: The Invisible Infrastructure

Corning has been quietly positioning itself as the fiber optic backbone of AI data centers. While the company made its name with Apple iPhone glass since 2007, its optical communications segment is now the profit engine. Q3 2025 results showed optical communications revenue jumped 33% year-over-year to $1.65 billion, with the enterprise portion (AI-driven) surging 58%.

A single Nvidia Blackwell node contains 72 GPUs connected by approximately 2 miles of copper cables—but here’s the shift: operators are rapidly transitioning to Corning’s fiber optics, which transmit data faster and over longer distances. As each node scales to hundreds of GPUs, the amount of cabling needed doubles or triples, according to CEO Wendell Weeks.

The profit story is even more compelling. Optical communications delivered $295 million in net income during Q3, up 69% year-over-year and representing more than half of Corning’s $585 million total quarterly profit. The stock currently trades at a P/E of 35.9—cheaper than most AI chip plays—suggesting the market hasn’t fully priced in the infrastructure build-out ahead.

What Anthony’s Analysis Misses (And Why It Matters)

While individual stock picks get attention, the broader pattern is clear: anyone building the components that make Blackwell and next-gen systems possible is positioned for 2026 growth. Corning and Micron both have pricing power, sold-out order books, and margins expanding faster than headlines suggest.

Nvidia CEO Jensen Huang predicted data center spending could reach $4 trillion annually by 2030 as AI infrastructure scales. That trillion-dollar tailwind means suppliers aren’t just selling components—they’re selling solutions to an industry in hypergrowth. Both Corning (at 35.9 P/E) and Micron (at 27.3 P/E) are priced for steady growth, not the acceleration coming in 2026.

The semiconductor revolution isn’t just about processors anymore. It’s about the entire stack—and the suppliers keeping that stack humming are quietly outperforming expectations.