3 AI Infrastructure Stocks Worth Watching As Data Center Spending Climbs

AI infrastructure is suddenly doing the heavy lifting for the U.S. economy, with chips, software and data centers tied to nearly 40% of GDP growth so far in 2025. That kind of concentration can reward investors who pick their spots carefully and punish those who do not. This article examines three stocks exposed to this AI capex wave and outlines why their stories may warrant a closer look at this time.

The stocks covered below are just a small sample. The same screen surfaced 58 more mid-to-large cap AI infrastructure companies with equally compelling business stories that are not covered in this article.

If you want to go beyond these highlights and identify your own highest conviction ideas, head straight into the AI Infrastructure Enablers (Data Center & AI Chip Ecosystem) screener to filter and analyze the full set of AI infrastructure enablers.

Aehr Test Systems (AEHR)

Overview: Aehr Test Systems supplies wafer and package level burn in and test equipment that helps qualify high power AI oriented semiconductors.

Operations: Aehr Test Systems generates about US$50 million from advanced test and burn in products, with revenue mainly from Asia, the United States, Europe and the Middle East.

Market Cap: US$2.8b

Aehr Test Systems matters for this AI infrastructure screen because its gear helps decide which high power chips are reliable enough to reach hyperscale data centers at all.

Growing adoption of optical I/O and silicon photonics in data centers is drawing repeat system orders and forecasts for additional FOX test cells. This can support a larger installed base of equipment and recurring WaferPak consumable sales that influence both revenue and gross margin mix.

The real swing factor is how one concentrated pocket of AI data center demand ultimately feeds through to margins when the cycle turns.

That margin puzzle is exactly what the full narrative for Aehr Test Systems unpacks, including how Aehr Test Systems could react if AI test demand accelerates faster than the current product mix suggests.

ASE Technology Holding (TWSE:3711)

Overview: ASE Technology Holding provides semiconductor packaging, assembly, and testing services that support AI processors and server chips used in data centers.

Operations: ASE Technology Holding generates most of its revenue from packaging at about NT$360.1b and EMS at roughly NT$293.4b, with testing contributing around NT$84.6b.

Market Cap: NT$3,271.8b

For investors tracking the AI infrastructure build out, ASE Technology Holding effectively sits in the plumbing of chip production, where outsourced assembly and test capacity decide how quickly advanced processors can move from design win to live silicon.

Investments in leading-edge technologies (3D IC, chiplet, system-in-package, silicon photonics) and aggressive capacity expansion, particularly in advanced packaging/test and fully automated lines, position ASE as a key player to meet next-generation requirements, enabling a higher-margin mix and potential long-term operating margin expansion.

The real watchpoint is how one pressure point in funding that build out ultimately filters through to ASE Technology Holding’s future profitability profile.

That pressure point is exactly what the full narrative for ASE Technology Holding breaks down, separating short term funding noise from where ASE Technology Holding’s AI packaging upside might actually accelerate.

Camtek (CAMT)

Overview: Camtek develops inspection and metrology equipment that helps semiconductor fabs qualify advanced AI chips and high bandwidth memory for data centers.

Market Cap: US$7.0b

Camtek provides exposure to the AI infrastructure build out through the tools that help keep advanced packaging and HBM lines production ready.

Accelerating AI and high performance computing demand is contributing to advanced packaging and HBM orders for Camtek, with roughly 80% of more than US$600 million of 2026 year to date orders tied to these applications and scheduled for delivery through 2026 and into 2027.

What ultimately happens to margin power and order visibility will depend on how one difficult to assess capacity bottleneck is resolved.

If that capacity wildcard matters to your thesis, the full narrative for Camtek explains how Camtek’s AI orders could reshape earnings quality and cycle risk.

Seeking Alternatives Before The Crowd?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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