Six established companies, including GE Vernova, Seagate Technology, Vertiv, Western Digital, and Sandisk, have each surpassed $100 billion in market capitalization, fueled by the surge in AI demand. GE Vernova alone soared from a $39 billion valuation in early 2024 to $288 billion by July 21, 2026, reflecting the rapid growth tied to AI-related infrastructure expansion, according to fortune.com.
The rise of these firms coincides with the hyperscalers’ large-scale investments in AI data centers starting mid-2023. These companies, traditionally considered underperformers, have leveraged the AI boom to multiply their valuations and deliver annualized returns exceeding 100%. The list includes both long-standing players and recent spin-offs like Sandisk, which have capitalized on the increased demand for AI hardware components.
This trend highlights a broader market shift where legacy technology and industrial firms supplying AI infrastructure have outpaced many newer entrants. The transformation underscores the critical role of hardware providers in supporting AI’s rapid growth, contrasting with the prior decade’s tepid growth for these companies. Their performance benchmarks them among the most notable beneficiaries of the AI-driven market expansion.
GE Vernova’s market cap milestone was reached on July 21, 2026, marking a significant valuation leap since its spin-off from General Electric in early 2024. This milestone exemplifies how established firms are reshaping their market positions amid AI’s evolving technological landscape.