Wall Street’s pledge of more than US$500b for AI infrastructure has turned AI hardware and data centers into a new kind of financial asset, and large U.S. technology stocks are suddenly at the heart of that story. This shift in how AI is funded could change who benefits from the next leg of spending. This article walks through 3 large-cap tech stocks exposed to this news and what that exposure might mean for a diversified portfolio.

The three stocks covered below are just a sample, and the full screen surfaced 51 more large-cap U.S. technology companies with equally compelling stories that are not in this article. To go straight to the full list, identify patterns, and analyze which opportunities best fit your portfolio, head into the Large-Cap U.S. Technology Stocks screener.

Trimble (TRMB)

Trimble is a US$13.9b technology company that connects office professionals and field workers through software, positioning services, and connected equipment across construction, transportation, and other physical industries. Its revenue is anchored in Field Systems at about US$1.6b and the AECO segment at roughly US$1.6b, with Transportation and Logistics adding around US$543m. That mix gives Trimble a broad footprint across project lifecycles, from design and modeling through execution and asset management.

Trimble sits right where AI, cloud software, and physical infrastructure meet, which is exactly where a lot of the new AI infrastructure financing is heading. The company is leaning into AI across its platform, using its large data sets and tools like the SketchUp and Claude connector to expand its user base and deepen customer workflows, while analysts still flag margin compression and debt funded liabilities as important risks to watch. For investors, the focus is on how Trimble’s push into higher value software, recurring revenue, and AI enabled services might intersect with that Wall Street capital wave into infrastructure heavy tech, and whether the current valuation fully reflects that story.

Trimble’s push into higher value software and AI enabled services could be masking where the real leverage in this story sits. Get the 4 key rewards and 1 important warning sign before the next phase of this thesis takes shape.

Build your own AI infrastructure shortlist

Trimble and the other two stocks in this article are all examples of what can surface when you start filtering for themes like AI infrastructure, software mix, and balance sheet strength. Use our flexible Screener to combine your preferred metrics into a custom watchlist, or lean on the curated Investing Ideas for ready made starting points.

Arrow Electronics (ARW)

Arrow Electronics is a global distributor and solutions provider that connects chip makers, hardware vendors, and cloud providers with the companies that build and run modern technology. Most of its revenue comes from Global Components at about US$25.4b, with Global Enterprise Computing Solutions contributing around US$10.5b. This gives it scale across both electronic parts and datacenter, cloud, and security offerings. The stock is valued at roughly US$10.4b.

Arrow Electronics operates in the essential infrastructure of the AI buildout, supplying components and enterprise solutions that support datacenters, cloud platforms, and electrified infrastructure. Recent results showed strong revenue and earnings momentum, and analysts expect meaningful earnings growth, while the P/E is below both the wider US market and many industry peers. At the same time, heavy use of external borrowing, insider selling, and the risk that big customers could bypass distributors keep the risk profile higher. For investors tracking where that US$500b in Wall Street funding for AI hardware is being allocated, Arrow’s combination of components scale, cloud partnerships, and buybacks makes it a company that may warrant closer examination.

Arrow Electronics’ earnings momentum and lower P/E versus peers hint at a story the market may not be fully pricing in. Review the 4 key rewards and 1 important warning sign and see what could shift if key customers change course.

Axcelis Technologies (ACLS)

Axcelis Technologies is a US$4.3b semiconductor equipment company that designs, builds, and services ion implantation tools used by chip manufacturers, along with lifecycle support like spare parts, upgrades, and training. The business is concentrated in the manufacture of capital equipment, which generated about US$866 million in revenue, while Europe and Asia Pacific are key end markets within its global footprint.

Axcelis Technologies sits at an interesting intersection for investors watching the AI infrastructure buildout. Its ion implantation tools are used in power devices and advanced chips that feed into AI data centers and electrified systems, and its growing installed base supports higher margin service revenue. At the same time, earnings have been under pressure and profit margins have narrowed, while China concentration and insider selling add clear risks. For investors who want to understand whether the current growth outlook and P/E multiple properly reflect those cross currents, Axcelis is a story that rewards a closer look at how its order book, margins, and exposure to AI related spending are evolving.

Axcelis Technologies’ order book and AI exposure could be masking a very different earnings and margin story than headlines suggest. Scan the 2 key rewards and 3 important warning signs to see where the pressure points and upside might really sit

Seeking Fresh Alternatives Beyond Big Tech?

New themes can move from quiet to breakout fast, while the best entry points risk slipping away under the radar for now. Scan these fresh ideas and get in early.

• Spot companies with strong cash generation before they hit the spotlight by reviewing the curated 51 high quality undervalued stocks that combine quality metrics with sensible pricing and fundamentals.
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• Stay ahead of automation trends by checking the hand picked 37 robotics and automation stocks that stand to benefit as industrial, logistics, and consumer systems keep getting smarter.

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.