The spotlight on SK Hynix’s planned Nasdaq debut at a roughly $1t market cap, its US$29b ADR raise, and its heavy spending on high bandwidth memory for AI has pushed AI hardware suppliers firmly back into focus. For investors, the question is how this burst of activity in AI oriented memory and semiconductor supply chains could influence related stocks, and where the risks of a classic memory cycle downturn might sit. This article walks through 3 stocks from the AI Hardware Suppliers screener that appear closely exposed to the same news drivers, and explains why that may matter to your portfolio.

Monolithic Power Systems (MPWR)

Overview: Monolithic Power Systems designs power management chips that help AI servers, data centers, cars and everyday electronics efficiently convert and control electricity so the hardware runs reliably and within tight power limits. Its products sit inside cloud and enterprise infrastructure, AI systems, memory and storage, industrial gear and consumer devices across major global tech and manufacturing hubs.

Operations: Monolithic Power Systems generates US$3.0b in revenue from semiconductors, with a heavy skew toward Asia as China contributes about US$1.6b, Taiwan US$615.4m, South Korea US$270.2m and Southeast Asia US$156.2m, alongside smaller contributions from Europe, Japan and the United States.

Market Cap: US$62.5b

Monolithic Power Systems sits at the heart of the AI build out, supplying power chips into AI servers and high bandwidth memory systems that benefit when companies such as SK Hynix step up capacity and spending. Recent results show strong revenue and earnings, a solid cash position and a move toward full system level power solutions, which can deepen customer relationships in data centers and autos. At the same time, the stock trades on a very high P/E and has seen insider selling, while management itself has flagged the historic boom and bust risk around memory and notebook demand. For investors, the tension between rich expectations and powerful AI and electrification demand is exactly what makes this story worth a closer look.

Monolithic Power Systems sits where AI build out momentum meets a rich valuation, so the missing piece is understanding how much is already priced in versus what could still surprise. To see how those expectations stack up against the underlying business, start with the analysis report for Monolithic Power Systems

SiTime (SITM)

Overview: SiTime designs and sells silicon based timing systems, such as oscillators, clock chips, resonators and synchronization software, that act as the precise heartbeat inside AI systems, data centers, communications equipment, autos, industrial gear and everyday connected devices.

Operations: SiTime generates about US$379.9m in revenue from the design, development and sale of silicon timing systems solutions.

Market Cap: US$15.6b

SiTime is tightly linked to the same AI hardware build out driving SK Hynix’s HBM expansion, because its precision timing chips help GPUs, accelerators and high speed memory talk to each other reliably at extreme data rates. Revenue of US$113.6m in Q1 2026 and a smaller loss of US$5.2m show the business is scaling. New products like the Elite 2 Super TCXO target AI data center needs such as GPU utilization and time synchronization. On the other hand, the stock trades on a very high P/S multiple, is still loss making, has seen insider selling and depends heavily on data center and AI customers, so expectations are demanding. The real question for investors is how that growth story stacks up against the risks and rich valuation.

SiTime’s AI timing story is accelerating, yet the real tension sits between a high P/S, ongoing losses and what data center demand can actually justify. It is worth reading the analyst forecasts for SiTime to see what might be missing.

Credo Technology Group Holding (CRDO)

Overview: Credo Technology Group Holding develops high speed connectivity chips and cables that move large amounts of data between AI accelerators, servers and storage in cloud data centers, using products such as ZeroFlap active electrical cables, optical transceivers, retimers, SerDes chiplets and licensed SerDes IP.

Operations: Credo Technology Group Holding generates about US$1.3b in revenue from semiconductors, with key markets including the United States at roughly US$768.1m, Hong Kong at US$378.2m, Taiwan at US$22.7m, Mainland China at US$80.9m and the rest of the world at US$85.2m.

Market Cap: US$46.9b

Credo Technology Group Holding sits in the slipstream of rising AI and high bandwidth memory demand, supplying the high speed links that let GPUs, HBM and servers communicate efficiently in hyperscale data centers. Revenue of about US$1.3b in FY2026, net margins around 35% and high earnings growth indicate that the current AI cycle is translating into profits. The DustPhotonics acquisition also pushes Credo deeper into silicon photonics for optical AI networks. At the same time, a P/E above 100x, heavy share price volatility, insider selling and a large revenue concentration in a small group of hyperscalers suggest that expectations are already lofty. For investors, the key question is whether Credo’s connectivity platform can continue to justify that premium as AI infrastructure spending and customer mix change over time.

Credo’s AI connectivity story is accelerating, yet a P/E above 100x and concentrated hyperscaler exposure leave a lot riding on what happens next, so it is worth reading the 2 key rewards and 2 important warning signs

The 3 stocks in this article are only a small slice of the opportunity, as the full screener surfaced 21 more AI hardware suppliers with equally compelling stories and financial profiles in the Artificial Intelligence (AI) Hardware Suppliers screener. Use Simply Wall St to identify and analyze the specific catalysts, balance sheet strength and narrative drivers that matter most to you so you can focus on the highest conviction ideas.

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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.