With the yen sitting near ¥160 per dollar and capital flowing toward U.S. assets tied to AI and high-growth projects, the gap between winners and laggards can widen quickly. Some stocks linked to AI infrastructure and capital investment could benefit from this global tilt, while others may feel pressure from currency swings. This article walks through three stocks from our screener that appear particularly exposed to these cross currents.

The three stocks that follow are only a sample from this theme, and the full screen surfaced 63 more U.S.-listed AI and high-growth capital investment companies with equally compelling narratives that are not covered here. To see the wider opportunity set, head straight into the U.S.-Listed AI and High-Growth Capital Investment Leaders screener to identify, compare, and analyze the highest conviction ideas that match your own criteria.

Nebius Group (NBIS)

Nebius Group is a technology company that builds full-stack infrastructure for the global AI industry, including large-scale GPU clusters, cloud platforms, and tools for developers, alongside its TripleTen reskilling platform and Avride autonomous driving unit. Revenue is highly concentrated in the core Nebius segment at about $828 million, with smaller contributions from TripleTen at about $55 million and Avride at about $2 million, partly offset by eliminations. The stock sits in large cap territory with a market value of roughly $47.1b.

Nebius Group sits at the center of the AI buildout story, with its GPU cloud platform, Nvidia alliance and multiyear deals with large tech customers tying it directly to AI data center spending. At the same time, investors are weighing heavy capital needs, rising competition from hyperscalers and open source, and a P/E that already reflects elevated expectations. The recent yen-driven preference for U.S. AI and infrastructure assets has added another tailwind to global capital flows, which keeps Nebius on many watchlists. The key question for investors is whether execution on new capacity, funding and margins can keep pace with what is currently priced into the stock.

Nebius Group sits at the intersection of heavy capital needs, AI demand and a full-stack model, yet the real story may be how expectations stack up against execution. Get the analysis report for Nebius Group

Build your own AI infrastructure shortlist

Nebius Group and the other two stocks in this article all surfaced from a single Simply Wall St screener, but the real advantage comes when you create your own filters. Use our flexible Screener to mix metrics like valuation, growth and balance sheet strength into a custom watchlist, or jump straight into our curated Investing Ideas.

Impinj (PI)

Impinj runs a cloud connectivity platform that uses tiny radios on a chip and readers to give physical items a digital identity so they can be tracked and managed by software across retail, logistics, food, healthcare, and more. The company generates essentially all of its roughly $372 million in revenue from the development and sale of its RAIN RFID products and services. Impinj is a mid cap stock with a market value of about $5.4b.

Impinj sits squarely in the AI and data infrastructure story because every tagged item generates data that needs to be processed, stored, and interpreted, which links its RAIN RFID platform to the same cloud and data center investment trends that are attracting global capital. The company is moving from selling components to providing more complete solutions, supported by record endpoint IC bookings, growing use cases in food, retail, and logistics, and a path toward profitability in the next few years. At the same time, the stock trades on rich growth expectations, relies heavily on a handful of large customers, and faces macro and execution risks that could leave little room for disappointment. As a result, many investors watch Impinj closely rather than treating it as a simple AI proxy.

Impinj’s shift from components to full solutions has many investors focused on the growth story. Yet the real twist may sit inside the analyst forecasts for Impinj that hints at a different risk reward balance.

SCREEN Holdings (TSE:7735)

SCREEN Holdings is a Kyoto based supplier of semiconductor production equipment, display and PCB tools, and graphic arts systems used by chipmakers and electronics manufacturers worldwide. The Semiconductor Production Equipment segment is the growth engine, generating about ¥469.6 billion in revenue, with Graphic Arts at about ¥58.4 billion, Display Production Equipment and Coater at about ¥45.6 billion, and PCB related equipment a smaller contributor at about ¥14.6 billion, partly offset by unallocated adjustments and other items. The stock is a large cap, with a market value of roughly ¥2.49 trillion.

SCREEN Holdings sits at the heart of the AI driven chip build out, supplying wafer cleaning and advanced packaging tools that feed directly into global foundry and memory capex, including demand tied to U.S. data center investment. At the same time, the company is juggling a rich valuation, earnings that recently softened, reliance on external funding and heavy exposure to China at a moment when yen volatility, policy risk and competition can quickly change sentiment. For investors who want exposure to AI related equipment but are wary of Japanese market headwinds, the mix of growth potential, dividend guidance through 2027 and higher earnings quality makes SCREEN Holdings a stock worth a closer look.

SCREEN Holdings sits at the intersection of AI capex, rich valuations and yen swings, yet the real story may be hiding in its cash generation, funding mix and payout plans. Read the SCREEN Holdings financial health report

Seeking Fresh Alternatives Before They Fly

Breakout ideas rarely stay under the radar for long. Use these fresh stock lists while momentum is still building and the data truly matters, then act now.

• Hunt for under the radar strength by scanning a curated 20 high quality undiscovered gems that couples sturdy balance sheets with businesses still flying below most investors’ attention.
• Target durable income potential with a focused 8 dividend fortresses that highlights companies pairing elevated yields with balance sheet support while prices have not yet fully caught that story.
• Position ahead of infrastructure momentum by checking the hand picked 36 power grid technology and infrastructure stocks built around companies linked to grid upgrades while this theme is still dropping breadcrumbs, not headlines.

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.