The SpaceX and Reflection AI deal, worth up to US$6.3b in computing power commitments, puts a fresh spotlight on the infrastructure behind artificial intelligence. This kind of contract shows how valuable high-end chips, data centers, and cloud-style capacity have become for any company trying to scale AI. For investors, it opens up a chance to reassess which stocks might benefit from rising demand for compute and which could be left on the sidelines. This article walks through 3 stocks from the Artificial Intelligence Infrastructure screener that appear positively exposed to this news-driven theme.

SiTime (SITM)

Overview: SiTime designs and sells precision silicon timing solutions such as oscillators, clock chips, resonators, and synchronization software that keep data moving accurately inside AI systems, data centers, communications equipment, cars, industrial gear, aerospace and defense hardware, and everyday connected devices.

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

Market Cap: US$19.2b

SiTime operates in the core infrastructure of AI, supplying timing chips that help GPUs, switches, and optical modules move data reliably at very high speeds. This aligns with the kind of heavy compute buildout seen in the SpaceX and Reflection AI deal. Management points to broad adoption across AI data centers, communications, automotive, and defense, and recent products like the Elite 2 Super-TCXO aim to improve GPU utilization and time synchronization for large AI clusters. At the same time, SiTime is still loss making, trades on rich valuation metrics, and leans heavily on data center demand, so any slowdown or design shift could significantly affect results. For investors, the key question is whether the AI timing opportunity truly outweighs those concentration and pricing risks.

SiTime’s AI timing story is accelerating, but the real question is whether the current pricing truly reflects that potential or masks key risks around data center dependence, design shifts, and margins, so study the DCF valuation analysis for SiTime

Onto Innovation (ONTO)

Overview: Onto Innovation supplies the inspection, metrology, and lithography tools that help semiconductor manufacturers spot defects, measure ultra fine features, and manage yield for chips used in AI processors, memory, sensors, and advanced packaging worldwide.

Operations: Onto Innovation generates about US$1.0b in revenue from semiconductor equipment and services, supported by customers across Taiwan, South Korea, the United States, Japan, China, and Southeast Asia.

Market Cap: US$16.6b

Onto Innovation sits where AI chips and high bandwidth memory can get held up, providing process control tools for advanced packaging and HBM that are important for keeping yields under control as AI demand grows. Recent volume purchase agreements worth over US$300m and a separate HBM focused deal above US$240m illustrate how closely major manufacturers are tying their long term plans to its Dragonfly platform. However, the stock already trades at a rich P/S multiple, margins have been affected by a US$90.5m one off loss, and financing leans on external borrowings. For investors, the appeal is a company that many analysts now view as part of the AI infrastructure landscape, but with execution, competition, and capital intensity risks that may require careful scrutiny when considering what the current valuation reflects.

Onto Innovation’s AI tool demand and rich P/S valuation raise a simple question for investors: does the current price already bake in the opportunity or miss key risks flagged in the 1 key reward and 2 important warning signs

Applied Optoelectronics (AAOI)

Overview: Applied Optoelectronics designs and manufactures fiber optic modules, lasers, and related equipment that move data at high speeds inside internet data centers, broadband networks, and telecom systems, making it a key supplier for AI focused cloud infrastructure.

Operations: Applied Optoelectronics generates about US$507m in revenue from optical networking equipment, with sales concentrated in China (US$303.6m), Taiwan (US$184.3m), and the United States (US$19.1m).

Market Cap: US$13.0b

Applied Optoelectronics sits directly in the flow of rising AI compute demand, supplying high speed 400G, 800G, and 1.6T optical links that connect GPU clusters. Management has been securing large orders and expanding capacity in Texas and China to meet that demand. At the same time, the company is still loss making, highly dependent on a small number of hyperscale and cable customers, has raised substantial equity, and trades on a rich P/S multiple, so the margin for execution error looks tight. For investors, the interest lies in how this combination of rapid AI related revenue growth forecasts, vertical integration, and heavy capacity build out stacks up against concentrated customers, dilution, volatility, and insider selling. The 1 key reward and 3 important warning signs (2 are major!) can help unpack this in more detail.

Applied Optoelectronics’ fast build out for AI optics could be masking a deeper story around customer concentration, pricing power, and execution risk, so review the 1 key reward and 3 important warning signs (2 are major!)

The three stocks in this article are just a starting point, with the full Artificial Intelligence Infrastructure screener surfacing 37 more companies that pair AI related infrastructure exposure with equally compelling business narratives. Use Simply Wall St to identify and analyze the specific catalysts, financial traits, and storylines that matter most to you so you can focus on the highest conviction ideas in this theme.

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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.