SpaceX has just shocked the market by pouring $18.4b into AI projects, with spending far beyond its recent revenue jump and sending the stock sharply lower. That kind of aggressive move can reshuffle where capital flows across the wider AI infrastructure space. This article walks through 3 stocks exposed to this news, explaining how they might be affected by the surge in cloud and compute demand and outlining where key risks could sit.

The stocks covered below are just a starting sample from this theme. The full screen surfaced 43 more companies with equally compelling narratives that are not discussed here. To go deeper into this idea, identify potential outliers, and analyze them on your terms, head straight into the Artificial Intelligence Infrastructure screener.

Analog Devices (ADI)

Analog Devices is a large analog and mixed signal semiconductor company that provides integrated circuits, software, and subsystems used to turn real world signals into usable data for industrial, automotive, communications, consumer, aerospace, defense, healthcare, and data center applications. The business currently reports about US$12.7b in revenue from a broad integrated circuits segment. Its scale is reflected in a market cap of roughly US$185.2b.

Investors watching SpaceX’s large AI capex increase may want to pay attention to Analog Devices because its high performance power management and signal processing chips sit inside the data center, networking, and industrial systems that support that kind of AI buildout. Recent commentary highlights AI driven data center demand, robotics, and EV related power as important drivers, alongside a dividend and ongoing buybacks. At the same time, competition, geopolitical risk, and heavy investment in manufacturing and R&D can pressure margins if demand slows. A key consideration for investors is how this mix of AI tailwinds and cost intensity might balance out over time.

Analog Devices’ AI story is accelerating, but the real question is how sustainable that data center and industrial demand could be given the heavy investment needs involved. Get the analysis report for Analog Devices and see what most investors might be missing next.

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Ciena (CIEN)

Ciena is a US based network technology company that supplies the optical hardware, routing platforms, automation software, and services that large telecom operators and cloud providers use to move huge volumes of data, including AI workloads, across and between data centers. Most of its roughly US$5.6b in revenue comes from Networking Platforms at about US$4.4b, with smaller contributions from Global Services at about US$681 million, Platform Software and Services at about US$371 million, and Blue Planet Automation Software and Services at about US$105 million. The company has a market cap of roughly US$58.2b.

Ciena sits in the slipstream of SpaceX scale AI spending because those GPUs only earn their keep if networks can move data quickly and reliably between regions, clouds, and users. The company reports very strong earnings growth, a sizeable AI driven order book, and cloud providers that now account for a meaningful slice of revenue, which has attracted attention from growth focused indices. At the same time, heavy reliance on a small group of hyperscalers, a high P/E, and exposure to rapid technology shifts mean the story can turn quickly if AI capex or customer preferences change. For investors who want to understand how that trade off between AI upside and concentration risk looks in more detail, Ciena may merit closer analysis.

Ciena’s AI linked order book and reliance on a tight group of hyperscalers can be a powerful mix for anyone tracking AI networking. Get the full picture in the 3 key rewards and 1 important warning sign

MACOM Technology Solutions Holdings (MTSI)

MACOM Technology Solutions Holdings designs and manufactures analog semiconductors that sit at the heart of RF, microwave, millimeter wave, and optical systems used in 5G and 6G equipment, satellite links, radar, medical devices, and high speed data center networks that support AI workloads. The company generates about US$1.1b in revenue from a single core segment that designs, develops, manufactures and markets semiconductors and modules, and it has a market cap of roughly US$20.9b.

SpaceX’s aggressive AI buildout highlights how much high speed connectivity and RF horsepower future data centers and satellite links may need, and MACOM Technology Solutions Holdings is positioned in that flow with optical and RF products tuned for AI infrastructure, SATCOM, and defense. Analysts expect strong revenue and earnings growth, supported by capacity upgrades and focused R&D, yet the stock trades on a rich multiple and leans heavily on a few volatile end markets like data centers and telecom. For investors trying to separate durable AI infrastructure demand from hype, the tension between MACOM’s growth runway, capital intensity, and valuation is a key consideration.

MACOM’s AI infrastructure story looks powerful, yet it is tightly wound around a few volatile end markets. See how the analyst forecasts for MACOM Technology Solutions Holdings stacks up against that rich multiple and what could flip the script next.

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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.