With core inflation readings in June 2026 running closer to 2.2% to 2.8% than the headline 3.3% core PCE print, investors are watching a market that appears less overheated than the headlines suggest. That gap can create quiet opportunities while others focus on the noise. This article walks through three U.S. growth stocks exposed to this inflation story and explains why the current backdrop could matter for your portfolio decisions.

The three U.S. growth stocks in this article are just a starting sample, and the full screen surfaced 19 more companies with equally compelling narratives that are not covered here. If you want to move beyond examples and start lining up your own ideas, head straight to the U.S. Growth Stocks screener to identify, filter, and analyze potential high conviction growth stocks aligned with your risk profile.

Applied Materials (AMAT)

Overview: Applied Materials is a US-based leader in the equipment and software that chipmakers use to build semiconductor wafers and advanced packages, supplying the tools that handle key steps such as etching, deposition, inspection, and wafer packaging. The company also runs a large services arm that keeps this equipment running efficiently for chip and electronics manufacturers around the world.

Operations: Applied Materials generates most of its revenue from its Semiconductor Systems business at about US$20.9b, with a further US$6.8b from Applied Global Services and meaningful exposure to major chip regions including China, Taiwan, Korea, the United States, and Japan.

Market Cap: US$434.0b

Applied Materials sits at the heart of the AI and high performance computing build out, supplying critical equipment for advanced logic, memory, and packaging. It backs that up with high margins, a 35.6% ROE, and growing recurring service revenue. Analysts note earnings and revenue growth potential, and several have raised targets ahead of the August 2026 earnings release. At the same time, the stock trades on a premium P/E and above one DCF estimate, which suggests investors need to be comfortable paying a higher valuation for perceived quality. In addition, the company has heavy exposure to China, faces export control risk, and has seen recent insider selling, so the upside narrative is accompanied by demanding expectations for execution.

Applied Materials is riding the AI build out on rich margins and a 35.6% ROE, yet the premium P/E and DCF debate leave big questions. Get the full valuation picture in the DCF valuation analysis for Applied Materials

Build your own AI infrastructure shortlist

Applied Materials and the two other stocks in this article all came from a single Simply Wall St screen, but the real edge comes when you shape the filters yourself. Use our flexible Screener to mix metrics like valuation, growth, and balance sheet strength, or tap into our curated Investing Ideas for ready made starting points.

Advanced Energy Industries (AEIS)

Overview: Advanced Energy Industries supplies precision power conversion, measurement, and control systems that sit inside semiconductor tools, AI data centers, industrial production lines, and medical equipment, helping customers manage power and temperature with high accuracy. The company also supports these products with calibration, upgrades, refurbishments, and repair services across a global customer base.

Operations: Advanced Energy Industries generates about US$2.0b in revenue, primarily from Power Electronics Conversion Products, with sales spread across the United States, Mexico, Japan, and other international markets.

Market Cap: US$13.7b

Advanced Energy Industries is directly involved in the AI and data center power build out, reporting Q2 2026 revenue of US$574.1 million, raising full year growth guidance to the low to mid 30% range, and delivering a record operating margin of 21.9%. That growth story comes with trade-offs, including dependence on a handful of large customers, exposure to tariffs, and a P/E that sits well above the broader electronics industry, even if some models suggest the stock trades below estimated fair value. For investors looking at U.S. growth stocks that might be influenced by easing inflation concerns and a steady Fed, this combination of high growth expectations, richer valuation, and concentrated end markets may make Advanced Energy a candidate for further research.

Advanced Energy Industries is benefiting from increasing AI and data center demand while trading against richer sector expectations. Get the context behind that mix of growth, margins, customer concentration, and valuation in the analysis report for Advanced Energy Industries

Silicon Motion Technology (SIMO)

Overview: Silicon Motion Technology designs and sells NAND flash controllers that sit inside SSDs and embedded storage used in PCs, smartphones, cars, industrial gear, and data centers, helping major chip and device makers handle fast, reliable data storage. Its products power everything from consumer SSDs and memory cards to enterprise and AI focused storage solutions under the SMI and Ferri brands.

Operations: Silicon Motion Technology generates about US$1.3b in revenue, primarily from developing NAND flash controllers for solid state storage devices.

Market Cap: US$9.1b

Silicon Motion Technology sits in the slipstream of AI storage growth and an easing inflation backdrop that takes some pressure off interest rate risk, with controllers that plug directly into rising NAND demand across PCs, smartphones, cars, and data centers. The company has been growing revenue and earnings quickly, with margins and ROE moving higher. Analysts highlight AI and enterprise storage demand alongside new products such as its MonTitan PCIe 5.0 and 6.0 controller platform for data center workloads. At the same time, investors need to weigh rich expectations, high share price volatility, insider selling, and funding and governance flags. If you are building a watchlist of growth stocks tied to AI infrastructure and storage demand, Silicon Motion is a potential candidate to consider.

Silicon Motion’s AI storage story is gaining attention, yet the real question is how far that growth case can run before risks catch up. Get the full picture in the analyst forecasts for Silicon Motion Technology

Seeking Fresh Alternatives Before Others?

Fresh stock ideas can see momentum build fast while they are still under the radar for now. Do not get caught chasing breakouts after prices start flying; act now.

• Spot potential breakouts early by reviewing a curated 17 high quality undiscovered gems that are still flying below most investors’ radars while the information edge still matters. Consider moving before they become widely followed.
• Find steadier cash flow ideas by scanning a focused 8 dividend fortresses before yields adjust and more investors target the same income trades.
• Explore long term infrastructure themes by checking a filtered 37 power grid technology and infrastructure stocks that could benefit if electrification spending continues, while these stories are still under the radar for now.

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.