The AI and infrastructure build out story just took on a new dimension, with SpaceX lining up a planned US$20b bond sale shortly after its record US$86b IPO. For investors, that kind of aggressive fundraising across AI, connectivity, and data heavy projects can ripple through a wide range of large, financially solid companies tied to semiconductors, cloud and data centers. This article looks at how that news could matter for you by focusing on three stocks from our AI and Infrastructure Expansion screener that appear well positioned to benefit from this wave of capital spending and technology investment.

Marvell Technology (MRVL)

Overview: Marvell Technology is a semiconductor company that designs and sells high performance chips that move and process data for AI data centers, cloud networks, storage systems, and communications equipment across the globe.

Operations: Marvell generates US$8.7b in revenue primarily from the design, development and sale of integrated circuits, with sales concentrated in China (US$3.3b), followed by Other regions (US$2.5b), Taiwan (US$1.8b) and the United States (US$1.0b).

Market Cap: US$271.7b

Marvell Technology sits at the heart of AI infrastructure, supplying custom chips and high speed interconnects that help data centers handle the kind of data heavy workloads SpaceX and other capital intensive projects are pushing toward. Earnings have grown rapidly in recent years and analysts expect both earnings and revenue to grow faster than the wider US market, supported by deep ties to leading AI customers and Nvidia’s public endorsement. At the same time, a very high P/E multiple, insider selling, one off gains and a funding mix dominated by external borrowing mean expectations are high and execution risk matters. For investors, the key consideration is whether Marvell’s AI opportunity, product breadth and index inclusion are enough to justify that level of optimism over time.

Marvell’s AI story is racing ahead, but a towering P/E and heavy external borrowing suggest the real test is still coming. Get the full context with the 2 key rewards and 3 important warning signs

Cloudflare (NET)

Overview: Cloudflare runs a global cloud network that helps companies deliver websites and applications faster and more securely, sitting between users and the internet to block attacks, speed up traffic, and support AI and developer workloads at the edge.

Operations: Cloudflare generates US$2.3b in revenue from its internet and network services business, with sales concentrated in the United States (US$1.2b), followed by Europe, Middle East, and Africa (US$640.4m), Asia Pacific (US$355.0m), and the Rest of the World (US$179.2m).

Market Cap: US$79.2b

Cloudflare is central to the AI build out because its edge network, security tools, and Zero Trust platform help move and protect the data that SpaceX style infrastructure projects rely on. Partnerships with Anthropic, Wiz, Ping Identity and GoDaddy show how embedded it is across cloud and AI ecosystems. Analysts expect strong revenue and earnings growth over time and management is targeting high free cash flow margins. However, the stock already trades on a rich P/S multiple, the company is still reporting losses and uses external funding, so expectations leave little room for error. Adding governance concerns over extremist content and customer concentration risk, investors need to weigh whether Cloudflare’s AI first push and agentic web ambitions justify the premium.

Cloudflare’s AI-first edge network story is accelerating; however, its rich P/S multiple and ongoing losses leave key questions hanging. Get the full picture with the 1 key reward and 1 important warning sign

Arm Holdings (ARM)

Overview: Arm Holdings designs the underlying chip blueprints that power most of the world’s smartphones and an increasing share of AI data center, automotive, and connected devices, licensing its CPU, GPU, NPU and system IP to chipmakers and cloud providers rather than manufacturing chips itself. Its technology serves customers across smartphones, consumer electronics, industrial IoT, cloud data centers, networking, automotive, and robotics.

Operations: Arm generates US$4.9b in revenue from semiconductor equipment and services, with sales led by the United States (US$1.8b), followed by the PRC (US$874m), Japan (US$825m), Taiwan (US$695m), the Republic of Korea (US$392m), and other countries (US$373m).

Market Cap: US$469.4b

Arm Holdings is positioned in the AI and infrastructure build out, as its chip architectures underpin custom silicon in data centers, smartphones, and edge devices that need power efficient compute to run increasingly complex AI models. Strong earnings and revenue growth forecasts, rising royalty rates on newer IP, and early traction for its AGI CPU aimed at AI data centers give Arm direct exposure to the same AI infrastructure spending that SpaceX style projects highlight. At the same time, a very rich valuation, reliance on external funding, exposure to China and the cost of pushing into full compute subsystems mean execution risk is a factor. For investors, the key question is whether Arm’s central role in AI compute and its expanding product stack can justify those high expectations over time.

Arm’s accelerating AI royalty story and rich valuation often seem closely linked, yet the real tension lies in the specifics of its AGI initiatives and its exposure to China. Weigh that trade off with the analyst forecasts for Arm Holdings

The three stocks here are only a starting point, as the full Artificial Intelligence (AI) and Infrastructure Expansion screen has surfaced 38 more companies with equally compelling stories tied to AI infrastructure, semiconductors, cloud, and data centers, all captured in the Artificial Intelligence (AI) and Infrastructure Expansion screener. Use Simply Wall St to identify and analyze the specific catalysts and narratives that matter most to you so you can focus on the opportunities in this theme that best match your convictions.

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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.