The latest Nvidia revenue share program for AI startups is a reminder that the picks and shovels of computing power can be just as important as the applications built on top. When Nvidia opens up access to over 200,000 GPUs through partners like Sharon AI and Firmus Technologies, it can reshape demand patterns for key hardware suppliers. For investors, that raises the question of which stocks could benefit most if this model scales and deepens Nvidia’s role as an intermediary. This article walks through 3 stocks from our AI Hardware Ecosystem screener that appear positively exposed to this news.

Semtech (SMTC)

Overview: Semtech is a semiconductor company that supplies high speed signal chips, analog and wireless components, and IoT hardware and cloud services that help move and manage data in data centers, industrial systems, and connected devices across the Asia Pacific, North America, and Europe.

Operations: Semtech generates roughly US$351.1m from Signal Integrity products, US$383.6m from Analog Mixed Signal and Wireless, and US$355.3m from IoT Systems and Connectivity.

Market Cap: US$13.7b

Investors watching Nvidia’s growing influence in AI infrastructure may find Semtech interesting because it supplies key low power, low latency interconnect chips like CopperEdge that are already designed into Nvidia Blackwell racks. This positions the company at the plumbing layer of GPU clusters that need to move ever larger volumes of data efficiently. At the same time, Semtech is still loss making with a history of rising losses, carries higher risk borrowings, and has seen recent insider selling. As a result, expectations for strong AI and IoT driven growth come with real execution risk. How that trade off between growth forecasts, valuation metrics, and fragile profitability plays out is part of what makes Semtech a stock to watch in the AI hardware build out story.

Semtech’s AI plumbing story is compelling, but the real tension is how fast that promise can offset rising losses and higher borrowings. Get the full picture with the 2 key rewards and 2 important warning signs

Everpure (P)

Overview: Everpure is a data storage company that builds all flash arrays and software to help enterprises store, protect, and move data across on premises and public cloud environments, with products like FlashArray, FlashBlade, Portworx, and Evergreen services tailored for both traditional workloads and AI focused use cases.

Operations: Everpure generates about US$3.9b from Computer Storage Devices, with roughly US$2.7b from the United States and US$1.3b from the rest of the world.

Market Cap: US$26.2b

Investors looking at Nvidia’s new revenue share program for AI startups may find Everpure interesting because it is already supplying high performance storage for GPU farms, working with major GPU cloud providers, and targeting AI training, inference, and data preparation workloads that could expand as more AI companies scale. The company combines strong earnings and revenue growth expectations, a Simply Wall St fair value estimate well above the current price, and a growing AI product set like Data Stream and KV caching. However, this comes with a rich P/E multiple, heavy reliance on external borrowings, and recent insider selling that could signal caution. How those growth ambitions, AI partnerships, and funding risks balance out is what makes Everpure a key AI infrastructure stock to watch in this new Nvidia led build out.

Everpure’s AI storage push, rich P/E, and borrowings story is only half the picture, and the real twist sits in the 4 key rewards and 1 important warning sign

Hewlett Packard Enterprise (HPE)

Overview: Hewlett Packard Enterprise is a global technology company that provides servers, storage, networking, and hybrid cloud platforms like HPE GreenLake, along with financing and IT consumption services, to help enterprises and public sector customers run and scale data intensive and AI workloads.

Operations: Hewlett Packard Enterprise generates US$10.1b from Networking, US$27.9b from Segment Adjustment and US$779m from Corporate Investments and Other, with revenue spread across the United States, Europe, Middle East and Africa, Asia Pacific and Japan, and the rest of the Americas.

Market Cap: US$59.7b

Hewlett Packard Enterprise is central to the AI hardware build out, supplying high performance servers, networking, and private cloud platforms that work directly with Nvidia GPUs, and recent earnings calls highlight growing AI systems revenue, strong enterprise AI order growth, and deeper co developed solutions with Nvidia. At the same time, investors need to weigh that AI driven opportunity and recurring GreenLake style revenue against very high debt levels, sizeable one off losses, rich valuation metrics, and ongoing integration risk from acquisitions like Juniper. The key consideration is whether accelerating AI demand, higher margin networking and cloud services, and cost efficiencies can stay ahead of those balance sheet and execution pressures, and what that means for Hewlett Packard Enterprise’s longer term earnings power and valuation reset in the AI infrastructure story.

Hewlett Packard Enterprise’s accelerating AI systems story and GreenLake shift could be masking the true earnings potential and risk profile, and the real tension shows up inside the 2 key rewards and 3 important warning signs

The three stocks in this article are just a starting point, and the full Artificial Intelligence (AI) Hardware Ecosystem screener surfaces 20 more companies with equally compelling AI hardware narratives that you have not seen yet. Use Simply Wall St to identify and analyze the exact catalysts, balance sheet strength, and earnings profiles that matter most so you can focus on the highest conviction ideas in this hardware ecosystem.

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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.