Over the past decade, the U.S. stock market has undergone a tectonic shift, with artificial intelligence at the center of this transformation. An analysis of the top companies in the S&P 500 index reveals a striking pattern: nine out of ten growth leaders are directly tied to AI infrastructure. The undisputed champion of the decade is Nvidia, whose shares have soared an incredible 13,589%, multiplying 137-fold.

The Full Picture: Who Made the Top?

The list of leaders looks as follows (in parentheses — total return over 10 years):

  • Nvidia (NVDA) — +13,817%
  • AMD (AMD) — +6,099%
  • Micron (MU) — +5,486%
  • Comfort Systems (FIX) — +5,157%
  • Arista Networks (ANET) — +3,762%
  • Lam Research (LRCX) — +3,099%
  • Tesla (TSLA) — +2,545%
  • Lumentum (LITE) — +2,440%
  • KLA Corp (KLAC) — +2,401%
  • Seagate (STX) — +2,346%

Notably, Nvidia outpaces its closest competitor AMD by more than double. This is no coincidence: the company has become the key beneficiary of the arms race in AI computing.

AI Infrastructure — A New Golden Age

The deep essence of this growth is simple: Nvidia, AMD, Micron, Lam Research, and KLA Corp produce chips or the equipment to make them — the foundation of the servers on which modern AI is built. Arista Networks provides network switches for data centers, Lumentum creates optical components for data transfer between racks, and Seagate supplies storage drives for training models.

Comfort Systems deserves special attention — the only company on the list unrelated to semiconductors. This engineering and electrical systems contractor has amassed nearly $12 billion in orders, handling the construction and cooling of new data centers. The company profits from the AI boom without selling a single chip — a vivid example of how the AI wave lifts even adjacent industries.

Tesla is the exception that proves the rule. Its shares rose on demand for electric vehicles, not AI infrastructure, although Elon Musk's autopilot and robotics projects maintain a connection to the technology of the future.

Growth Peak — Recent Years

The key takeaway: the main gains did not occur evenly but were concentrated in the last two years. Since the start of the AI boom in November 2022, Nvidia's market capitalization has surged from $418 billion to over $4.5 trillion. Hyperscalers sharply increased AI spending, catapulting all participants in the supply chain.

Future dynamics will depend on companies' ability to sustain current construction pace. In my estimates, about 60% of data centers planned by 2027 have not even begun construction. This backlog could keep investor interest in such stocks alive well into the second half of the decade.

My view: we are witnessing not just a growth cycle but a structural transformation of the economy. However, it is worth remembering the risks of overheating: current valuations already price in a perfect scenario. Diversification across chip suppliers, networking solutions, and infrastructure contractors is a sensible strategy for those who want to stay in the game without betting everything on one card.