Analyzing stock market dynamics over the past ten years, I identify one dominant pattern: nine of the ten best companies in the S&P 500 index are directly tied to artificial intelligence infrastructure. This is not a coincidence, but a structural shift that is reshaping the global investment landscape.

The undisputed leader of this period is Nvidia. Over the decade, the company's shares delivered investors nearly 13,589% returns, more than double the result of its closest competitor—AMD with its impressive 6,000%. The top ten includes chip manufacturers, networking equipment makers, and even one HVAC contractor, underscoring the scale of the AI boom.

Full list of decade leaders

  • 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%

Nvidia, AMD, Micron, Lam Research, and KLA Corp are either chips themselves or equipment for their production. These components are the foundation of data center servers that underpin all AI development. Arista Networks supplies network switches for the same data centers, Lumentum creates optical components for data transmission between server racks, and Seagate provides storage drives for training neural networks.

Comfort Systems deserves special attention. This engineering and electrical systems contractor has accumulated nearly $12 billion in orders: companies are massively building and cooling new data centers, and Comfort Systems profits from this boom without selling a single chip. This is a vivid example of how the AI economy creates value in unexpected sectors.

Tesla is an exception in this list. Its shares grew primarily due to surging demand for electric vehicles, not AI infrastructure. However, Elon Musk's autopilot and robotics projects do give the company a connection to artificial intelligence.

Key point: the last two years brought the bulk of profits

It is important to understand that growth was not uniform. Since the start of the AI boom in November 2022, Nvidia's market capitalization has surged from $418 billion to over $4.5 trillion. Other top-10 companies showed similarly sharp growth—hyperscalers began spending significantly more on AI.

Further growth will depend on whether they maintain current construction pace. My calculations show that about 60% of data centers slated for 2027 have not even begun construction yet. This lag could sustain investor interest in such stocks well into the second half of the decade.

My conclusion: AI infrastructure is not a short-term trend but a long-term capital expenditure cycle. Investors should pay attention not only to chipmakers but also to companies providing the physical infrastructure for their operation—from cooling to networking equipment. This is where the potential for the next wave of growth lies.