Nvidia CEO Jensen Huang describes AI as a five-layer cake: energy at the bottom, then chips, infrastructure, models and applications on top. Every layer is booming, but for most companies AI is only a slice of the business. We went through the latest filings and earnings reports to rank 30 companies by how much of their revenue actually comes from data centers and AI.
Data as of the November 2, 2026 close: the latest reported quarter for each company, from SEC filings, earnings releases and earnings coverage (links at the bottom). Most companies report "data center" or "cloud" revenue, not AI revenue, so the column says what is counted. calc = BullishAgent divided two reported numbers. est. = an outside estimate, not a company figure. Anything marked (inference) is BullishAgent's own reading. Not investment advice.
The short version
Key finding: the purest AI data-center revenue sits in the middle of the cake: chips and infrastructure. The bottom layer (energy) has no company that reports a data-center share, and the models layer has no US-listed pure play yet.
| Company | Layer | Share of revenue | What is counted |
|---|---|---|---|
| CoreWeave (CRWV) | Infrastructure | ~100% | All revenue is AI cloud |
| Nebius (NBIS) | Infrastructure | 98% | AI business, Q2 2026 |
| Nvidia (NVDA) | Chips | 92.5% | Data center, Q2 FY27 |
| Western Digital (WDC) | Infrastructure | 88% | Cloud, FQ1 27 |
| Celestica (CLS) | Infrastructure | 84% | Connectivity & cloud segment, Q3 2026 |
| Seagate (STX) | Infrastructure | 81% | Data center, FQ1 27 |
| Marvell (MRVL) | Chips | 79% | Data center, Q2 FY27 |
| Coherent (COHR) | Infrastructure | 79% | Datacenter & communications, FQ4 26 |
| Applied Digital (APLD) | Infrastructure | ~77% calc | AI hosting, FQ1 27 |
Astera Labs, Credo and Cerebras sell almost only into AI and cloud data centers but do not publish a percentage, so they are listed separately below.
Layer 1: Energy
Power is the bottleneck everyone talks about, but no energy company breaks out data-center revenue.
| Company | Share of revenue | What we know |
|---|---|---|
| Bloom Energy (BE) | not disclosed | Q3 revenue $1.24B, +138%. Two customers were 43% and 26% of revenue (10-Q). Has a partnership with Oracle to power AI data centers. The data-center share is likely high (inference), but the company does not report it. |
| Solaris Energy (SEI) | not disclosed | Its power business was ~76% of segment profit in Q1 2026, including a ~900 MW joint venture supplying one data-center customer. Reports Q3 on Nov 3. |
| GE Vernova (GEV) | low | About 20% of its ~100 gas-turbine customers are data centers. Data-center electrification orders topped $6B so far in 2026. |
Power producers such as Vistra, Constellation and Talen sign data-center power deals, but those deals are still a small, undisclosed part of their revenue.
Layer 2: Chips
| Company | Share of revenue | Basis |
|---|---|---|
| Nvidia (NVDA) | 92.5% | Data center $89.0B of $96.2B (Q2 FY27) |
| Marvell (MRVL) | 79% | Data center $2.17B of $2.74B (Q2 FY27) |
| AXT (AXTI) | ~64% | Indium phosphide wafers (used in data-center lasers), latest quarter. A proxy, not a data-center line. |
| Micron (MU) | ~63% | Cloud memory + core data center units (FQ4 26) |
| AMD (AMD) | 58% | Data center $6.7B (Q2 2026) |
| Broadcom (AVGO) | 56% | AI semiconductors $16.7B of $29.6B (FQ3 26) |
Close to 100% by what they sell, no percentage published:
- Astera Labs (ALAB): connectivity chips for AI servers. Q2 revenue $392M (+104%), Q3 guided to $540–560M.
- Credo (CRDO): active electrical cables and optical chips, mostly shipped to hyperscale data centers. FQ1 27 revenue $479M (+115%).
- Cerebras (CBRS): AI chips and AI compute, listed in 2026.
Layer 3: Infrastructure
The broadest layer: data-center buildings, AI clouds, servers, storage, optics, power and cooling gear, and construction.
| Company | What it does | Share of revenue | Basis |
|---|---|---|---|
| CoreWeave (CRWV) | AI cloud | ~100% | Backlog $104.2B at the end of Q2 |
| Nebius (NBIS) | AI cloud | 98% | AI $575M of $582.3M (Q2 2026) |
| Western Digital (WDC) | Hard drives | 88% | Cloud (FQ1 27, 10-Q) |
| Celestica (CLS) | Servers and switches (contract maker) | 84% | Connectivity & cloud segment. Three customers ~66% of revenue. |
| Seagate (STX) | Hard drives | 81% | Data center $3.45B of $4.23B (FQ1 27) |
| Vertiv (VRT) | Power and cooling | ~80% est. | Not in its filings. One outside estimate. |
| Coherent (COHR) | Optical modules and lasers | 79% | Datacenter & communications $1.62B of $2.05B; includes telecom (FQ4 26) |
| Applied Digital (APLD) | AI data-center campuses | ~77% calc | AI hosting $263M of $342M (FQ1 27); $184M of that is one-off fit-out work for the tenant. The rest is crypto hosting. |
| Comfort Systems (FIX) | Mechanical and electrical contractor | 61% | Technology customers, mainly data centers (Q3 2026 10-Q; 46% a year ago) |
| Super Micro (SMCI) | AI servers | ~60% | AI share in FQ4 26; management expects over 80% from here. Reports Nov 3. |
| Applied Optoelectronics (AAOI) | Optical modules | 56% | Data center $107.7M of $191.9M (Q2 2026) |
| Fabrinet (FN) | Optical assembly | 51% | Data center $669M (FQ4 26) |
| IREN (IREN) | Bitcoin miner turning AI cloud | ~51% calc | AI cloud $70.5M of $137.2M (FQ4 26) |
| Modine (MOD) | Cooling | ~40% calc | Data centers $349M of $874M (FQ1 27) |
| Oracle (ORCL) | Cloud | ~38% calc | Cloud infrastructure $7.39B of $19.35B (Q1 FY27) |
| nVent (NVT) | Enclosures, liquid cooling | ~25% calc | ~$1B of ~$3.9B in 2025; targets ~$2B of data-center sales in 2026 |
| Cipher (CIFR) | Bitcoin miner turning AI landlord | 22% | First AI lease rent: $5.9M of $26.7M (Q3 2026). Its contracted backlog is all AI. |
| Powell (POWL) | Electrical switchgear | ~15% of backlog | Q1 FY26, before a $400M+ data-center order |
Layer 4: Models
There is no US-listed pure-play model maker yet. OpenAI and Anthropic are private. One report says Anthropic could start its IPO roadshow the week of November 9 (unconfirmed), and OpenAI's listing may slip to 2027. Today the only listed exposure is indirect, through the big tech companies that own stakes in model makers or build their own.
Layer 5: Applications
Application companies earn from their own users and buy data-center capacity rather than sell it, so a "share of revenue from AI data centers" does not apply to them.
What the ranking does and does not tell you
- Data center is not the same as AI. Hard-drive makers (WDC, STX) sell into all cloud storage, Coherent's segment includes telecom, and Celestica's segment includes enterprise gear. Only Nvidia, Marvell, Broadcom, AMD and Nebius give a clean AI or data-center line.
- Purity cuts both ways. The purest names (CoreWeave, Nebius, Applied Digital, Cipher) depend on a handful of tenants and on borrowed money. See The AI Debt Stack for where that financing is under stress.
- Fast-moving shares. Bitcoin miners turning into AI landlords (IREN, Cipher) are still mostly mining revenue today, but their contracted future revenue is almost all AI. Their share will rise quickly as leases start (inference).
What to watch this week
Several of these companies report in the next few days, and their shares will update: Super Micro and Solaris (Nov 3), Coherent (Nov 4), Applied Optoelectronics and IREN (Nov 5). Astera Labs, CoreWeave, Lumentum, Fabrinet and Arista report soon after.
Sources
- NVIDIA: AI is a 5-Layer Cake
- Marvell Q2 FY27 (Pulse2)
- Seagate FQ1 27 (FourWeekMBA)
- Western Digital FQ1 27 10-Q (SEC)
- Nebius Q2 2026 (w.media)
- CoreWeave backlog (Pulse2)
- Celestica Q3 2026 10-Q (SEC)
- Celestica Q3 2026 (Panabee)
- Vertiv Q3 2026 (DCD)
- Coherent FQ4 26 (Futurum)
- Applied Digital FQ1 27 release (SEC)
- Applied Digital FQ1 27 (FourWeekMBA)
- Comfort Systems Q3 2026 10-Q (SEC)
- Super Micro AI share (Nasdaq)
- Super Micro preliminary FQ1 27 (LetsDataScience)
- Applied Optoelectronics Q2 2026 10-Q (SEC)
- Fabrinet FQ4 26 call (MarketBeat)
- IREN FQ4 26 (The Block)
- Modine FQ1 27 release
- Oracle Q1 FY27 (Futurum)
- nVent data-center demand (Nasdaq)
- Cipher Q3 2026 10-Q (SEC)
- Powell Q3 FY26 release (SEC)
- Bloom Energy Q3 2026 10-Q (SEC)
- Solaris Q1 2026 10-Q (SEC)
- GE Vernova Q3 2026 (Turbomachinery)
- GE Vernova gas pricing (247WallSt)
- Credo FQ1 27 (Pulse2)
- Astera Labs Q2 2026 (Trefis)
- AMD Q2 2026 10-Q (SEC)
- AI IPOs (The Next Web)
- Anthropic roadshow report (Implicator)