When investors think about artificial intelligence, NVIDIA usually steals the spotlight. But the AI boom extends far beyond GPUs, creating opportunities across data preparation, networking, and infrastructure.
For investors looking beyond the usual mega-cap names, Innodata INOD, Applied Optoelectronics AAOI, and Celestica CLS offer three less-discussed ways to gain exposure to AI spending.
All three stocks have faced pressure as of late, but they remain strong options for investors to keep a close eye on given their individual roles amid the broader AI frenzy.
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Innodata
Innodata helps prepare, evaluate, and refine the massive amounts of data used to train advanced AI models.
Revenues surged 58% year over year to $92.1 million in its latest release, while adjusted EPS of $0.41 easily topped the Zacks Consensus Estimate and grew more than 100% year-over-year. Notably, management continues to expect at least 40% revenue growth in 2026.
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Applied Optoelectronics
Applied Optoelectronics produces high-speed optical networking products used inside data centers, including 400G, 800G, and newer 1.6T solutions.
Demand has been red-hot, with Q2 revenues jumping 86.4% to $191.9 million, while data-center revenues soared more than 140% to $107.7 million. Its 800G business is also ramping quickly, with management expecting another sharp increase in the third quarter.
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Celestica
Celestica’s Connectivity & Cloud Solutions segment supplies networking, server and storage infrastructure to hyperscale customers, putting CLS directly in the path of rising AI infrastructure spending.
Second-quarter revenues climbed 62.4% to $4.70 billion, while adjusted EPS jumped 82.7% to $2.54. Celestica also raised its 2026 outlook, now expecting $20.5 billion in revenues and adjusted EPS of $11.30.
CLS currently sports a Zacks Rank #1 (Strong Buy), with earnings estimates moving higher alongside strong AI and networking demand.
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Bottom Line
NVDA remains one of the biggest AI winners, but there remain plenty of other high-growth options as well.
Innodata INOD helps supply the data behind AI models, Applied Optoelectronics AAOI helps move that data at high speeds, and Celestica CLS helps build the infrastructure supporting it all.
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Celestica, Inc. (CLS) : Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).