The AI buildout is bigger than chips and chatbots. Behind every headline sit companies supplying the hardware that connects data centers, the software that defends them, and the advertising tools that put AI to work for paying customers. Three fast-growing names cover those very different corners of the market.
Each has posted strong recent results, and each has a clear way for AI demand to keep pushing its business higher. Each also has its own risks, and all three have sold off recently, which has left their share prices well below earlier highs.
Celestica (CLS): The Networking and Cooling Behind AI Data Centers
Giant AI server clusters need more than powerful processors and plenty of memory. They also need faster networking hardware to move information between chips, better cooling systems, and more efficient racks, especially as AI systems grow more complex. Those are the niches where Celestica competes.
The latest results show demand accelerating. Celestica reported third-quarter revenue growth of 83% year over year on October 26 and raised its full-year outlook. Management’s 2027 outlook points to continued growth, backed by stronger demand from major cloud customers and AI developers, and the company is guiding for about 90% revenue growth next year.
The stock closed near $265 on October 30, down about 24% over the past year, for a market cap near $33.5 billion. The risks include a slowdown in AI spending, supply chain problems that could hurt revenue, and customer concentration that could become a problem down the road.
CrowdStrike (CRWD): Security for the AI Era
CrowdStrike’s opportunity goes beyond traditional cybersecurity. As attackers use AI to launch more sophisticated attacks, the company is positioning itself as a security-layer provider for AI-related threats.
Demand for that protection is already showing up in the numbers. In its fiscal 2027 second quarter, CrowdStrike reported annual recurring revenue of around $5.8 billion, up 25% year over year, and raised its full-year outlook for net new ARR growth. It introduced Falcon Guardian to help secure AI agents, announced collaborations with OpenAI and Anthropic, and has been building security tools for organizations that develop and run AI applications.
Shares closed near $250, up about 81% over the past year, with a market cap near $256 billion. Continued AI adoption could expand its addressable market significantly if more customers use the Falcon platform to manage AI risk, and sustaining roughly 25% ARR growth is the key. The risks are intense competition from established security providers and the reputational damage a major breach could cause.
AppLovin (APP): AI Reshaping Digital Advertising
AppLovin’s AI-powered advertising platform, Axon, helps companies reach potential customers by improving ad targeting and campaign performance, with the goal of getting advertisers better results from their budgets. The company is investing heavily in Axon while expanding into new markets such as e-commerce and connected television. It has also discussed opening its platform to AI agents, which could let advertisers automate their campaigns.
The strategy is working. In the second quarter of 2026, AppLovin grew revenue 53% and net income 55%. If its technology keeps outperforming traditional advertising, the company could capture a larger share of digital ad spending, and automated advertising plus new customer categories give it more room to grow.
The stock has been hit hard, closing near $228.50 and down about 64% over the past year, with a market cap near $76.5 billion. It also faces competition from peers investing in similar AI capabilities.
