Sector Categories Explained

Sector Categories Explained

InvestorLens classifies AI infrastructure companies into eight categories based on their primary role in the AI datacenter supply chain. This page explains the classification criteria.

Classification Criteria

Companies are assigned to one primary category based on their dominant revenue exposure to AI infrastructure. A company may have exposure to multiple layers, but is classified in the category where AI infrastructure is most significant.

Category Definitions

GPUs & Accelerators

Criteria: Primary revenue from AI/ML training or inference semiconductors, or the platforms that run them.

Includes: GPU designers, accelerator chipmakers, FPGA vendors with AI workloads.

Excludes: General-purpose CPU makers, memory chip companies, networking ASICs.

Servers & Systems

Criteria: Primary revenue from assembling and selling AI-optimized compute systems.

Includes: Hyperscale server OEMs, AI rack integrators, high-performance compute system vendors.

Excludes: General enterprise IT hardware, storage-focused vendors.

Cooling & Thermal

Criteria: Significant revenue from data center cooling, thermal management, or HVAC serving hyperscale facilities.

Includes: Liquid cooling vendors, precision cooling systems, HVAC companies with meaningful data center exposure.

Power Infrastructure

Criteria: Revenue from electrical equipment, grid infrastructure, or construction serving data center power delivery.

Includes: Transformer makers, switchgear vendors, electrical construction, UPS manufacturers.

Utilities

Criteria: Power generation companies with direct data center power agreements or significant clean energy portfolios.

Includes: Nuclear plant operators, diversified power generators, utilities with data center PPAs.

Natural Gas

Criteria: Natural gas midstream infrastructure companies supplying fuel to data center power generation.

Includes: Pipeline operators, gathering and processing companies, LNG infrastructure.

Water Infrastructure

Criteria: Water utilities or water technology companies serving data center cooling or industrial process needs.

Includes: Large water utilities, industrial water treatment and pumping technology.

Nuclear Energy

Criteria: Companies developing or operating nuclear energy specifically targeting AI and data center markets.

Includes: SMR developers, advanced fission companies, nuclear technology platforms.

Why These Eight?

These eight categories represent the full vertical stack of AI compute infrastructure — from the chip at the top to the fuel and water at the bottom. Together they capture the entire value chain that must scale for AI infrastructure to grow.