Between 2021 and 2025, the two biggest market-cap winners in the AI supply chain were not a chipmaker or a hyperscaler. Palantir Technologies gained 1,132 percent, rising from $36.5 billion to $449.8 billion, while cooling and power infrastructure specialist Vertiv Holdings gained 583 percent. Nvidia, which expanded 531 percent to approximately $4.6 trillion over the same period, ranked third. The findings come from BestBrokers, which compiled and standardised AI-related revenue and market-cap data across 20 publicly listed companies in the global AI supply chain.
The dataset covers semiconductor designers, memory producers, hyperscale cloud platforms, and emerging infrastructure providers, drawing on StockAnalysis and company-reported financial disclosures between 2021 and 2025.
Palantir's ascent reflected a re-rating of its role in enterprise AI deployment. Its Artificial Intelligence Platform (AIP), which positions the company as an operational AI layer embedded in enterprise and government decision systems, drove accelerating commercial adoption across defence, intelligence, and regulated industries. Share price rose 876 percent over the period.
Vertiv's gains tell a different story: thermal and power limitations in high-density data centres became a commercially visible constraint as GPU-intensive workloads scaled. Investors repriced the company from a traditional industrial supplier to a key infrastructure enabler. Vertiv's share price rose 549 percent.
In memory, SK Hynix edged past Samsung Electronics on every key metric. SK Hynix gained 279 percent in market cap and 397 percent in share price, led by its positioning in high-bandwidth memory (HBM) — a bottleneck component in large-scale AI training clusters. Samsung recorded a 23 percent market-cap increase, diluted by the broader diversification of its electronics business.
The data shows a clear shift in how value is being created in the AI ecosystem. While much of the attention remains focused on model development and compute acceleration, the most consistent outperformance is occurring in the infrastructure layers that enable those systems to scale. The market is effectively pricing in the cost of removing physical bottlenecks across the AI stack.
At the hyperscaler tier, Alphabet posted the highest growth among the three major cloud platforms, rising from $1.92 trillion to $3.80 trillion. Amazon's market cap rose 47 percent (from $1.69 trillion to $2.49 trillion), while Microsoft gained 43.7 percent (from $2.52 trillion to $3.63 trillion).
Paul Hoffman from BestBrokers commented: "The data shows a clear shift in how value is being created in the AI ecosystem. While much of the attention remains focused on model development and compute acceleration, the most consistent outperformance is occurring in the infrastructure layers that enable those systems to scale. The market is effectively pricing in the cost of removing physical bottlenecks across the AI stack."
The full dataset is available via Google Drive, with the complete report published at bestbrokers.com.
