AI stocks heat map
- Investors are re‑ranking AI infrastructure leaders, shifting attention from pure software names to hardware and chips. - NVIDIA tops lists with a roughly 24x forward P/E and about 66% revenue growth, while Micron sits near 7.7x P/E. - Capital rotation favors infrastructure as several analysts point to rising HBM3E demand and standout growth at firms like Palantir and AppLovin ( ).
Wall Street’s AI trade has tilted back toward the companies that build the hardware stack, with Nvidia and Micron at the center of the latest re-ranking. (nvidianews.nvidia.com, investors.micron.com) Nvidia reported fiscal fourth-quarter revenue of $68.1 billion on February 25, 2026, up 73% from a year earlier, and data center revenue of $62.3 billion, up 75%. Full-year revenue reached $215.9 billion, up 65%, as customers kept spending on chips and systems for artificial intelligence computing. (nvidianews.nvidia.com) Micron reported fiscal second-quarter revenue of $23.86 billion on March 18, 2026, up 196% from a year earlier, and said it expected another record quarter with about $33.5 billion in fiscal third-quarter revenue. The company tied the surge to tight memory supply and demand for high-bandwidth memory, the fast memory used next to AI processors to keep models fed with data. (investors.micron.com, finance.yahoo.com) That helps explain why investors have been comparing growth against valuation, not just asking which company has the best AI story. Recent market data put Nvidia’s forward price-to-earnings ratio near 23.6 to 23.7, while Micron’s sat near 7.4, a much lower multiple despite its recent earnings surge. (gurufocus.com, seekingalpha.com, gurufocus.com) The split inside AI stocks is sharper than it was a year ago. Nvidia and Micron sell the processors and memory that go into AI servers, while software groups such as Palantir and AppLovin are being judged more on how long their growth rates can stay elevated after huge runs in their share prices. (nvidianews.nvidia.com, investors.micron.com, investors.palantir.com, investors.applovin.com) Palantir reported fourth-quarter 2025 revenue growth of 70% year over year on February 2, 2026, and guided for 61% growth in fiscal 2026. AppLovin reported fourth-quarter 2025 revenue of $1.66 billion on February 11, 2026, up 20.8% year over year, with some market commentary focusing on its advertising software margins rather than chip demand. (investors.palantir.com, investors.applovin.com, financialcontent.com) Micron’s case is especially tied to high-bandwidth memory, or HBM, which is stacked memory designed to move more data with less delay than standard server memory. Micron said HBM revenue topped $1 billion in fiscal second quarter 2025, then posted record fiscal second-quarter 2026 results as AI demand tightened supply across its memory business. (investors.micron.com, investors.micron.com) Nvidia’s case is broader: its latest results showed Blackwell systems shipping into a market where cloud providers and enterprises are still building out AI infrastructure. Chief Executive Jensen Huang said on February 25 that customers were “racing to invest in AI compute,” language that matched the company’s 65% full-year revenue growth. (nvidianews.nvidia.com) The next test is earnings season. Nvidia’s next earnings report is expected on May 20, 2026, AppLovin is scheduled for May 6, 2026, and investors will be watching whether money keeps flowing to chips and memory or swings back toward software names with faster recent revenue growth. (marketbeat.com, investors.applovin.com, investors.palantir.com, investors.micron.com)
