Nvidia, Micron, and Sandisk Are Up Over 1,000% Since the AI Boom Started. These 2 AI Stocks Could Be the Next Big Winners.

Astera and Arista, companies focused on connectivity and networking solutions, should benefit as AI workloads proliferate and models become more complex.

Astera Labs designs specialized semiconductors and software that improve connectivity and data transmision across GPUs, CPUs, memory, and storage.

Arista Networks designs high-speed Ethernet switches that support AI workloads by directing the flow of information between data center servers and storage.

Nvidia was one of the first stocks to soar as demand for artificial intelligence infrastructure exploded after the release of ChatGPT. The company designs graphics processing units essential to accelerating AI training and inference tasks, and the stock is up 1,360% since January 2023.

Micron and Sandisk were part of the second wave. They make memory chips and storage solutions, which are currently the biggest bottleneck in the industry , according to Nvidia CEO Jensen Huang. Micron is up 1,690% since January 2023, and Sandisk is up 3,860% since it was spun off from Western Digital in 2025.

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Which industry will benefit next? Some Wall Street analysts think networking companies like Astera Labs (NASDAQ: ALAB) and Arista Networks (NYSE: ANET) will be the next big winners.

Astera does not build the primary compute chips used in artificial intelligence , such as graphics processing units (GPUs) or central processing units (CPUs). Instead, it designs semiconductors and software that connect primary compute chips to peripheral components such as storage and networking, thereby scaling individual servers and racks into cohesive systems.