By Nate Wolf

The biggest winner of Nvidia's blockbuster earnings report may not have been Nvidia itself.

Instead, suppliers of data center components such as lasers, cooling systems, and networking equipment matched or even outpaced the chipmaker on Thursday.

Laser makers Coherent, Corning, and Lumentum Holdings rose 7.5%, 3.4%, and 3.4%, respectively. Vertiv Holdings, which makes server racks, cabinets, and cooling products, rose 5.1%. And networking equipment company Ciena rose 6.3%. Nvidia itself was up 4.6%.

Nvidia's third-quarter print on Wednesday eased concerns of a slowdown in artificial intelligence and data center spending. The chip maker reported data center revenue of $51.2 billion for the quarter, up 66% from the year before and ahead of Wall Street's estimate of $49.05 billion, per FactSet.

Wall Street clearly views Nvidia as a bellwether for companies further down the AI spending chain. After all, hyperscalers can't put Nvidia's chips to use without billions of dollars worth of infrastructure to house them.

Some of these companies also have direct relationships with Nvidia. Coherent, Corning, and Lumentum are among the suppliers in Nvidia's silicon photonics ecosystem. Vertiv, meanwhile, partners with Nvidia on AI infrastructure projects.

As long as the world's most valuable company continues to make money, so too will many much smaller companies profiting from AI.

Write to Nate Wolf at nate.wolf@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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November 20, 2025 10:36 ET (15:36 GMT)

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