Chip designers and software giants tend to hog the spotlight in the artificial intelligence (AI) hyper-build. Yet beneath the surface of these household names, a robust ecosystem of less heralded companies is quietly laying the groundwork for AI's explosive growth. These are the "hidden gems" -- businesses with critical, often foundational, contributions that make the AI revolution possible.
While many investors flock to the obvious players, shrewd eyes are turning toward those supplying the "picks and shovels" or providing essential infrastructure for the AI gold rush. These companies might not grab daily headlines, but their strong fundamentals and integral roles position them for sustained growth as AI continues to expand.
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Here are three lesser-known tech stocks that could be top performers in the AI era.
The quality gatekeeper
Camtek (CAMT 3.13%) doesn't make AI chips -- it makes sure they work. The Israeli company's inspection and metrology equipment has become indispensable as semiconductor manufacturing pushes the boundaries of physics. FormFactor's advanced wafer probe cards make contact with microscopic chip connections to verify functionality before chips are packaged -- catching defects early when they're cheapest to fix.
Q1 2025 results tell the story. Revenue jumped 22% year over year to $118.6 million, while net income surged 38% to $34.3 million.
Management guided Q2 revenue to $120 million to $123 million, representing 17% to 20% growth. The company's gross margin hit 51% -- exceptional for hardware manufacturers.
Intel just named Camtek one of only 37 recipients of its 2025 EPIC Supplier Award from thousands of suppliers worldwide. This recognition validates what the numbers already show: As AI chips become more complex, the need for advanced inspection grows exponentially.
The company's relatively new Eagle G5 and Hawk systems launched just as the industry is transitioning from HBM3e to HBM4 memory -- perfect timing for the next wave of AI hardware. With the advanced packaging market for AI applications driving growth, and Camtek holding dominant positions in key segments, the company's products are becoming as essential as the chips themselves.
At a $3.8 billion market cap, Camtek trades at a fraction of its semiconductor equipment peers while growing faster than most.
Testing the untestable
FormFactor (FORM 0.76%) solves a problem most investors don't know exists: How do you test a chip with thousands of connections operating at blazing speeds?
As AI processors pack more transistors and memory bandwidth, traditional testing methods fail. FormFactor's advanced wafer probe cards make contact with microscopic chip connections to verify functionality before chips are packaged -- catching defects early when they're cheapest to fix.
The company reported Q1 2025 revenue of $171.4 million, down sequentially due to export restrictions limiting DRAM probe card shipments to China. But look deeper: Q2 guidance calls for $190 million in revenue, and management remains confident in long-term growth driven by three megatrends -- advanced packaging, high-bandwidth memory, and co-packaged optics.
FormFactor just closed its acquisition of FICT Limited, securing a critical supplier of advanced probe card components. The board also authorized a $75 million share buyback, signaling confidence despite near-term headwinds.
CEO Mike Slessor emphasized that AI's demands for more sophisticated testing are just beginning. FormFactor's probe cards sit at a crucial bottleneck. Every AI chip must be tested, and as complexity rises, so does the value of FormFactor's technology. The company's solutions for testing HBM and other AI-specific processors position it perfectly for the coming wave of more powerful AI hardware.
Keeping AI cool
Vertiv Holdings (VRT 2.98%) tackles AI's dirty secret -- heat. Training large language models requires massive computing power that generates enormous amounts of waste heat.
Without sophisticated cooling, these AI data centers would "melt down." Vertiv's liquid cooling systems and precision air conditioning units maintain optimal temperatures, while its uninterruptible power supplies ensure AI training runs never lose progress due to outages.
Q1 2025 results exceeded expectations across the board. Net sales hit $2 billion, up 24% year over year, with organic growth of 25%. The company's backlog stands 25% higher than a year ago, while trailing-12-month orders grew approximately 20%. Adjusted earnings per share of $0.64 beat estimates handily.
Vertiv just announced a collaboration with Nvidia and iGenius to deploy Colosseum, one of the world's largest AI supercomputers, in Italy. This isn't just another data center -- it's a showcase of how Vertiv's prefabricated, liquid-cooled infrastructure enables the next generation of AI computing.
Management raised full-year 2025 sales guidance to $9.3 billion to $9.6 billion, projecting organic growth of 16.5% to 19.5%. This isn't surprising, given the AI infrastructure boom -- these workloads consume 5x to 10x more power than traditional computing, making Vertiv's thermal management solutions mission critical. At a $46.9 billion market cap, Vertiv may push the "hidden" definition, but its role in enabling AI is so fundamental that growth should continue for years.
The infrastructure nobody sees
These companies represent three essential layers of the AI stack that most investors overlook. Camtek ensures AI chips meet specifications during manufacturing. FormFactor verifies that they work properly before deployment. Vertiv keeps them running once installed. Remove any layer, and the entire AI ecosystem collapses.
While Nvidia and Microsoft capture headlines, these pick-and-shovel plays offer pure exposure to AI growth without betting on specific models or applications. As AI adoption accelerates, demand for inspection equipment, testing technology, and cooling infrastructure will only intensify.
The best part? The market hasn't fully recognized their critical roles yet.
