The AI infrastructure trade has broadened. NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) still owns the headline, but the second-derivative names that supply connectivity, power, and custom silicon to hyperscalers are where the cleaner setups now sit. Three semiconductor stocks fit that thesis heading into the back half of 2026: each delivered a Q1 2026 beat with raised or strong forward guidance, each carries data-center exposure that the sell side may still be underwriting too conservatively, and each is still early enough in retail discovery that the institutional bid is doing the heavy lifting.
Here are three to keep on the radar in June.
Astera Labs (ALAB)
Astera Labs (NASDAQ:ALAB) designs connectivity silicon that solves integration bottlenecks inside AI racks, the plumbing between GPUs, CPUs, and memory. Motley Fool flagged the name in May 2026 as an overlooked AI infrastructure play.
The fundamentals justify the attention. Q1 FY26 revenue hit $308.36 million, up 93% year over year, beating consensus of $292.32 million by 5%. Non-GAAP EPS came in at $0.61 versus the $0.54 estimate, the fourth straight EPS beat. GAAP gross margin expanded to 76%, and operating cash flow surged 610% year over year to $74.6 million. Management guided Q2 revenue to $355 million to $365 million.
CEO Jitendra Mohan tied the quarter to product cycle, saying “revenue growing by 14% sequentially and 93% year-over-year to a record level of $308.4 million, driven by robust demand for our PCIe 6 portfolio.” The bull case sits with the Scorpio X-Series 320-lane Smart Fabric Switch, which targets a $20 billion merchant scale-up market by 2030 with production ramping in the second half of 2026.
One catalyst is already priced in: shares are up 134% year to date and 334% over the past year, helped by NASDAQ-100 index inclusion. Retail discovery is still concentrated: Reddit qualified mentions remain at 1 to 3 per snapshot, with discussion dominated by r/wallstreetbets.
Risk: Hyperscaler concentration and gross margin compression to roughly 73% in Q2 as newer switch products dilute mix. After a parabolic run, the bar for any disappointment is high.
ON Semiconductor (ON)
ON Semiconductor (NASDAQ:ON) is the most contrarian name in this group. The auto and industrial overhang dominated the 2025 narrative, masking what is now a credible AI power story. Shares jumped roughly 11% on the day of the Motley Fool article in May 2026 that flagged ON as an under-the-radar AI name.
Q1 FY26 revenue was $1.513 billion, up 5% year over year and beating the $1.49 billion consensus. Non-GAAP EPS came in at 64 cents against a 62-cent estimate, with non-GAAP gross margin recovering to 39% from 20% a year earlier. The breakout: AI data center revenue more than doubled year over year, with sequential growth exceeding 30%, and Power Solutions Group revenue rose 14% year over year to $736.6 million.
CEO Hassane El-Khoury was direct: “We exceeded expectations as demand strengthened through the quarter and we have moved beyond the cyclical trough on a path to recovery. Our AI data center business accelerated, growing more than 30% sequentially.” Q2 revenue guidance of $1.535 billion to $1.635 billion reinforces the trough-recovery view.
Shares are up 133% year to date off the cyclical bottom. The reset gives onsemi a credible second leg through AI power, EV silicon carbide, and 900V architectures with Geely and NIO.
Risk: Q1 absorbed $329.3 million in restructuring and impairment charges, free cash flow halved to $217.2 million, and share repurchases of $345.7 million ran near 160% of free cash flow. Analog and Mixed-Signal Group revenue was still down 5% year over year.
Marvell Technology (MRVL)
Marvell Technology (NASDAQ:MRVL) is the AI networking chip play with the most institutional momentum of the three. Q1 FY27 revenue was $2.418 billion, up 28% year over year, with data center revenue of $1.833 billion, or 76% of the total. Non-GAAP EPS was 80 cents, and free cash flow rose 127% year over year to $483.1 million.
The forward guide is the story. Q2 revenue is guided to $2.700 billion plus or minus 5%, implying roughly 35% year-over-year growth. CEO Matt Murphy said: “We are seeing exceptional AI-related bookings, and as a result, we are significantly raising Marvell’s revenue outlook for both fiscal 2027 and fiscal 2028.” The product breadth, 800G and 1.6T optics, 51.2T Ethernet switches, NPO and CPO scale-up optical, DCI modules, and custom XPU silicon, plus the Celestial AI and XConn Technologies acquisitions closed in February 2026, widens the moat.
Reddit traders are starting to circle the name around S&P 500 inclusion on June 22, but qualified mentions are still running just one per 24-hour period. Shares are up 264% year to date.
Risk: Customer concentration in data center, integration risk on Celestial AI and XConn, and a $331.8 million contingent consideration charge in the quarter. Any hyperscaler insourcing of custom silicon would hit Marvell hardest.
What to watch next
The setup heading into Q2 earnings reports is the same across all three: AI data center demand acceleration into a Wall Street consensus that has been chasing rather than anticipating the results. Keep an eye on the next earnings reports, hyperscaler capex revisions, and any signs of customer insourcing. The window for getting ahead of consensus narrows with each beat.
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