Hyperscaler capex has ballooned to nearly $700 billion, up from roughly $400 billion just three months earlier, according to Applied Digital CEO Wes Cummins. Oracle’s transformation into an AI cloud powerhouse is the marquee headline, but the money is quietly rotating into the picks-and-shovels names that get paid whether Oracle, Microsoft, or Meta wins the model race. Five under-the-radar tickers sit directly in that spending firehose, and the market has not fully repriced any of them.
1. Lantronix (LTRX): The Edge Compute Play Hiding Inside the Drone Boom
Start with the name nobody mentions in the same sentence as Oracle. Lantronix (NASDAQ:LTRX) makes the onboard edge compute modules that live inside drones and unmanned systems, and every one of those endpoints is a customer of the AI cloud back at the data center. As hyperscalers scale training capacity, the edge devices generating and consuming that inference explode in tandem. Lantronix is the quiet supplier under the hood.
The March quarter told the story. Embedded IoT Solutions grew 22% year over year to $14.62 million, driven almost entirely by drones. Management raised the fiscal 2026 drone revenue outlook to a range of $10 million to $14 million and guided drone revenue to roughly double in fiscal 2027, reaching 15% to 20% of total revenue. Add the FCC’s December 2025 ban on new DJI approvals and a proposed record $75 billion Department of War budget for unmanned and autonomous systems, and the setup writes itself. Shares are up 105% over the past year and still trade at a forward multiple of 20.
Hardware at the edge is one layer of the stack. The software sitting on top of Oracle-grade cloud capacity is where the growth rates get truly absurd.
2. Rezolve AI (RZLV): The Agentic Commerce Software Sitting on Top of the Cloud
Rezolve AI (NASDAQ:RZLV) is the application layer riding directly on the AI cloud build-out. Its Brain Suite platform turns retailer catalogs into agentic commerce workflows, the exact use case Oracle, Google, and AWS are pitching to enterprise CIOs. Rezolve gets paid every time an enterprise decides agentic AI is real.
The Q1 fiscal 2026 numbers, filed on June 30, 2026, are eye-watering. Quarterly revenue hit $60.00 million, up 1,800% year over year, meaning a single quarter exceeded the entire fiscal 2025 baseline of roughly $46.8 million. Management reaffirmed fiscal 2026 revenue guidance of approximately $360 million and is targeting a minimum $500 million ARR exit rate for 2026. Shareholders also authorized a $300 million share repurchase at the AGM. CEO Daniel Wagner put it plainly: “Rezolve Ai is operating at a pace, scale and level of commercial momentum that we believe places us among the most exciting AI growth companies in the public markets.”
Software layer, check. But someone has to build and lease the actual physical concrete-and-copper campuses that host it.
3. Applied Digital (APLD): The Pure-Play AI Data Center Landlord
Here is the obvious heavyweight. Applied Digital (NASDAQ:APLD) is what Oracle looks like if you strip out the software and keep only the buildings, power, and hyperscaler leases. Polaris Forge 1 is already live with 100 MW of direct-to-chip liquid-cooled capacity, and Polaris Forge 2 carries a signed 15-year, 200 MW hyperscaler lease worth roughly $5 billion.
Q3 fiscal 2026 revenue landed at $126.64 million, up 139% year over year and beating the $78.48 million consensus. Adjusted EBITDA swung to $44.14 million from $6.26 million a year earlier, and adjusted EPS came in at $0.09 versus a -$0.21 estimate, the fourth consecutive beat. Total contracted capacity of 600 MW represents roughly $16 billion in aggregate revenue over the lease terms. Analysts carry an average target of $73.36 against a current $35.70 share price, and shares are still up 270% over the past year despite a 21% pullback in the last month, arguably the setup investors have been waiting for.
If Applied Digital is the polished operator, the next name is the one nobody expected to end up in the AI cloud sweepstakes at all.
4. HIVE Digital (HIVE): The Bitcoin Miner That Became a GPU Cloud
HIVE Digital Technologies (NASDAQ:HIVE) spent a decade mining Bitcoin and is now pivoting the same power infrastructure into GPU-as-a-service. Its BUZZ HPC division just brought the first liquid-cooled NVIDIA B200 cluster live with Bell Canada’s AI Fabric, adding roughly $15 million of incremental ARR. This is the transformation trade in its purest form.
Fiscal 2026 revenue landed at $297.79 million, up 158% year over year. HPC ARR has already grown from roughly $20 million to $35 million, and the planned 320 MW GTA AI Gigafactory is designed to host more than 100,000 GPUs, generating roughly $360 million in ARR at full operations. CEO Aydin Kilic laid out the near-term milestone directly: “doubling the size of our GPU cloud this year, from approximately 5,500 NVIDIA GPUs to approximately 11,000 GPUs under management by the end of calendar 2026, which is expected to generate over $200 million of AI Cloud ARR.” Reddit’s r/wallstreetbets has already caught on, with the thread “Why HIVE will be the big winner in the mining to AI compute race” hitting peak sentiment scores of 82 in the very-bullish zone. Shares are still just $3.47.
5. Blaize Holdings (BZAI): The Sub-$200 Million Lottery Ticket on Inference Silicon
Here is the punchline. Blaize Holdings (NASDAQ:BZAI) is a pure-play edge AI inference silicon designer with a market cap of just $196.37 million. Every Oracle, AWS, and Azure inference workload will eventually push out to the edge, and cost per inference is the next battleground. That is exactly the market Blaize was built for. CEO Dinakar Munagala framed it clearly: “AI infrastructure is entering its next phase as the industry moves from model training to inference at global scale.”
Q1 2026 revenue hit $2.70 million, up 168% year over year, with gross margin expanding to 58% from 11% the prior quarter. The pipeline is where the payoff lives: a NeoTensr contract worth up to $50 million, a Winmate partnership worth roughly $15 million in first-year business, and full-year 2026 revenue guidance of approximately $130 million. Yes, shares are down 29% year to date and securities fraud investigations are an overhang worth acknowledging, but at $1.39 a share the asymmetric setup is unambiguous. Five analysts rate it Buy with an average target of $4.80.
The Setup in One Sentence
Oracle’s AI cloud pivot is the headline, but the money on the ground is moving into landlords, transformation trades, edge compute suppliers, agentic commerce software, and inference silicon. Applied Digital and HIVE just pulled back hard from recent highs, Rezolve just posted the growth rate of the year, Lantronix has a drone tailwind Washington is directly funding, and Blaize is priced like an option. The names on this list will not stay under the radar much longer.
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