When artificial intelligence is mentioned, chip giants like Nvidia immediately come to mind. However, powering these systems requires more than just processors. Power chips that manage electricity, data center infrastructure, industrial software, and advanced packaging equipment are also needed. Infineon, Siemens Energy, Siemens, and SUSS MicroTec, all demonstrating positive performance over the past year, stand out at different points in this chain.

Infineon produces power semiconductors that enable the efficient conversion of electricity in AI servers. In its latest financial statement, the company reported revenues of approximately 13% year-on-year and segment profits of 19%. Management expects revenues to increase by approximately 11% in fiscal year 2026, raising its AI-related revenue target to €1.5 billion. This figure is expected to reach €2.5 billion in 2027.

The story at Siemens Energy revolves around the rapidly increasing electricity needs of data centers. The company's revenue grew 18.5% in the last quarter, while earnings before special items more than tripled compared to the same period last year. Orders also increased by 8.5%, reaching a new record. Thanks to strong demand for gas turbines and grid equipment, management expects to reach the upper end of its 2026 margin target.

Siemens is one of the companies bringing artificial intelligence to factories and the physical world. Before the earnings report, to be released on August 6th, analysts expect comparable revenue growth of approximately 8% and industrial operating profit growth of 13%. Demand for data center electrification, factory automation, and industrial software will be key highlights of the report.

SUSS MicroTec produces advanced packaging equipment used in next-generation AI chips. However, the short-term picture is somewhat different here. The midpoint of management's 2026 revenue forecast points to a decline of approximately 10% year-on-year. The operating profit margin is also expected to fall from 13.1% last year to a range of 8-10%. In contrast, the record 69.5% increase in orders in the first quarter is leading investors to focus more on the recovery in the second half of the year and growth in subsequent years, rather than the current year.

In short, the AI ​​opportunity in Europe is not limited to software. Companies that provide electricity, manage energy, digitize factories, and enable the production of next-generation chips can also be significant winners in the growing AI ecosystem.