Here's something interesting about bull markets: they have an annoying habit of refusing to die when you expect them to. Just when you think the rally is finally exhausted, it springs back to life like a movie zombie that won't stay down.
The AI bull market has certainly gotten choppy and frothy as we move through late 2025, but recent trading suggests the selloffs we've seen are mostly surface wounds. The rally is alive and well. There's just one notable twist this time around: the stocks leading the charge aren't the usual suspects like NVIDIA, Microsoft, Tesla, or anything connected to OpenAI.
Instead, we're seeing a different group of beneficiaries emerge. These four stocks are particularly well-positioned to capture gains from the latest developments in artificial intelligence infrastructure and applications.
Alphabet Gets Its AI Groove Back
Starting with Alphabet Inc. (GOOG) might seem obvious, but there's a reason the company formerly known as Google is trading like it's about to lap the competition in the AI race. This $3.8 trillion tech giant has two particularly impressive AI initiatives showing serious momentum: Gemini, which recently launched its V3 upgrade featuring enhanced photo and video editing capabilities, and Waymo, the autonomous vehicle service that's logging significantly more miles than any rival.
Gemini's latest iteration is already drawing strong reviews from early users. Its Nano Banana Pro image generator is producing some remarkably realistic AI-generated images that push the boundaries of what these tools can create. Combined with these technological advances and a string of solid earnings beats throughout 2025, analysts are taking notice. JP Morgan and Scotiabank recently raised their price targets to $336 and $340 respectively, which now represent the highest targets on Wall Street for the stock.
Even after a recent four-day slide, GOOG shares show substantial upside potential. The fundamentals are strong, but the technical picture is equally compelling. The stock has traded above both its 50-day and 200-day simple moving averages since early July, and the 50-day SMA has held firm as support throughout that period. The recent losing streak brought the Relative Strength Index back under 70, which could actually present an attractive entry point for investors who've been waiting on the sidelines.
Circuit Boards Become Surprisingly Sexy
TTM Technologies Inc. (TTMI) might not sound like a cutting-edge AI play at first glance. The company manufactures printed circuit boards and electronic subassemblies, which doesn't exactly scream "2025 tech darling." But here's the thing: as AI systems grow more complex, they require increasingly sophisticated high-density PCBs, and that's exactly what TTMI specializes in producing.
The company's market capitalization is approaching $7 billion, driven by more than $2.7 billion in sales over the past 12 months. Third quarter 2025 revenue hit $724 million, and the numbers tell a compelling story. During the October 29th conference call, management highlighted that AI data center sales pushed quarterly revenue up more than 22% year-over-year. The company's aerospace and defense backlog is nearing $1.5 billion, providing additional revenue visibility.
TTMI is a direct beneficiary of Google's new AI chips, which require the high-density PCBs the company produces. The stock has rocketed nearly 170% year-to-date, which might make you think it's time to lock in gains. But the technical indicators suggest there's more room to run. Despite trading relatively flat over the past month, TTMI shares continue showing solid upward momentum with support firmly established at the 50-day SMA. Recent volatility has allowed the RSI to retreat to August levels, the last time the stock dipped below its 50-day SMA. With a Benzinga Edge Momentum Score of 96.83 and a Quality Score of 91.14, the stock still offers upside potential for both short-term traders and long-term investors.
Celestica Rides the Data Center Wave
Electronics manufacturer Celestica Inc. (CLS) has experienced its own parabolic run in recent months, powered by voracious demand for its products in the data centers operated by AI hyperscalers. Switches and servers are the hot commodities right now, and the company delivered record-breaking results in Q3 2025: earnings per share hit $1.58 while revenue reached $3.16 billion, both quarterly records.
The stock has grown into a $35 billion market cap giant, with annual sales now projected to exceed $11 billion. Citigroup recently upgraded CLS from Neutral to Buy with a $375 price target, implying upside of more than 20% from current trading levels.
Like the previous stocks we've discussed, CLS shares display the classic technical characteristics of an established uptrend. The price is trading above both the 50-day and 200-day SMAs, with the 50-day acting as strong support. While the long-term bull case remains intact, the RSI and MACD suggest we might see continued volatility in the near term. Both oscillators indicate that momentum has been gradually weakening over recent weeks, which explains the wide daily price ranges despite support levels holding firm. This is definitely something to monitor going forward, but as long as the 50-day SMA continues providing support, the uptrend should remain in place.
Amphenol Wins No Matter Who Comes Out On Top
Amphenol Corp. (APH) provides the literal nuts and bolts of the AI data center industry. This $173 billion electronic hardware giant sells connectors, cables, sensors, and other essential components to a diverse range of industrial customers. Despite being a hardware manufacturer, Amphenol maintains surprisingly healthy margins and commands a significant share of the global connector market, thanks to its presence in more than 40 countries.
The company's diversification extends into the AI hyperscaler ecosystem in an interesting way. Since APH sells products to Meta, Alphabet, and Microsoft, it doesn't really matter which company wins the AI race. In fact, as competition intensifies and capital expenditure budgets expand across the board, Amphenol's revenue projections keep climbing. In Q3, the company reported record revenue of $6.19 billion and EPS of $0.93, beating analyst estimates by 12% and 17% respectively.
APH shares have doubled year-to-date, and the technical picture suggests additional upside may be ahead. Once again, we see the price trading comfortably above both the 50-day and 200-day SMAs, signaling that upward momentum remains strong despite recent tests of the 50-day support level. During the latest bout of volatility, the RSI dropped to its lowest level since the Liberation Day tariff announcement sent markets reeling, but now appears to be trending upward again.
The common thread connecting these four stocks is their position in the AI infrastructure supply chain. While the big names like NVIDIA and Microsoft grab headlines with their AI models and chips, these companies are quietly supplying the essential components that make the entire ecosystem function. It's not as glamorous as developing the latest chatbot, but manufacturing circuit boards, connectors, and servers for hyperscale data centers turns out to be excellent business when AI spending is booming.
