Nvidia Corp. (NVDA) has become the poster child of the AI boom, but one lesser-known chipmaker with ties to Elon Musk's Starlink network has been leaving the AI king in the dust this year.

Shares of STMicroelectronics N.V. (STM) have surged roughly 190% year-to-date, compared with Nvidia's YTD gain of about 18%, as investors increasingly warm up to a company sitting at the intersection of two of Wall Street's hottest themes: artificial intelligence and space.

AI Revenue Target Gets A Massive Upgrade

The latest catalyst arrived this week when STMicroelectronics sharply raised its data-center revenue outlook, citing unrelenting demand from AI infrastructure customers. The company now expects data-center revenue to reach about $1 billion this year, double its previous forecast of more than $500 million.

The update offered fresh evidence that the AI spending wave is spreading beyond familiar names like Nvidia and Broadcom Inc. (AVGO). While Nvidia remains the dominant supplier of AI accelerators, investors are increasingly searching for the companies supplying the broader ecosystem of chips needed to build out next-generation data centers.

That shift has helped fuel a remarkable rally in STMicro's shares, which have gained more than 44% over the past month alone.

The SpaceX Connection

But AI is only part of the story.

STMicroelectronics also has a long-standing relationship with SpaceX's Starlink business, one that many investors may not fully appreciate.

The company has disclosed that it has shipped billions of radio-frequency antenna chips used in Starlink's satellite internet network. STMicro has said its engineers work alongside Starlink on custom chip designs used in satellites, gateways and user terminals, making it one of the more significant semiconductor suppliers in the Starlink ecosystem.

That connection could attract fresh attention as investors digest reports that SpaceX is preparing for a blockbuster public market debut that could value the company at roughly $1.75 trillion.

Two Megatrends, One Stock

For investors, the appeal may be less about SpaceX's IPO itself and more about what STMicro's recent momentum says about demand across multiple technology markets.

The company is benefiting from accelerating AI infrastructure spending at the same time that satellite connectivity continues to expand globally through networks such as Starlink.

That combination is rare.

Many semiconductor stocks offer exposure to AI. Others offer exposure to the growing space economy. STMicro is emerging as one of the few public companies with meaningful links to both.

And while Nvidia remains the face of the AI trade, STMicro's 190% surge this year suggests investors are increasingly willing to look beyond the obvious winners.