Storage and Infrastructure Companies Dominate S&P 500 as Tech Giants Cool Off
SanDisk Corp. surged 580% in 2025, claiming the top spot on the S&P 500 Index—a stark contrast to previous years when tech giants like Nvidia dominated. Western Digital Corp. and Seagate Technology Holdings Plc followed closely, securing second and fourth places respectively. The shift highlights growing investor interest in storage and infrastructure plays amid the AI boom.
Power and connectivity providers—Amphenol Corp., Corning Inc., NRG Energy Inc., and GE Vernova Inc.—also cracked the top 25, signaling broader market diversification. Meanwhile, Nvidia’s 40% gain landed it at 71st place, while cloud behemoths Microsoft, Meta, and Alphabet saw moderated growth despite their outsized market influence.
"When benchmarks are concentrated, identifying themes driving sales and earnings becomes critical," said Jake Seltz of Allspring Global Investments. "AI remains dominant, but we’re looking beyond pure tech." Matt Sallee of Tortoise Capital Advisors echoed the sentiment, noting untapped value in companies supporting hyperscalers’ data center expansions.
