ASML, Synopsys, Micron Drive AI Chip Growth Beyond Nvidia and AMD

ASML, Synopsys, and Micron Technology are three key players powering the growth of AI chips, even as Nvidia and AMD dominate the GPU market. ASML provides the essential lithography machines that print circuits on GPUs, seeing strong demand and expecting 32% sales growth in 2026 and another 27% in 2027. Despite a high P/E ratio of 57 as of Oct. 1, 2026, the company’s CEO Christophe Fouquet highlights multi-year demand visibility.

Synopsys supplies the software crucial for designing GPUs, reporting a 42% year-over-year revenue surge to nearly $2.5 billion in the fiscal third quarter of 2026. With a robust backlog of $10.9 billion, the company’s innovative products, such as Multiphysics Fusion, set it apart in a competitive industry. Trading at a forward P/E of 28, Synopsys offers steady growth, particularly due to recurring software licenses.

Micron Technology, the sole U.S.-based supplier of high-bandwidth memory, saw fiscal 2026 revenue hit a record $133 billion, up 256% from the prior year. While gross margins expanded significantly, pricing risks remain a concern. The stock trades at a conservative 7 times forward earnings, but long-term custom agreements could extend revenue visibility.

These three companies offer investors alternative ways to benefit from the booming demand for AI chips, without directly betting on Nvidia or AMD. Each plays a critical role in the chipmaking process, ensuring continued growth in the semiconductor industry.