Nvidia's AI Rivals: CoreWeave, Vertiv Holdings, Arista Networks Powering the Boom
While Nvidia (NVL) dominates the conversation around AI, other companies are quietly powering the AI boom. CoreWeave (CRWV), Vertiv Holdings (VRT), and Arista Networks (ANET) are three of these under-the-radar names that are outpacing Nvidia in their respective fields.
CoreWeave is a cloud-based GPU provider, renting NVIDIA clusters by the hour or multi-year contract to AI labs, hyperscalers, and enterprises. The company's revenue reached $2.58 billion in Q2 2026, up 112.3% year over year, with a revenue backlog of $104 billion.
The bull case for CoreWeave is scarcity: demand exceeds supply, and July pricing was raised roughly 25%. However, the risk lies in the company's balance sheet, which includes a negative free cash flow of $5.74 billion and debt/equity ratio of 8.94.
Vertiv Holdings sells equipment such as switchgear, UPS systems, battery storage, chillers, and liquid-cooling loops that turn buildings into operating AI data centers. The company's revenue reached $3.274 billion in Q2 2026, up 24.1%, with adjusted operating margin expanding to 22.6%.
Arista Networks builds Ethernet switches and EOS software that stitch thousands of GPUs into a single training cluster. The company's revenue hit $3.036 billion in Q2 2026, up 37.7%, with non-GAAP operating margin at 49.9%.