Elon Musk's massive AI spending spree is expected to pour hundreds of billions into chips and data-center gear, and a handful of hardware companies stand to cash in.

• SpaceX's latest earnings show 85 cents of every dollar of capex going straight into AI hardware, and Musk is expected to keep spending heavily whether or not it ever pays off.
• Current orders point to about $52 billion of server spending, but the bull case runs as high as $275–320 billion, which could lift Nvidia's future revenue by up to 50%.
• Nvidia is the top pick and called "dirt cheap" — trading below a fair value of $795–850, since one giant buyer could add roughly 30% to its yearly sales.
• Marvell and Lattis Semiconductor round out the favorites as makers of custom chips and small server components that get pulled along with every Nvidia order.
• Cooling maker Vertiv, power suppliers Eaton and Schneider, server builder Dell, Enphase, and chip designer Arm are also in the mix, but each carries more risk — Eaton is buried in debt, Dell may get skipped for a direct Foxconn deal, and Arm looks fully priced.

Outlook: If Musk keeps borrowing and buying at this pace, chipmakers and cooling suppliers tied to his data centers could see a second hardware rally into 2026 and 2027.