Intel Stock Drop Puts 3 AI Infrastructure Shares On Retail Investors Radar

Intel’s US$15b stock offering has pushed fresh attention onto capital intensive growth, where huge spending on factories, chips, and infrastructure can reshape future earnings power. A 4% pre market drop in Intel shares has some investors worried, while others see potential openings across related large cap stocks. This article walks through 3 companies that sit in the crosshairs of this AI driven capex story.

The three stocks covered below are just a starting sample, since the full US Capital-Intensive Growth Stocks screen surfaced 16 more large U.S. companies with substantial capex stories and equally compelling investment narratives that are not included here. To see the wider field and focus on the ideas that fit your style, head straight to the US Capital-Intensive Growth Stocks screener.

Novanta (NOVT)

Overview: Novanta is a US based technology company that supplies precision components and subsystems such as lasers, motion control, sensors, and surgical tools that sit inside advanced manufacturing equipment, medical devices, and surgical robotics used around the world.

Operations: Novanta generates just over US$1 billion in revenue, split fairly evenly between Automation Enabling Technologies at about US$523 million and Medical Solutions at about US$506 million, with the United States its largest geographic market.

Market Cap: US$6.3b

Novanta sits at the intersection of AI driven factory automation, semiconductor tooling, and minimally invasive surgery, so rising capex in areas like Intel’s physical AI buildout directly feeds the systems that rely on its laser, sensing, and motion platforms. The recent Riverpoint Medical acquisition increases exposure to recurring surgical consumables and lifts medical end markets to about 60% of revenue, while Q2 2026 brought record cash flow, 9% organic sales growth, and raised full year guidance. Set this against a very high P/E multiple, a one off US$27.6 million loss, modest 6% margins, and reliance on external borrowing, and you get a high quality but finely balanced growth story that rewards closer scrutiny.

Novanta’s combination of record cash flow, higher guidance and a very high P/E suggests that investors may be missing how the pieces fit together. See how the capex story, margins and one off loss stack up in the analysis report for Novanta

Build your own capital intensive growth shortlist around Novanta

Novanta and the other two stocks in this article all came from a single Simply Wall St screener, but the real value is in shaping your own process. Use our customisable Screener to mix filters on valuation, growth, balance sheet strength and risks, or start with any of our curated Investing Ideas.

Coherent (COHR)

Overview: Coherent is a US based photonics and laser company that supplies the high speed optical transceivers, engineered materials, and laser systems that sit inside AI data centers, communications networks, semiconductor tools, and precision industrial equipment worldwide.

Operations: Coherent reports a US$6.6b segment adjustment, with sales spread across Networking, Materials, and Lasers. Geographically, its revenue is concentrated in North America at about US$4.2b, followed by Europe, China, Japan, and the rest of the world.

Market Cap: US$74.2b

Coherent operates in areas tied to Intel style AI capital expenditure, since its 800G and higher speed optical transceivers and laser systems are used to move data around modern AI data centers and to power advanced chipmaking tools. The company is investing in internal manufacturing, CHIPS Act backed US capacity, and long term relationships with hyperscalers and large customers such as Apple. At the same time, the stock trades on a premium valuation, and the business faces risks that include competition from lower cost Asian suppliers, customer concentration, and the need for heavy ongoing investment. For investors who believe AI infrastructure spending will remain an important theme, the combination of growth initiatives and these risks may make Coherent a company to research in more detail.

Coherent sits at the heart of AI data traffic, yet its premium valuation and heavy investment needs leave a big question. See how growth ambitions and supplier risks line up in the analysis report for Coherent

Unusual Machines (UMAC)

Overview: Unusual Machines is a US based drone company that supplies small drones and key components for commercial and government use, selling through business to business channels, its own e commerce site, and retail partners. It also works with Lantronix to develop autonomous drone components that combine edge AI computing with flight control systems.

Operations: Unusual Machines generates about US$32 million in revenue entirely from Aerospace & Defense customers in the United States.

Market Cap: US$1.3b

Unusual Machines sits at the intersection of government drone programs, automation and capital intensive US manufacturing. Investors are watching it closely after Intel’s US$15b capex push refocused attention on physical AI and defense related hardware. The company is expanding factories, adding staff and ordering large amounts of raw materials to support government counter drone contracts. Q2 2026 results showed sharp revenue growth and a smaller adjusted EBITDA loss. At the same time, the stock trades on a very rich P/S multiple, remains loss making with past shareholder dilution and insider selling, and depends heavily on volatile government demand. For investors, this mix of aggressive capacity build out and real financial risk makes Unusual Machines a candidate for closer examination in a capital intensive growth screen.

Unusual Machines is pouring money into factories and contracts, yet its rich P/S and past dilution suggest the real story sits beneath the headlines. See how growth plans and government reliance intersect in the analysis report for Unusual Machines

Seeking Alternatives Before The Crowd Moves

Fresh capex driven stories can move fast. By the time headlines catch up, early entry points may be gone. Scan curated ideas now while they are still under the radar and consider them early.

• Spot resilient compounders that can keep funding growth even when conditions tighten by scanning our curated list of solid balance sheet and fundamentals (48 results) before the momentum is fully reflected in the market.
• Hunt for potential income workhorses with reliable cash generation using a carefully filtered pool of 9 dividend fortresses before yields change and attention increases.
• Zero in on companies quietly building the backbone of AI by running a focused search across 56 AI infrastructure stocks while these infrastructure stories remain less widely followed.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com