Data Center Infrastructure Plays Outpace Nvidia in Five-Year Returns

Nvidia's ascent to a near-$5 trillion valuation has captured global attention, yet two other S&P 500 constituents have achieved higher percentage gains over the last five years. Comfort Systems USA and Vertiv Holdings have leveraged the AI-driven data center boom to outperform the chip giant, which itself saw returns exceeding 1,200% in the same period. The growth is rooted in the physical requirements of artificial intelligence. While Nvidia provides the processing power, Vertiv and Comfort Systems provide the critical infrastructure, thermal management, and mechanical systems necessary to keep these facilities operational. This synergy has created a massive backlog of work for industrial providers. Vertiv Holdings reported a 30% increase in first-quarter 2026 sales, with net income surging 137%. The company projects full-year sales could reach $14 billion, reflecting an organic growth rate of approximately 30%. With a market cap of around $120 billion, Vertiv has scaled rapidly but remains smaller than the Nvidia behemoth. Comfort Systems USA leads the index in five-year performance with returns nearing 2,000%. The company's revenue grew from $4.1 billion in 2022 to $9.1 billion last year, supported by a backlog of nearly $12 billion as of the end of 2025. The firm was added to the S&P 500 late last year and has already risen roughly 80% this year. Despite the growth, valuation concerns persist. Vertiv and Comfort Systems trade at forward P/E multiples of 55 and 47, respectively—significantly higher than Nvidia's forward P/E of 25. Analysts warn that these stocks offer little margin of safety, and any slowdown in data center investment could lead to sharp price corrections.