While trillion-dollar giants like Nvidia, Amazon, and Microsoft dominate the AI headlines, a new generation of small-cap companies is quietly becoming the backbone of the artificial intelligence boom, building the data centers, chips, and infrastructure that power the world’s biggest tech ambitions.

According to Forbes’ 2025 list of America’s Most Successful Small-Cap Companies, TSS Inc. tops the rankings after an extraordinary rise.

The Dell-Driven Meteor: TSS Inc.

In early 2023, TSS Inc. was an obscure $10 million data center integrator. But after Dell Technologies named it a key “AI Factory” partner, TSS’s fortunes exploded.

  • Market cap: $440 million
  • Revenue: $148 million in 2024, up nearly 3x from 2023
  • Growth: 6,000% share increase since 2023
  • Core business: Building and wiring server racks, plumbing, and cooling systems for AI hardware
    Almost 99% of its revenue comes from Dell, according to filings — a concentration risk investors are watching closely. Yet, Dell’s partnership remains strong, and TSS is expanding capacity to attract other customers like Amazon, Microsoft, and Oracle.

Chairman Peter Woodward says, “Everybody asks why Dell doesn’t just acquire us — but they’re happy with the service they’re getting.”

The Data Powerhouse: Innodata

At No. 4 on the Forbes list is Innodata, a $2 billion data engineering firm that provides AI training data for five of the “Magnificent Seven.”

  • Revenue: $228 million (up 100% YoY)
  • Profit: $43 million
  • Stock performance: +2,000% since 2023
    Wedbush’s Dan Ives calls it “a diamond in the rough” — a public alternative to private giants like Scale AI and Surge AI, especially after Meta’s $29 billion stake in Scale forced rivals to diversify.

Powering the AI Grid

Other top-ranked names include:

  • Power Solutions International, Argan, Graham Corp., and Powell Industries — all supplying energy infrastructure for data centers.
  • ACM Research (No. 24) — cleaning tools for chipmakers, +120% stock gain in a year.
  • Ambarella (No. 88) — edge-computing chips powering on-device AI, up 25%.

Future-Focused Innovators

Battery maker Amprius Technologies (No. 82) and drone firm Ondas Holdings (No. 79) have rebounded spectacularly — each rising over 600–1,500% in the past year despite modest revenues.

The AI-Resistant Pick

For investors wary of an AI bubble, Forbes also spotlights Universal Technical Institute, a trade-school network training welders, nurses, and mechanics — jobs less exposed to automation. Its stock doubled in a year with $809 million in revenue and a low price-to-sales ratio under 2.

As Forbes puts it, the next trillion-dollar AI story might begin in America’s small caps. From TSS’s server racks to Innodata’s training data, these unsung players are powering the AI revolution from the ground up — one rack, chip, and algorithm at a time.

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