Indian equity markets are often seen as lagging behind the global artificial intelligence (AI) boom. However, smaller firms are experiencing significant gains, particularly Sterlite Technologies Ltd., which has surged over 530% this year following a $1.1 billion contract with a US hyperscaler. Other companies like HFCL Ltd. and MTAR Technologies Ltd. have also seen substantial increases of 191% and over 300%, respectively. A Bloomberg index tracking 28 companies in the data-center supply chain has collectively gained about $47 billion in market value this year, while the broader NSE Nifty 500 index has lost over $300 billion. This shift reflects a growing market belief in the potential of companies that support data centers, as AI investments drive demand for infrastructure. Major players like Amazon and Alphabet Inc. are investing heavily in India's data infrastructure, further fueling this trend. Analysts emphasize that the current environment presents a unique opportunity for investors in the industrial supply chain linked to AI, marking a significant industrial investment cycle.