Had You Invested in These 2 AI Infrastructure Winners 10 Years Ago, Here’s What You’d Have Now

By Trey Thoelcke Published Apr 7, 8:40AM EDT

Quick Read

Both Arista Networks (ANET) and Comfort Systems USA (FIX) have delivered extraordinary returns since the AI boom began.
Both rides came with volatility, but they have earned their premiums, so long as the AI infrastructure thesis holds.

Follow 24/7 Wall St. on Google

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Had You Invested in These 2 AI Infrastructure Winners 10 Years Ago, Here’s What You’d Have Now — © Google

Arista Networks (NYSE: ANET | ANET Price Prediction) and Comfort Systems USA (NYSE: FIX) look nothing alike on the surface. Arista makes high-speed networking switches that move data inside hyperscale cloud facilities, while Comfort Systems sends electricians and HVAC crews to build and cool those same facilities. Together, they form two distinct layers of the AI infrastructure stack, and both have delivered extraordinary returns since the artificial intelligence boom began.

Two Distinct Companies, One Shared Tailwind

Arista’s story is about winning the networking layer of AI. As hyperscalers like Microsoft and Meta raced to build GPU clusters, they needed ultra-low-latency switching fabric to connect them. Arista supplied it. FY2025 revenue hit $9.006 billion, up 28.6% year over year, and the company crossed 150 million cumulative ports shipped while expanding into campus networking via its VeloCloud acquisition.

Comfort Systems’ story is simpler. Data centers need cooling, power, and mechanical systems before a single server goes live. As AI construction spending accelerated, Comfort Systems’ backlog tripled. Data center and tech infrastructure now accounts for roughly 45% of company revenue, and FY2025 net income crossed $1 billion for the first time, rising 95.73% year over year. The record backlog of $11.94 billion at year-end 2025 roughly doubled in a single year.

Your $1,000 Across Three Time Horizons

Arista Networks (ANET)

1-Year Return

Initial Investment: $1,000
Current Value: $1,961
Total Return: 96.1%
S&P 500 (same period): $1,304 (30.4%)

5-Year Return

Initial Investment: $1,000
Current Value: $6,562
Total Return: 556.2%
S&P 500 (same period): $1,621 (62.1%)

10-Year Return

Initial Investment: $1,000
Current Value: $31,072
Total Return: 3,007.2%
S&P 500 (same period): $3,222 (222.2%)

Comfort Systems USA (FIX)

1-Year Return

Initial Investment: $1,000
Current Value: $4,851
Total Return: 385.1%
S&P 500 (same period): $1,304 (30.4%)

5-Year Return

Initial Investment: $1,000
Current Value: $19,557
Total Return: 1,855.7%
S&P 500 (same period): $1,621 (62.1%)

10-Year Return

Initial Investment: $1,000
Current Value: $46,954
Total Return: 4,595.4%
S&P 500 (same period): $3,222 (222.2%)

Both rides came with volatility. Arista beat earnings in all four quarters of FY2025, yet sold off after three of those reports. After its Q3 2025 beat, shares dropped 5.57% on earnings day and fell another 8.05% over the following 30 days, even as the broader market was roughly flat. Comfort Systems had the opposite dynamic: earnings-day pops averaging 13.37% rewarded holders who stayed through volatility.

The Case For and Against Each Today

Arista warrants attention if AI networking capital spending continues accelerating and the company executes on its “Arista 2.0” campus expansion. Analysts carry a consensus target of $176.46, and with 28 Buy or Strong Buy ratings against just three Holds and zero Sells, Wall Street conviction is high. The risks include tariffs or China export controls hitting supply chains, or a hyperscaler capex pause. The stock trades at forward P/E of 36x, leaving little room for execution stumbles.

Comfort Systems is compelling if its $11.94 billion backlog converts cleanly and AI data center construction stays hot. Earnings momentum is real, and the dividend was just raised to $0.70 per quarter. The risks include fixed-price contracts squeezed by labor or materials inflation, or a slowdown in data center starts draining the backlog. At forward P/E of 47x, the market is pricing in continued perfection.

Both stocks have earned their premiums. Comfort Systems’ backlog visibility offers more near-term earnings confidence; Arista’s software-driven model carries better long-term margin potential. Both have proven they can outperform the market by a wide margin when the AI infrastructure thesis holds.

About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.