AI infrastructure laps the field while gas producers run on empty

This earnings season was a demolition derby between the AI buildout and the rest of the economy. AI cloud infrastructure revenue grew a median 283.2% year over year, while natural gas & NGL exploration & production contracted 35.7%. That 319-point spread is the widest divergence in the data set, and it tells you where capital is flowing — and where it is fleeing.

Revenue growth by industry (median YoY)

AI infrastructure didn't just win — it lapped the field twice

Nebius (NBIS) posted revenue growth of +454.0% year over year, the single highest figure in the dataset. CoreWeave (CRWV) grew revenue +112.5% and EBITDA +132.3%, though its net profit fell 115.9% as it invests heavily in capacity. These aren't anomalies; they're the new baseline for AI cloud. The industry median of +283.2% is so far above every other sector that comparisons feel almost unfair.

The semiconductor supply chain feeding this boom is also printing monster numbers. Astera Labs (ALAB) grew revenue +104.5% and net profit +199.0%; Credo Technology (CRDO) grew revenue +114.7% and net profit +104.1%. Micron (MU) posted a staggering +345.7% revenue increase, and Nvidia (NVDA) delivered +105.9% revenue growth with a 100% three-year CAGR. If you weren't levered to AI infrastructure, you were watching from the stands.

Natural gas producers are the season's ugly stepchild

CNX Resources (CNX) saw revenue fall 35.7% and net profit drop 53.1%. EQT Corporation (EQT) fared even worse on the bottom line: revenue -29.2%, EBITDA -38.3%, net profit -73.0%. Range Resources (RRC) also slipped, with revenue -11.3% and net profit -17.8%. The natural gas & NGL exploration & production industry median revenue decline of -35.7% is the only negative sector median in the entire dataset. Even oil-focused E&Ps, which posted a healthy +32.6% median revenue gain, couldn't escape the gas drag entirely.

The plot twist: a little-known chip equipment maker accelerated from a low base while giants stumbled

Kulicke & Soffa (KLIC) grew revenue +122.6% year over year, a massive acceleration from its prior period, which had no comparable growth figure. Meanwhile, Lam Research (LRCX) saw revenue fall 13.0% and net profit plunge 41.9%. This divergence within semiconductor capital equipment is the season's genuine surprise: the market rewarded niche players with explosive growth while punishing the large-cap incumbents. KLIC's three-year revenue CAGR is still -24.2%, showing just how volatile this space can be.

Cheap for growth: oil E&Ps and Super Micro offer value; Palantir and Tesla are priced for perfection

Oil & gas exploration & production names are absurdly cheap relative to their growth. SM Energy (SM) trades at a P/E of 8.1x and EV/EBITDA of 2.3x while growing revenue +215.3%. Chord Energy (CHRD) is at 8.9x P/E and 3.1x EV/EBITDA with +84.0% revenue growth. Matador (MTDR) sits at 8.8x P/E and 3.1x EV/EBITDA with +31.1% revenue growth. On the flip side, Palantir (PLTR) trades at a P/E of 150.3x after growing revenue +92.8%, and Tesla (TSLA) sports an EV/EBITDA of 98.8x with revenue up just +25.5%. Super Micro (SMCI) is the anomaly: +93.2% revenue growth yet a P/E of only 11.7x and EV/EBITDA of 7.5x. That's either a value trap or the bargain of the season.

Income hunters: telecom and energy still pay, but growth is scarce

AT&T (T) offers a P/E of 8.4x and EV/EBITDA of 7.1x, with revenue up just 2.3%. Verizon (VZ) trades at 12.3x P/E and 7.9x EV/EBITDA, but revenue slipped 0.7% and net profit fell 23.3%. APA Corporation (APA) combines a 9.0x P/E and 3.1x EV/EBITDA with +9.0% revenue growth. For yield-focused investors, these are the names that pay you to wait, but don't expect fireworks.

The long view: Nvidia's 100% three-year revenue CAGR and Nebius's 239.8% CAGR stand out as the most durable growth stories. But watch the divergence between AI infrastructure and traditional energy — it's widening, not narrowing. If gas prices remain depressed, the E&P pain will continue. And if AI capex slows, the high-flyers will correct violently. The market is betting on the former and ignoring the latter. That's the risk.

Players: growth & yield (no absolute levels)