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U.S. Internet Services and Infrastructure Industry Analysis

UpdatedFeb 20, 2026
DataAggregated Company Financials
Companies44
  • 7D4.9%
  • 3M-4.6%
  • 1Y4.7%
  • YTDn/a

Over the last 7 days, the Internet Services and Infrastructure industry has risen 4.9%, driven by gains from Shopify of 12%. During this same period, the Applied Digital underperformed, falling 13%. This takes the industry's 12 month performance to a gain of 4.7%. Earnings are forecast to grow by 32% annually.

Industry Valuation and Performance

Has the U.S. Internet Services and Infrastructure Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 20 Feb 2026US$443.7bUS$42.9b-US$738,961,233.6850.9x-600.4x10.3x
Sun, 18 Jan 2026US$499.6bUS$41.6b-US$167,343,766.0559.5x-2985.8x12x
Tue, 16 Dec 2025US$506.1bUS$41.5b-US$257,889,944.8751.4x-1962.4x12.2x
Thu, 13 Nov 2025US$530.6bUS$40.8b-US$493,318,805.90101.7x-1075.7x13x
Sat, 11 Oct 2025US$566.6bUS$43.7bUS$431.9m83.7x1312x13x
Mon, 08 Sep 2025US$500.2bUS$43.9bUS$410.4m105.9x1218.9x11.4x
Wed, 06 Aug 2025US$442.5bUS$36.7b-US$1,272,014,408.47102.3x-347.9x12x
Fri, 04 Jul 2025US$453.4bUS$36.5b-US$1,337,405,524.84127.1x-339x12.4x
Sun, 01 Jun 2025US$394.9bUS$36.4b-US$1,382,750,445.0388x-285.6x10.9x
Tue, 29 Apr 2025US$336.7bUS$38.9bUS$18.6m63.4x18146.9x8.7x
Thu, 27 Mar 2025US$347.1bUS$37.4bUS$785.2m85.9x442x9.3x
Sat, 22 Feb 2025US$374.4bUS$37.0bUS$17.8m69.5x21036.9x10.1x
Mon, 20 Jan 2025US$308.9bUS$31.7b-US$1,881,829,773.9496.6x-164.1x9.7x
Wed, 18 Dec 2024US$325.1bUS$32.1b-US$1,443,296,502.1679.2x-225.3x10.1x
Fri, 15 Nov 2024US$300.3bUS$31.6b-US$1,500,784,582.18101.6x-200.1x9.5x
Sun, 13 Oct 2024US$253.0bUS$30.7b-US$1,665,418,515.4267.1x-151.9x8.2x
Tue, 10 Sep 2024US$215.9bUS$30.6b-US$1,664,494,338.1855.9x-129.7x7x
Thu, 08 Aug 2024US$194.9bUS$29.7b-US$3,150,527,609.2623.3x-61.9x6.6x
Sat, 06 Jul 2024US$248.5bUS$33.9b-US$1,616,626,192.7823.3x-153.7x7.3x
Mon, 03 Jun 2024US$226.8bUS$33.8b-US$1,561,815,697.5422.4x-145.2x6.7x
Wed, 01 May 2024US$246.8bUS$28.6b-US$3,373,591,733.8958x-73.1x8.6x
Fri, 29 Mar 2024US$265.3bUS$28.5b-US$3,317,721,910.9130.1x-80x9.3x
Sun, 25 Feb 2024US$287.0bUS$28.2b-US$2,792,713,648.9229.8x-102.8x10.2x
Tue, 23 Jan 2024US$291.7bUS$29.0b-US$3,557,570,598.0020.4x-82x10x
Thu, 21 Dec 2023US$290.8bUS$29.0b-US$3,578,446,801.0020.4x-81.3x10x
Sat, 18 Nov 2023US$249.6bUS$28.5b-US$3,681,536,769.0021.6x-67.8x8.7x
Mon, 16 Oct 2023US$221.1bUS$27.7b-US$4,957,911,232.0020.7x-44.6x8x
Wed, 13 Sep 2023US$251.0bUS$27.7b-US$4,943,783,066.0020.5x-50.8x9.1x
Fri, 11 Aug 2023US$226.6bUS$27.5b-US$5,114,550,936.0020.3x-44.3x8.2x
Sun, 09 Jul 2023US$237.5bUS$27.4b-US$5,289,710,924.0018.9x-44.9x8.7x
Tue, 06 Jun 2023US$238.7bUS$27.5b-US$5,246,364,025.0016.8x-45.5x8.7x
Thu, 04 May 2023US$193.4bUS$30.8b-US$7,876,523,285.0018.4x-24.6x6.3x
Sat, 01 Apr 2023US$215.2bUS$31.1b-US$8,409,810,058.0023.4x-25.6x6.9x
Mon, 27 Feb 2023US$195.1bUS$30.6b-US$8,141,765,683.0021.7x-24x6.4x
Price to Earnings Ratio

-24x


Total Market Cap: US$195.1bTotal Earnings: -US$8,141,765,683.00Total Revenue: US$30.6bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Internet Services and Infrastructure Industry Price to Earnings3Y Average -1790.2x202420252026
Current Industry PE
  • Investors are optimistic on the American Internet Services and Infrastructure industry, and appear confident in long term growth rates.
  • The 3-year average PS ratio of 9.3x is lower than the industry's current PS ratio of 10.3x.
Past Earnings Growth
  • The earnings for companies in the Internet Services and Infrastructure industry have improved over the last three years.
  • Revenues for these companies have grown 12% per year.
  • This means that more sales are being generated by these companies overall, and subsequently losses are decreasing too.

Industry Comparison

How does U.S. Internet Services and Infrastructure compare with similar industries?

US Market0.64%
Tech0.58%
IT1.34%
Internet Services and Infrastructure4.91%
Data Processing Services2.54%
IT Consulting-1.88%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
SHOP ShopifyUS$123.8011.9%
+US$17.1b		0.3%PE131.2x
NET CloudflareUS$192.644.0%
+US$2.6b		23.2%PS31.3x
SNOW SnowflakeUS$179.203.6%
+US$2.2b		-3.1%PS14x
CRWV CoreWeaveUS$97.141.5%
+US$750.6m		n/aPS11.8x
AKAM Akamai TechnologiesUS$109.594.8%
+US$716.4m		11.8%PE31.1x

Latest News

AKAM
US$109.59
Akamai Technologies
7D
4.8%
1Y
11.8%
DOCN
US$68.18
DigitalOcean Holdings
7D
6.9%
1Y
58.4%
SHAZ
US$31.00
SharonAI Holdings
7D
1,531.6%
1Y
-54.0%
APLD
US$31.53
Applied Digital
7D
-12.8%
1Y
209.7%

APLD: Hyperscale Power Agreements Will Define Future Pure Play AI Infrastructure Narrative

Narrative Update on Applied Digital The analyst price target for Applied Digital has shifted from $56.11 to $58.00, with analysts citing stronger demand for AI infrastructure, progress on hyperscaler and colocation leases, and continued Q2 momentum as key supports for the updated outlook. Analyst Commentary Bullish analysts remain broadly constructive on Applied Digital, pointing to recent contract activity, funding support, and AI data center buildout as key parts of the story.
NET
US$192.64
Cloudflare
7D
4.0%
1Y
23.2%

NET: AI Infrastructure Hype Will Outpace Real Security Monetization Risks

Cloudflare's fair value estimate has moved from $132.68 to $145.00 as analysts balance a mix of lower individual price targets, fresh upgrades, and continued interest in the stock's role in AI infrastructure and security workloads. Analyst Commentary Recent Street research on Cloudflare reflects a split view, with some firms lifting targets or upgrading on AI infrastructure and security demand while a group of more cautious voices trims expectations and stresses execution and valuation risks.
WIX
US$66.72
Wix.com
7D
-6.0%
1Y
-67.2%

WIX: Elevated AI Spending Will Pressure Margins Yet Support Long Term Upside

Analysts have trimmed their Wix.com price targets by $5 to $60 across several firms, reflecting caution around near term margin pressure from Vibe coding and Base44 related spending, even as they highlight ongoing revenue growth assumptions and a still supportive long term AI website builder thesis. Analyst Commentary Recent Street research shows a clear tilt toward more conservative expectations for Wix.com, with several firms cutting price targets and flagging execution risks tied to new initiatives like Vibe coding and Base44.
FSLY
US$18.07
Fastly
7D
12.7%
1Y
131.4%

FSLY: Security Momentum Will Struggle To Offset Rising Execution Risk

We are lifting our Fastly fair value estimate from $14.00 to $15.00 per share. This change reflects a series of recent analyst price target increases that rely on higher assumed revenue growth, modestly stronger profit margins, a lower discount rate, and a reduced future P/E multiple in updated models.
SHOP
US$123.80
Shopify
7D
11.9%
1Y
0.3%

SHOP: Rich Multiple And Mixed Sentiment Will Likely Cap Near-Term Upside

Analysts have trimmed our Shopify fair value estimate to $110 from about $139. This reflects lower price targets across the Street as models reset for softer revenue growth assumptions, slightly reduced margin expectations, and lower sector P/E multiples despite generally solid recent results.
VNET
US$12.45
VNET Group
7D
-11.3%
1Y
-15.2%

VNET Group, Inc.'s (NASDAQ:VNET) 31% Share Price Surge Not Quite Adding Up

Feb 16
VNET Group, Inc.'s (NASDAQ:VNET) 31% Share Price Surge Not Quite Adding Up
GDS
US$45.56
GDS Holdings
7D
-2.7%
1Y
-6.1%

GDS: 300MW 2025 Leasing And 2026 Installs Will Support Upside

Narrative Update Analysts have adjusted their fair value estimate for GDS Holdings from $48.30 to $52.73, citing updated assumptions on discount rates, long term revenue growth, profit margins, and future P/E expectations following recent mixed 3Q25 results and steady 2025 guidance. Analyst Commentary Bullish and bearish analysts are reading the same mixed 3Q25 update and 2025 guidance in very different ways, which shows up directly in how they think about fair value and upside versus execution risk.
OKTA
US$81.80
Okta
7D
-3.7%
1Y
-14.1%
VRSN
US$216.62
VeriSign
7D
-0.7%
1Y
-7.4%
KC
US$13.75
Kingsoft Cloud Holdings
7D
-7.3%
1Y
-31.8%

KC: Lower Discount Rate And Solid Margins Will Support Future Upside

Analysts have trimmed their price target on Kingsoft Cloud Holdings to reflect a modestly lower discount rate, slightly adjusted long term revenue growth and profit margin expectations, and a reduced forward P/E assumption of 52.55x. This results in a revised fair value of US$18.14 per share.
SNOW
US$179.20
Snowflake
7D
3.6%
1Y
-3.1%

SNOW: OpenAI Partnership And AI Demand Will Drive Future Platform Adoption

Narrative Update: Snowflake Analysts have lifted their fair value estimate for Snowflake to US$366.83 from US$334.94. This reflects updated assumptions for slightly lower revenue growth, a modestly reduced discount rate, a higher future P/E multiple, and increased AI consumption potential tied to Snowflake's new US$200m partnership with OpenAI and broader AI focused research commentary.
CRWV
US$97.14
CoreWeave
7D
1.5%
1Y
n/a
MGRT
US$6.20
Mega Fortune
7D
-49.8%
1Y
n/a