Artificial intelligence (AI) needs hardware. Behind every AI model sits a chip, and behind every chip sits a long chain of companies that test it, build the tools that make it, and assemble it into a finished kit. Three of Singapore’s billion-dollar technology names sit on that chain. Each is feeling AI demand. But it reaches them in different ways, and at different speeds. Here is how the wave is landing.

Which company is feeling AI demand most directly?

That would be AEM Holdings (SGX: AWX). AEM builds test and handling equipment for semiconductors, with a focus on high-parallel testing and thermal management for advanced chips. When a chipmaker ramps production, AEM’s machines are part of the process. The numbers for the first quarter of 2026 (1Q2026) show that ramp in full flow. Revenue rose 35.8% year on year (YoY) to S$116.9 million. Net profit jumped to S$14.3 million, up 329.4% from S$3.3 million a year ago. Net margin widened to 12.3%, from 3.9%....