Naples, FL – October 21, 2026 – Artificial intelligence is still the biggest theme in the stock market this year. Both the S&P 500 and the Nasdaq Composite hit record highs in early October, with the Nasdaq up about 18.8% for 2026 at the time, and research firm Gartner projects that agentic AI will be built into one-third of enterprise software by 2028.
That spending is reaching well beyond the biggest names in tech. Smaller AI companies across software, chip design, training data, and data center infrastructure are posting record results and pushing into new markets. Let’s take a closer look at a few making the push.
Change Agents Corp. (Nasdaq: CHGA) is a developer of agentic AI software solutions that is advancing into AI-enabled autonomous air surveillance and air defense counter-unmanned aerial systems, or C-UAS, technologies. Its software portfolio includes Beacon, an AI search optimization platform, and Catch-Up, an autonomous AI-powered content creation platform, and the company runs a software-as-a-service model focused on generating recurring subscription revenue. Change Agents is also actively looking to expand into other high-growth sectors that are expected to benefit from AI.
Catch-Up recently reached a major development milestone. Change Agents announced that it completed Phase 2 development of the platform in collaboration with Caylent, an Amazon Web Services Premier Tier Services Partner, with AWS providing $125,000 in project funding. The company said the work turned Catch-Up from a manually configured application into an agentic AI video studio designed to autonomously generate personalized short-form videos for podcasters, social media influencers, and other digital creators who publish across multiple platforms. Director Michael Mathews called Phase 2 an important milestone for the platform and for the company’s broader agentic AI strategy, and Change Agents said it expected beta testing of the enhanced platform to begin in September.
Change Agents was also accepted into the Seagate Partner Program, run by Seagate, a global provider of mass-capacity data storage technology. The program gives Change Agents access to Seagate’s partner portal, including product information, training, and sales and marketing tools. That access ties into a growing need across AI, since the expansion of AI and autonomous systems is driving rising demand for data creation, storage, movement, and processing. Change Agents believes enterprise-class storage is an important part of the infrastructure behind data-intensive AI workloads, autonomous platforms, and mission-critical computing, and said the program gives it access to Seagate’s resources as it evaluates infrastructure and technology solutions for its expanding AI initiatives.
On the defense side, Change Agents recently launched Autonomous Air Defense LLC, a wholly owned subsidiary formed to identify, evaluate, acquire, and develop autonomous air defense and counter-UAS technologies, and added retired Major General Malcolm Frost to its advisory board. The company has since joined the Institute for Defense and Government Advancement and the Association of the United States Army.
Change Agents has said it believes the convergence of artificial intelligence, autonomous systems, and advanced sensing technologies is creating significant opportunities, and the numbers behind AI in defense support that view. The global AI in defense market was estimated at about $14.7 billion in 2025 and is projected to reach roughly $54.2 billion by 2034, according to Fortune Business Insights. With agentic AI platforms already on the market and a subsidiary evaluating acquisition and partnership opportunities, CHGA is a key micro-cap to follow in the AI sector.
Penguin Solutions (Nasdaq: PENG) calls itself the AI Factory Platform Company. Based in Fremont, California, it designs, builds, and manages next-generation data centers for enterprises, sovereign AI initiatives, and neocloud providers, combining infrastructure software, advanced memory, compute systems, and end-to-end services into one full-stack platform.
Penguin recently announced record fourth-quarter and full-year fiscal 2026 results. Net sales for the quarter, which ended August 28, came in at $566.7 million, up 68% from $337.9 million a year earlier. GAAP diluted EPS was $1.29, compared with $0.11 in the year-ago quarter, and non-GAAP diluted EPS was $1.00, up 133%. Operating income rose 458% to $69.5 million.
The company said its performance picked up sharply in the second half of the year following the launch of its AI Factory Platform and a stronger focus on the data center market. Revenue growth went from roughly flat in the first half to 48% in the third quarter and 68% in the fourth. For the full fiscal year, Penguin generated $1.73 billion in net sales, up 26%.
Customer growth has kept pace. Penguin added six AI infrastructure data center customers in the fourth quarter, including four neocloud providers, and 17 new AI infrastructure customers across the full fiscal year, while 12 existing customers expanded their business with the company. Penguin also closed an oversubscribed $750 million offering of 0% convertible senior notes due 2031.
Looking ahead, Penguin raised its fiscal 2027 outlook and now expects about $2.43 billion in net sales at the midpoint, which would represent roughly 40% growth over fiscal 2026.
Arteris (Nasdaq: AIP) describes itself as a leading provider of semiconductor technology for accelerating innovation in the AI era. Based in Campbell, California, the company licenses system IP, including its network-on-chip interconnect technology, that helps chipmakers move data efficiently across increasingly complex chips and chiplets.
Arteris recently announced record second-quarter 2026 results. Revenue rose 46% year over year to $24.1 million, coming in above the high end of the company’s guidance, and annual contract value plus royalties reached a record $99.5 million at quarter-end, up 44%. Remaining performance obligations, the company’s backlog of contracted future revenue, hit a record $135 million, up 36% from a year earlier.
AI is a major driver behind those numbers. President and CEO K. Charles Janac said design starts rose 21% over the trailing twelve months compared with the prior trailing twelve months, and that the majority of new designs now incorporate some form of AI compute. Data center chip and chiplet development remains a key growth driver, with enterprise computing averaging 29% of annual contract value plus royalties over the past four quarters and AI infrastructure deals among the company’s largest in the quarter.
Arteris also raised its full-year 2026 revenue outlook to $95 million to $98 million, which would represent about 37% growth at the midpoint. The company ended the quarter with $123 million in cash equivalents and investments and no financial debt.
Innodata (Nasdaq: INOD) is a data engineering company that supplies the training data, evaluation frameworks, and expertise used to build and improve complex AI models. Its customers include big tech companies and frontier AI labs, and the company has been positioning itself in agentic AI and automated model evaluation.
Innodata recently announced record second-quarter 2026 results. Revenue came in at $92.1 million, up 58% year over year and about 7% above consensus, marking the company’s 12th consecutive quarter of year-over-year growth. Adjusted EBITDA rose 92% to $25.4 million, or 27.5% of revenue, and adjusted gross margin expanded to 49%. Then-CEO Jack Abuhoff noted that, as in the first quarter, Innodata’s quarterly revenue topped its annual revenue from just three years ago.
The company’s customer base is also broadening. Innodata’s largest customer accounted for 37% of second-quarter revenue, down from 56% in the first quarter, while a big tech customer announced the prior quarter grew from 17% of revenue to 34%. Innodata also added a new customer that management described as one of the fastest-scaling frontier labs.
Innodata reiterated its guidance for full-year 2026 revenue growth of 40% or more and ended the quarter with $250.4 million in cash and short-term investments. The company also announced a planned leadership transition, naming Rahul Singhal as its incoming president and chief executive officer.
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