Beyond Big Tech: Three Critical Infrastructure Stocks Powering the AI Data Center Boom

While megacap tech giants dominate artificial intelligence headlines, the rapid expansion of computing infrastructure is channeling significant capital toward providers of data-center real estate, cooling systems, and electrical grid connectivity. According to a Lawrence Berkeley National Laboratory report, U.S. data centers accounted for 4.4% of domestic electricity consumption in 2023, with projections reaching 6.7% to 12% by 2028.
Three non-Big Tech companies occupy distinct operational roles across this infrastructure buildout:
• $DLR (Digital Realty): Operates as a data-center REIT, combining real estate yields with capital appreciation. The company reported a record $1.4 billion in annualized base rent from signed leases awaiting commencement in Q2, alongside a 25.4% cash increase on lease renewals.
• $VRT (Vertiv Holdings): Supplies critical power-distribution equipment and high-density liquid- and air-cooling systems. Vertiv posted 24% year-over-year revenue growth in Q2, with its stock gaining roughly 75% over the trailing 12 months through mid-September.
• $PWR (Quanta Services): Constructs and upgrades transmission lines, substations, and facility electrical systems. For Q2 2026, revenue increased to $9.56 billion from $6.77 billion a year earlier, adjusted EPS climbed to $4.24 from $2.48, and total project backlog reached a record $53.4 billion.
Despite strong tailwinds, all three firms face valuation risks, project delay vulnerabilities tied to permitting or severe weather, and sensitivity to any broader slowdown in AI capital expenditure.