Tech & AI
The companies building AI’s power plants
13 stocks · 4 groups · Updated
Every AI answer runs in a data center. Building one takes four things — chips, cooling, buildings and electricity — and each is a different set of public companies.
At a glance
- 01Making the chipsNVDA · AMD · AVGO · MU · ANET
- 02Keeping servers cool and poweredVRT · ETN · GEV
- 03Owning the buildingsEQIX · DLR
- 04Selling the electricityCEG · VST · NEE
01
Making the chips
NVDANVIDIANVDAMakes the GPUs that train and run AI models.
NVIDIA no longer describes itself as a chip company. In its latest quarterly report it calls itself an AI infrastructure company.
“NVIDIA is now a data center-scale AI infrastructure company reshaping all industries.”
NVIDIANVDA
Makes the GPUs that train and run AI models.
NVIDIA no longer describes itself as a chip company. In its latest quarterly report it calls itself an AI infrastructure company.
“NVIDIA is now a data center-scale AI infrastructure company reshaping all industries.”
AMDAMDAMDMakes rival AI chips for data centers.
AMD has signed multi-year deals with two of the biggest AI buyers, each planning up to 6 gigawatts of AMD data center GPUs, with the first gigawatt of each deployment powered by our AMD Instinct MI450 series products.
“In October 2025 and February 2026, we entered into multi-year agreements with OpenAI OpCo, LLC (OpenAI) and Meta Platforms, Inc. (Meta), respectively, under which each customer intends to deploy up to 6 gigawatts of AMD data center GPUs, with the first gigawatt of each deployment powered by our AMD Instinct MI450 series products.”
AMDAMD
Makes rival AI chips for data centers.
AMD has signed multi-year deals with two of the biggest AI buyers, each planning up to 6 gigawatts of AMD data center GPUs, with the first gigawatt of each deployment powered by our AMD Instinct MI450 series products.
“In October 2025 and February 2026, we entered into multi-year agreements with OpenAI OpCo, LLC (OpenAI) and Meta Platforms, Inc. (Meta), respectively, under which each customer intends to deploy up to 6 gigawatts of AMD data center GPUs, with the first gigawatt of each deployment powered by our AMD Instinct MI450 series products.”
AVGOBroadcomAVGODesigns custom AI chips and networking for big tech.
Broadcom builds chips to order for the largest AI labs, plus the networking that connects them.
“We see unprecedented demand for our custom AI accelerators or XPUs and AI networking solutions from our customers, including the leading frontier AI labs, due to the demand for AI compute.”
BroadcomAVGO
Designs custom AI chips and networking for big tech.
Broadcom builds chips to order for the largest AI labs, plus the networking that connects them.
“We see unprecedented demand for our custom AI accelerators or XPUs and AI networking solutions from our customers, including the leading frontier AI labs, due to the demand for AI compute.”
MUMicronMUMakes the memory chips AI servers need.
Every AI chip needs fast memory next to it. Micron says demand is growing faster than the industry can make it.
“AI-driven memory and storage growth is outpacing industry supply.”
MicronMU
Makes the memory chips AI servers need.
Every AI chip needs fast memory next to it. Micron says demand is growing faster than the industry can make it.
“AI-driven memory and storage growth is outpacing industry supply.”
ANETArista NetworksANETSells the switches that link thousands of servers.
AI clusters need fast networks between chips. Arista says its largest customers are speeding up those purchases.
“We believe an increased focus on the deployment of AI-enabled solutions by our large customers has accelerated the need for advanced technology offerings, including some offerings from potential new market entrants.”
Arista NetworksANET
Sells the switches that link thousands of servers.
AI clusters need fast networks between chips. Arista says its largest customers are speeding up those purchases.
“We believe an increased focus on the deployment of AI-enabled solutions by our large customers has accelerated the need for advanced technology offerings, including some offerings from potential new market entrants.”
02
Keeping servers cool and powered
VRTVertivVRTCooling and power equipment for server racks.
AI chips run hot. Vertiv sells the cooling and power systems around each rack, and says it is adding factory capacity to keep up.
“We continue to see very robust growth in demand for data centers supporting artificial intelligence ("AI") and high-performance compute applications and have strategically invested in expanding our global capacity in response to current and anticipated customer demand across key infrastructure segments.”
VertivVRT
Cooling and power equipment for server racks.
AI chips run hot. Vertiv sells the cooling and power systems around each rack, and says it is adding factory capacity to keep up.
“We continue to see very robust growth in demand for data centers supporting artificial intelligence ("AI") and high-performance compute applications and have strategically invested in expanding our global capacity in response to current and anticipated customer demand across key infrastructure segments.”
ETNEatonETNElectrical gear that feeds power to servers.
Every new data center needs switchgear and transformers before it can switch on. Eaton names data centers as a market with momentum.
“We are strengthening our participation across the entire electrical power value chain and benefiting from momentum in the data center and utility end markets as well as a growth cycle in the commercial aerospace and defense markets.”
EatonETN
Electrical gear that feeds power to servers.
Every new data center needs switchgear and transformers before it can switch on. Eaton names data centers as a market with momentum.
“We are strengthening our participation across the entire electrical power value chain and benefiting from momentum in the data center and utility end markets as well as a growth cycle in the commercial aerospace and defense markets.”
GEVGE VernovaGEVMakes the gas turbines behind new power plants.
Many new data centers are powered by gas. GE Vernova makes the turbines and ties its outlook to hyperscaler demand.
“We believe that gas power plays an essential role in the energy transition, serving as a fundamental source of reliable and dispatchable power to support industrialization, grid stability needs, and rising electricity demand from hyperscalers and data centers.”
GE VernovaGEV
Makes the gas turbines behind new power plants.
Many new data centers are powered by gas. GE Vernova makes the turbines and ties its outlook to hyperscaler demand.
“We believe that gas power plays an essential role in the energy transition, serving as a fundamental source of reliable and dispatchable power to support industrialization, grid stability needs, and rising electricity demand from hyperscalers and data centers.”
03
Owning the buildings
EQIXEquinixEQIXRents data center space around the world.
AI racks draw far more power. Equinix says its new data centers are built for twice the power and cooling of older ones.
“This increased power consumption, which we expect to accelerate with the adoption of AI, has driven us to build out our new IBX data centers to support power and cooling needs twice that of previous IBX data centers.”
EquinixEQIX
Rents data center space around the world.
AI racks draw far more power. Equinix says its new data centers are built for twice the power and cooling of older ones.
“This increased power consumption, which we expect to accelerate with the adoption of AI, has driven us to build out our new IBX data centers to support power and cooling needs twice that of previous IBX data centers.”
DLRDigital RealtyDLRLeases large data center campuses.
Digital Realty leases whole buildings, mostly to cloud companies, and names AI as a lasting source of demand.
“We believe cloud and hybrid cloud solutions and artificial intelligence technologies, along with other digital transformation initiatives, will remain significant drivers of demand for data center infrastructure.”
Digital RealtyDLR
Leases large data center campuses.
Digital Realty leases whole buildings, mostly to cloud companies, and names AI as a lasting source of demand.
“We believe cloud and hybrid cloud solutions and artificial intelligence technologies, along with other digital transformation initiatives, will remain significant drivers of demand for data center infrastructure.”
04
Selling the electricity
CEGConstellation EnergyCEGSells nuclear and gas power on long contracts.
Data center builders are signing power deals directly with plant owners. Constellation signed one this year.
“In the first quarter of 2026, we signed a new 380 MW agreement with Dallas-based CyrusOne, a leading global data center developer and operator, to connect and serve a new data center adjacent to the Freestone Energy Center, in Freestone County, Texas.”
Constellation EnergyCEG
Sells nuclear and gas power on long contracts.
Data center builders are signing power deals directly with plant owners. Constellation signed one this year.
“In the first quarter of 2026, we signed a new 380 MW agreement with Dallas-based CyrusOne, a leading global data center developer and operator, to connect and serve a new data center adjacent to the Freestone Energy Center, in Freestone County, Texas.”
VSTVistraVSTRuns power plants in fast-growing regions.
Vistra names large data centers first among the reasons electricity demand is rising where it operates.
“Electricity demand drivers including the rise of large scale data centers, the electrification of oil field operations, and electric vehicle load building are contributing to a projected fast-paced load growth in the regions we serve.”
VistraVST
Runs power plants in fast-growing regions.
Vistra names large data centers first among the reasons electricity demand is rising where it operates.
“Electricity demand drivers including the rise of large scale data centers, the electrification of oil field operations, and electric vehicle load building are contributing to a projected fast-paced load growth in the regions we serve.”
NEENextEra EnergyNEELarge utility building plants for new demand.
Data center demand is big enough that grid operators are rewriting their rules, NextEra says.
“RTO and ISO rules and procedures are currently being revisited in stakeholder processes and other proceedings, including proceedings before FERC, in response to the substantial increase in power demand from data centers and other large-load customers.”
NextEra EnergyNEE
Large utility building plants for new demand.
Data center demand is big enough that grid operators are rewriting their rules, NextEra says.
“RTO and ISO rules and procedures are currently being revisited in stakeholder processes and other proceedings, including proceedings before FERC, in response to the substantial increase in power demand from data centers and other large-load customers.”
Why it matters now
The money for AI doesn't stay with one company. It flows to the chip makers first, then to the firms that cool and power the racks, the landlords that own the buildings and the power plants that run them. Each company above says so in its own SEC filings.