AI spending is not just about headline-grabbing IPOs like Anthropic’s proposed $1.5–$2t listing. It is also about the quieter plumbing that keeps data centers powered as Anthropic outlines up to $120.5b of potential compute spend with SpaceX through 2029. That kind of strain on the grid creates real pressure and potential openings. This article walks through 3 stocks that could be positively exposed to this story.
The three stocks highlighted next are just a sample of what this theme can look like in practice. The full screen surfaced 62 more large, liquid utilities and electrical-equipment providers with equally compelling AI data center power stories that are not covered here.
To go straight to the full set and start to identify, compare, and analyze the highest-conviction ideas for your own watchlist, head into the AI-Driven Data Center Power and Electrical Infrastructure Providers screener.
Legrand (ENXTPA:LR)
Overview: Legrand is a global supplier of electrical and digital infrastructure, providing power distribution, switchgear, UPS and data center solutions for high-density buildings.
Operations: Legrand generates about €10.1b from electrical equipment, with material exposure to the United States at €4.1b and Europe including France at roughly €3.9b.
Market Cap: €33.0b
Legrand matters in this AI power theme because its switchgear, UPS units and data center fit out hardware sit directly in the path of rising compute demand.
"Although Legrand is growing data center sales and has upgraded its 2030 organic growth ambition to 6% to 8%, the reliance on IT load rising from 80GW in 2025 to 180GW by 2030 leaves group revenue and earnings at risk if AI driven capacity additions or hyperscaler spending slow materially before this extra 100GW of capacity is committed."
What happens to Legrand’s margins and growth will hinge on how one quiet pressure inside its data center power portfolio ultimately resolves.
That pressure point is exactly what the full narrative for Legrand unpacks, showing where AI driven demand could accelerate, stall or quietly reshape Legrand’s earnings mix.
Hammond Power Solutions (TSX:HPS.A)
Overview: Hammond Power Solutions designs and builds transformers and related power gear that move electricity into and around energy hungry AI data centers.
Operations: Hammond Power Solutions generates about CA$1.06b from transformer manufacturing and sales, mostly in the United States and Mexico at CA$806m.
Market Cap: CA$2.6b
Hammond Power Solutions matters for this AI data center power theme because its transformers sit at the grid connection point, where rising compute demand quietly turns into very real, long-life equipment orders.
"Very strong demand from data centre projects, which now account for a little bit beyond 30% of Hammond Power Solutions revenue and a larger share of its expanded backlog, can keep supporting long-cycle order flow and drive top-line growth as multiyear custom projects are delivered and invoiced."
What happens when one less visible cost pressure inside those large, long-cycle transformer contracts decides whether that data center backlog turns into healthier margins or just more volume?
That margin swing sits at the center of the full narrative for Hammond Power Solutions, which maps how accelerating AI data center demand could decouple Hammond Power Solutions earnings from that cost pressure.
Power Solutions International (PSIX)
Overview: Power Solutions International builds natural gas and alternative fuel engines and packaged power systems that support on-site and backup power for data center operators.
Operations: Power Solutions International generates about $676 million from engineered integrated electrical power generation systems, largely in the United States at $628 million with smaller contributions from Europe and the Pacific Rim.
Market Cap: $1.1b
Power Solutions International matters for this AI power screen because its engines underpin the on-site generation and backup capacity data centers need when grid connections lag compute demand.
"PSIX has seamlessly transformed its traditional industrial engine portfolio to capture this specific demand vector. This transition is driven by heavy-duty gas platforms, particularly the 21.9L, 32L, 40L, and massive 53L natural gas engines."
What ultimately happens to Power Solutions International margins and growth will hinge on how one unseen cost and capacity pressure inside those data center focused projects resolves.
That pressure is exactly what the full narrative for Power Solutions International breaks down, showing where AI data center demand could accelerate PSIX’s engine opportunity and where hidden risks might still be masked.
Seeking Alternatives Before The Crowd?
Fresh themes are breaking out, momentum is building and some capital may move before prices start flying. Scan these curated shortlists while they are still under the radar for now.
- Spot resilient compounders that may hold up when sentiment drops by lining up balance-sheet strong candidates inside the list of solid balance sheet and fundamentals (207 results).
- Consider early moves in companies tied to electrification and infrastructure upgrades by combing through the curated 42 power grid technology and infrastructure stocks.
- Track high-yield payers that could help keep portfolios anchored when markets get choppy by reviewing the hand picked 224 dividend fortresses.
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