3 Great AI Infrastructure Stocks To Own In September 2026

Central banks are keeping interest rates higher for longer as inflation risks stay tied to energy markets. That keeps borrowing costs elevated and puts more pressure on companies to turn sales into real cash. This is where the physical backbone of AI, from power hungry data centers to advanced connectivity, becomes interesting for investors. This article highlights three picks and shovel style AI infrastructure stocks from the screener that may be worth a closer look.

The three stocks below are just a sample of the idea, while the full screen surfaced 52 more AI infrastructure companies with equally compelling stories that are not covered here. If you want to go deeper into this theme, head straight to the AI Infrastructure Stocks screener to identify, compare, and analyze your highest conviction picks.

Western Digital (WDC)

Overview: Western Digital is a long established data storage company that develops and sells hard disk drives and storage platforms, with a key role supplying high capacity data center HDDs and systems that store cold and warm AI training and inference data for hyperscalers and cloud providers. It also sells a wide range of external, portable and home office storage products to consumers and small businesses.

Operations: Western Digital generates all of its US$12.9b revenue from hard disk drives, with sales spread across major regions including the United States, China, Hong Kong and Europe, the Middle East and Africa.

Market Cap: US$159.2b

Western Digital may appeal to investors who want direct exposure to the hardware that keeps AI data centers running, rather than to headline grabbing software stocks. A focused HDD business, long term data center contracts and high margin AI storage demand have pulled the company into a position where its drives are effectively sold out. However, the stock still carries risks that matter, from potential future capacity build outs to the ongoing question of how long HDDs remain the cheapest way to store large AI data sets. Analysts have been raising earnings estimates and highlighting free cash flow, but the mix of insider selling, volatile sentiment and past boom and bust storage cycles means the key issues are how long current pricing power can last and what happens when the AI build phase slows.

Western Digital’s pricing power and sold out AI storage capacity could be telling a bigger story about future cash generation. Get the full context plus the biggest watchpoints in the 4 key rewards and 3 important warning signs (1 is major!)

Lumentum Holdings (LITE)

Overview: Lumentum Holdings is a photonics manufacturer that supplies semiconductor laser chips, optical modules, circuit switches and wavelength management systems that help move huge volumes of data inside hyperscale AI and cloud data centers. Alongside this AI linked connectivity business, it also sells lasers and optical components into telecom, consumer and industrial applications that are less directly tied to AI infrastructure.

Operations: Lumentum reports all of its US$3.0b revenue through a single Integrated Enterprise segment, with sales spread globally across the United States, China, Hong Kong, Thailand, Mexico, Japan, EMEA and other Asia Pacific and Americas regions.

Market Cap: US$76.0b

Investors looking at Lumentum Holdings are really looking at a way to play the plumbing of AI data centers, where its high speed optical modules and wavelength management systems are essential for linking GPU clusters with low latency. Recent quarters show a sharp recovery in margins and free cash flow, and several major banks in August and September 2026 pointed to strong AI driven demand, supply constraints and pricing power. The trade off is clear: this is a capital intensive, cyclical hardware business with high fixed costs, heavy debt and customer concentration among hyperscalers. Any pause in AI capex or normalization of supply could hit both earnings and valuation hard. The open question is how durable this current AI optics upswing really is.

AI optics demand at Lumentum Holdings is accelerating, yet its capital intensity and customer concentration raise big questions about how the story plays out next. Get the fuller picture in the 3 key rewards and 3 important warning signs

Vertiv Holdings Co (VRT)

Overview: Vertiv Holdings Co supplies the essential power systems, high density thermal management, and modular data center solutions that keep AI focused data centers running, with a particular strength in liquid cooled racks and clusters built for GPU heavy workloads. Beyond AI, Vertiv also supports broader digital infrastructure such as telecom networks, e commerce and cloud services, selling hardware, software and lifecycle services across more than 130 countries.

Operations: Vertiv generates around US$7.5b of revenue in the Americas, US$2.7b in Asia Pacific and US$2.4b in Europe, the Middle East and Africa, before intersegment eliminations of about US$1.2b.

Market Cap: US$103.5b

Vertiv Holdings is worth a close look if you want exposure to the power and liquid cooling equipment that AI data centers cannot operate without, backed by a US$10.2b revenue base and a sizeable backlog tied to hyperscale demand. Earnings growth has been strong, margins have improved and return on equity is high, which together point to an ability to convert this demand into real cash. Recent moves such as the planned Utility Innovation Group acquisition push Vertiv further into grid and microgrid power for AI projects. The trade off is a premium valuation and reliance on a handful of large cloud customers, so any slowdown in AI capex or tighter credit conditions could affect the stock.

Vertiv’s accelerating AI power and cooling story rests on a US$10.2b revenue base and a sizeable backlog that many investors may still be underestimating. See how the analyst forecasts for Vertiv Holdings Co lines up with valuation risks that could flip the narrative.

Seeking Fresh Alternatives Beyond AI?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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