3 Cloud Infrastructure Stocks Worth Watching As AI Data Centre Spending Shifts

Anthropic’s huge H1 2026 loss of $80.7b, its long-term cloud and chip commitments that could reach $750b, and a cutback in the rumoured IPO valuation to about $1.5t together signal that AI infrastructure is both crowded and wide open. Capital is flowing, yet discipline really matters. This piece picks out three large cloud and colocation data centre operators exposed to that story and explains why each might deserve a closer look.

The three stocks below are just a sample of what this theme can look like in a portfolio. The full screen surfaced 28 more global cloud and colocation operators with equally compelling stories that are not covered here.

If you want to identify and analyze your own highest conviction ideas around this theme, head straight to the Global Listed Cloud & Colocation Data-Centre Operators screener.

GMO internet group (TSE:9449)

Overview: GMO internet group runs internet infrastructure, cloud hosting, security, payments, and online financial services that can benefit from rising data-centre demand.

Operations: Most revenue comes from the Internet Infrastructure segment at ¥186,849 million, followed by Internet Finance at ¥43,720 million, largely generated in Japan.

Market Cap: ¥372.8b

GMO internet group matters in this screener because its core infrastructure and cloud services can absorb rising AI workloads without relying solely on speculative use cases.

"Expansion of rock solid recurring services such as staking, Tenbin.AI and dot-brand domains on top of existing infrastructure subscriptions can deepen GMO Internet Group’s base of predictable stock revenue and increase visibility on group operating profit and cash flow."

What really moves the needle for GMO internet group is how one quiet shift in its revenue mix ultimately feeds through to margins.

That quiet shift is exactly what the full narrative for GMO internet group unpacks, including how recurring revenue could be decoupling reported earnings volatility.

Calix (CALX)

Overview: Calix builds cloud platforms, software and Wi-Fi systems that help broadband providers manage and monetize residential, business and community connectivity.

Operations: Calix generates about $1.1b from developing, marketing and selling communications access systems and software, with roughly $1.0b coming from United States customers.

Market Cap: $2.2b

Calix matters for this screen because its cloud platforms sit at the point where rising traffic, AI heavy services and data centre capacity meet everyday broadband usage.

"The rollout of the AI native Calix One platform and Agent Workforce Cloud to roughly 1,200 migrated customers, supported by around $2b of historical platform investment and more than 0.5 billion workflows processed annually, points to further monetisation of agentic workflows that can support higher software and services revenue and improving gross margin quality."

What happens if one pressure on Calix’s hardware economics shifts just as this software heavy model starts to reshape overall profitability?

If that inflection point interests you, go straight to the full narrative for Calix to see how Calix’s model could be accelerating and where risks might still be hiding.

Coforge (NSEI:COFORGE)

Overview: Coforge delivers AI led engineering, cloud and data services that help global enterprises modernise operations and build more intelligent digital systems.

Operations: Coforge generates ₹182,260 million from Software Solutions, largely serving clients in the Americas at ₹106,600 million alongside EMEA and ROW markets.

Market Cap: ₹852.7 billion

Coforge matters in this cloud and data centre themed screen because its AI heavy services help clients actually use all that new compute.

"The rapid ramp up in AI infused solutions, now reflected in Coforge generating 86% of Q1 FY27 revenue from AI led engineering, data and cloud work and using AI in about 30% of engagements, keeps the earlier AI thesis live and points to further scope for higher value projects that can support revenue growth and net margins."

What could really reshape the Coforge story is how one less visible financial pressure ultimately flows through to those AI rich margins.

That quieter pressure is exactly what the full narrative for Coforge unpacks, revealing how Coforge’s AI heavy work could be masking both upside and crucial risk pivots.

Seeking Fresh Alternatives Before They Fly

Fresh opportunities can move from quiet to breakout fast, and by the time momentum is obvious the best entry often has dropped away. Scan under the radar for now and look to get in early.

• Identify companies that are already demonstrating strength with cash rich balance sheets and disciplined operations, then line them up using the list of solid balance sheet and fundamentals (22 results).
• Explore early-stage AI names where revenue models already lean toward profit, and filter that potential through the 38 profitable AI stocks that aren't just burning cash.
• Focus on cash flowing miners that may benefit when gold sentiment shifts and sort those resilient operators through the 35 elite gold producer stocks.

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