3 Power Grid Stocks With Direct Exposure to AI Data Center Spending

Big Tech is pulling billions away from stock buybacks and pouring that cash into AI infrastructure, and that shift puts the quiet workhorses of the power grid in the spotlight. If data centers and AI need more electricity, the companies building transformers, switchgear, and transmission gear sit closer to the action. This article unpacks that story and profiles 3 stocks directly exposed to this AI capex surge.

The stocks profiled below are just a starting sample, and the full screen surfaced 31 more U.S. data center power and grid infrastructure providers with equally compelling narratives that are not covered here. To identify and analyze the highest conviction ways to play this theme, head straight into the U.S. Data Center Power and Grid Infrastructure Providers screener.

Granite Construction (GVA)

Overview: Granite Construction builds large civil and utility infrastructure across the U.S., including projects that can support grid, power and data center expansion.

Operations: Granite generates about US$4.4b from Construction and US$1.3b from Materials, with a small amount eliminated on consolidation.

Market Cap: US$5.8b

Granite Construction matters in this AI power buildout because its heavy civil and utility work can link energy projects directly to real data center sites across the country.

"Growing exposure to federal, rail, mission critical and energy related infrastructure work, including a rising federal project portfolio and data center site development targeted to reach a larger share of revenue, provides additional end market diversity that can support revenue and earnings resilience."

What happens to Granite Construction’s margins if a single unseen pressure inside that expanding project mix breaks in the wrong direction?

If that pressure point matters to your thesis, the full narrative for Granite Construction shows what could accelerate Granite Construction or quietly limit its AI infrastructure upside.

IES Holdings (IESC)

Overview: IES Holdings designs and installs electrical and technology systems across U.S. data centers, commercial buildings, infrastructure projects, and residential construction.

Operations: IES Holdings generates about US$1.5b from Communications, US$1.2b from Residential, US$700 million from Infrastructure Solutions, and US$561 million from Commercial & Industrial, almost entirely in the United States.

Market Cap: US$5.8b

IES Holdings matters for this AI power theme because its electrical and communications work often sits exactly where data centers plug into the grid.

"The acquisition of DBM Global will place considerable pressure on future forecasted revenue and profit margins."

What happens to IES Holdings’ returns on all that new data center and power infrastructure work if a single funding assumption shifts?

If that question is front of mind, the full narrative for IES Holdings explains how the DBM Global deal could reshape IES Holdings’ risk, returns and AI infrastructure upside in practice.

L.B. Foster (FSTR)

Overview: L.B. Foster provides engineered rail products, precast concrete structures, and corrosion protection solutions that support large scale infrastructure and utility projects.

Operations: L.B. Foster generates about US$348 million from Rail, Technologies, and Services and US$240 million from Infrastructure Solutions.

Market Cap: US$411 million

L.B. Foster matters to the AI power theme because its rail technologies, precast concrete, and protective coatings can underpin the physical grid upgrades around hyperscale data centers.

"Substantial increases in government infrastructure funding specifically for transportation, public works, and water projects continue to support a sizeable backlog in L.B. Foster’s rail and precast activities, which can provide multi year visibility for revenue and production volumes."

What happens to L.B. Foster’s improved earnings profile if a single assumption behind that higher margin mix shift fails to hold?

That hinges on one quiet shift inside L.B. Foster’s project mix, and the full narrative for L.B. Foster unpacks how that could accelerate or cap its AI infrastructure leverage.

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