3 AI Infrastructure Stocks To Watch Beyond The Big Tech Data Center Buildout

Higher rates, stubborn inflation and a 10-year Treasury above 5% are putting pressure on many assets, yet AI data centers keep pulling in capital as big tech spends heavily on chips, power and cooling. Investors risk missing a key pocket of activity if they ignore where this spending actually lands. This article breaks down three stocks exposed to that AI buildout and how the latest Fed move could shape their risk and reward profile.

The three stocks below are a useful jumping-off point, yet the full screen pulled out 33 more AI infrastructure and data center builders with equally compelling stories that are not covered here.

If you want to go straight to the source and identify your own highest conviction angles on this theme, head into the AI Infrastructure & Data Center Builders screener.

AAON (AAON)

AAON is best known for high-efficiency HVAC gear. Its growing data center cooling line plugs it directly into the AI infrastructure buildout, making it an interesting way to access thermal management as server power density keeps climbing.

AAON, Inc. supplies specialized heating and cooling systems across commercial end markets, with data center cooling a clear fit for the AI infrastructure theme. Most revenue comes from AAON Oklahoma at about US$1.1b, followed by AAON Coil Products at roughly US$461 million and BasX at about US$535 million. The stock is valued at around US$6.3b.

"Rapid growth in the data center market, driven by demand for advanced cooling solutions (liquid cooling, custom chillers), is fueling significant BasX brand order wins and partnerships (such as Applied Digital), positioning AAON to capitalize on long-term technology and infrastructure spending."

What happens to AAON’s margin story if a single cost pressure shifts just as those large projects move from backlog to full production?

If that pressure point matters to you, read the full narrative for AAON to see how AAON’s backlog, pricing power and project mix could be quietly reshaping its AI exposure.

Amphenol (APH)

Amphenol plugs directly into the AI infrastructure story because its electrical and fiber connectors are the physical links inside servers, racks and data centers, with Communications Solutions generating about US$16.8b of its sales and a market value near US$191.2b.

Amphenol’s connectors and fiber systems quietly sit behind every GPU rack and high speed switch. When hyperscalers commit to bigger AI data centers, this stock effectively sells the plumbing that makes those builds possible.

"Book-to-bill holding above 1.0. At 1.23 with record orders, this is the cleanest forward indicator in my whole portfolio."

What happens to that order pipeline if one critical assumption about how much bandwidth each new rack needs suddenly shifts?

If that bandwidth assumption is wrong, read the full narrative for Amphenol to see how Amphenol’s order momentum, pricing power and capital returns could be quietly decoupling.

Silicon Motion Technology (SIMO)

Silicon Motion Technology is effectively a pure play on AI data center storage, because its NAND flash controllers sit inside the SSDs that keep GPU servers fed with data. This is exactly the bottleneck big tech is spending heavily to ease.

Silicon Motion Technology earns about US$1.3b from developing NAND flash controllers for solid state storage devices across client, enterprise and embedded uses, while the stock carries a market value near US$9.2b.

"The rapid expansion of high-performance storage demand from AI, data centers, cloud computing, and edge computing is fueling adoption of advanced NAND controller solutions, particularly Silicon Motion's PCIe Gen 5 and enterprise-focused MonTitan controllers, supporting robust future revenue and margin growth as these markets scale."

What happens to Silicon Motion Technology’s earnings power if one unseen pressure inside that AI storage cycle suddenly flips the pricing balance?

That pricing flip risk is exactly why it helps to read the full narrative for Silicon Motion Technology, which maps how Silicon Motion Technology’s AI storage cycle could be accelerating or quietly stalling.

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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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