3 AI Infrastructure Stocks Backed By Data Center Spending

AI infrastructure sits at the center of this earnings season story, with expected Q3 strength in the S&P 500 leaning heavily on chips, data centers and cloud buildouts while energy and higher rates pull the market in very different directions. If you care about where AI related spending is actually flowing, this is where attention goes. This article walks through three stocks exposed to this news and explains why that exposure may be relevant for your portfolio.

The three stocks highlighted below are just a sample, and the full screen surfaced 29 more US-listed semiconductor and hardware companies with AI and data center angles that carry equally compelling narratives. To identify and analyze those higher-conviction ideas directly, head straight to the US AI-Driven Semiconductor and Hardware Earnings Beneficiaries screener.

Keysight Technologies (KEYS)

Keysight Technologies gives you exposure to the plumbing behind AI data centers, supplying the design and test tools that hardware makers rely on when building semiconductors, high speed networking gear and compute systems. This is exactly the type of work this screener is trying to surface.

Keysight Technologies provides electronic design, test and simulation tools for communications, data centers, aerospace and defense, automotive, energy and semiconductor customers, generating about US$4.7b from its Communications Solutions Group and US$1.9b from its Electronic Industrial Solutions Group, and carrying a market value around US$63.8b.

"Adoption of AI across digital infrastructure is now visible in Keysight Technologies reporting, with commercial communications delivering its first US$1b quarter and wireline revenue surpassing wireless in Q3 2026. Continued AI data center build-outs and higher speed interconnect testing are expected to support future revenue and earnings."

What happens to that earnings story depends heavily on how a single mix shift inside Keysight’s higher margin software and services business plays out.

That mix shift is the real swing factor, and the full narrative for Keysight Technologies spells out how Keysight Technologies could see AI demand accelerate, stall or quietly get masked by legacy trends.

AAON (AAON)

AAON plugs into this AI-infrastructure screen from the cooling side, supplying HVAC and data center environmental systems that sit around the chips rather than inside them. This makes its growth story more about translating that supporting role into durable cash generation.

AAON, a US$7.1b commercial HVAC specialist, earns about US$1.1b from AAON Oklahoma, US$535 million from BASX, and US$461 million from AAON Coil Products, giving it a broad mix across rooftop units, data center cooling and specialized air handling solutions.

"Rapid expansion of BASX data center cooling capacity, with segment revenue expected to more than double in 2026 and facilities sized for more than US$2b of data center revenue, positions AAON to convert a structurally larger opportunity into higher revenue and earnings."

What ultimately matters for investors is how one persistent pressure on AAON’s profitability evolves as this larger data center footprint fills out.

That pressure point is exactly what the full narrative for AAON unpacks, separating cyclical noise from an accelerating data center story that could quietly reshape AAON’s profit mix.

Power Solutions International (PSIX)

Power Solutions International sits on the edge of the AI infrastructure story, supplying the heavy-duty engines and power systems that keep energy hungry data centers and industrial sites running while investors focus on chips and software.

Power Solutions International generates about US$676 million from engineered integrated electrical power generation systems and has a market value near US$1.1b, giving investors exposure to large scale power equipment rather than semiconductors.

Against that backdrop, the company has become a quietly important way to play rising demand for reliable power in an AI focused buildout, but the balance sheet and cash flow picture deserve closer attention before treating it as a simple infrastructure proxy.

"The 62% increase in sales is positive, but the damage these sales have caused to the balance sheet is unsustainable. Inventory increased by 62% in nine months, from $93.8 million to $152.2 million, creating the risk of unsold product or a 'working capital trap.'"

What happens to future profitability hinges on how that pressure point interacts with one less visible constraint inside the power systems business.

That hidden constraint is exactly where the full narrative for Power Solutions International shows how Power Solutions International could turn today’s working capital strain into accelerating AI era power upside.

Seeking Fresh Alternatives Before They Fly

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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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