Infrastructure Stocks Power AI Boom Beyond GPUs

The artificial intelligence surge is creating demand for more than just the processors powering the computations. Companies like Eaton, Vertiv, and Quanta Services are positioned to benefit as they provide the essential electrical systems, cooling solutions, and grid infrastructure that enable the physical buildout of AI-powered data centers. This demand is translating into significant order backlogs and revenue growth for these companies.

Eaton has reported a substantial U.S. data center backlog reaching 307 gigawatts, representing approximately 15 years of work at current build rates. While only a portion is expected to convert in the near term, the majority of deliveries are slated for 2028 and beyond, offering long-duration revenue visibility. Vertiv, a direct supplier of critical power and thermal management equipment within data centers, posted a 24% revenue increase in the second quarter of 2026, alongside $925 million in free cash flow. Quanta Services also reported significant growth, with its backlog surging to $48 billion.

These infrastructure plays are crucial for translating AI spending into functional data center capacity, underscoring a broader investment theme beyond the immediate focus on semiconductor manufacturing.