AI data centres have shifted from tech buzzword to hard infrastructure story, with US economic growth at 3.4% and a 12.7% jump in non-residential investment pulling real money into servers, power and cooling. Miss this and you risk watching others capture the ripple effects. This article walks through three stocks exposed to that AI build out, explaining how the same news can create opportunity or caution for your portfolio.
The stocks that follow are just a small sample of this theme. The full screen surfaced 41 more US AI infrastructure and data centre builders with equally compelling stories that are not covered below. To go beyond the shortlist and identify potential higher conviction ideas for your own watchlist, head straight into the US AI Infrastructure and Data Centre Builders screener.
Fluence Energy (FLNC)
Overview: Fluence Energy provides grid scale battery storage systems and optimization software that help keep electricity reliable for power hungry data centers and AI workloads.
Operations: Fluence Energy generates about US$2.6b in revenue from batteries and battery systems, with additional contribution from APAC, EMEA and segment adjustments.
Market Cap: US$930 million
Fluence Energy matters for this AI infrastructure screen because its grid scale storage and software sit behind the scenes, keeping power stable when data centers and hyperscalers ramp energy demand. This is exactly what the analyst consensus Narrative on Simply Wall St focuses on in its latest view.
“Fluence Energy reports a 16 GWh data center pipeline by Q3 2026 and multi hundred million dollar commitments under two hyperscaler agreements, which could support multi year growth in project revenue once these awards convert to deliveries and cash collection.”
What happens to Fluence Energy’s margins and cash generation depends heavily on how one unresolved pressure inside its manufacturing footprint is resolved.
If that pressure unwinds in Fluence Energy’s favour, read the full narrative for Fluence Energy to see how the risk, hyperscaler pipeline and margins could be decoupling.
SOLV Energy (MWH)
Overview: SOLV Energy designs, builds and maintains utility scale solar, battery storage and high voltage infrastructure that keeps US power grids ready for energy hungry data centers.
Operations: SOLV Energy generates about US$3.2b of revenue from heavy construction activities, all from projects across the United States.
Market Cap: US$5.6b
AI data centers cannot run without dependable, high capacity power. SOLV Energy is already executing on roughly US$3.2b of US heavy construction revenue tied to solar, storage and grid infrastructure. Management points to a surge in electricity demand from data infrastructure and a large contracted backlog. What happens to future pricing power and margins depends on how one unseen pressure in that build cycle plays out.
That hidden pressure is exactly what makes the analysis report for SOLV Energy so useful, because it unpacks whether SOLV Energy’s backlog strength could be masking future margin strain.
Quanta Services (PWR)
Overview: Quanta Services builds and maintains high voltage lines, substations and underground utility networks that feed power hungry US data centers.
Operations: Quanta Services generates about US$30.5b from Electric Infrastructure Solutions and US$6.8b from Underground Utility and Infrastructure, mostly in the United States.
Market Cap: US$87.9b
Quanta Services matters in this AI infrastructure screen because, as HedgeY, an investor in the Simply Wall St Community, argues, it provides the heavy electrical and grid work utilities and hyperscalers need before any new data center can switch on.
“Quanta sits at the intersection of several unusually durable spending waves: aging grid replacement, transmission expansion, utility hardening, manufacturing reshoring, renewable interconnection, and AI-driven power demand. Management has tied this demand directly to very large projects.”
What happens to Quanta Services’ earnings mix and pricing power hinges on how one unresolved constraint in utility and data center power projects evolves.
That constraint is exactly what the full narrative for Quanta Services unpacks, showing where Quanta Services’ AI power buildout could be accelerating and where risks might quietly cap upside.
Curious About Alternative Market Paths?
Fresh themes are starting to emerge while attention stays focused on AI. Momentum can shift quickly, and areas that are under the radar today may attract more attention over time.
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