3 US AI Infrastructure Stocks With Backlog Growth And Funding Risk

AI infrastructure is where artificial intelligence meets concrete, cables, and cooling, and that physical backbone is attracting serious attention as investors reassess risk around inflation, rates, and growth across regions. While bond markets react to shifting central bank signals and consumer demand sends mixed messages, the companies that actually power AI data centers sit closer to real assets and cash flows. This article highlights 3 stocks from our AI Infrastructure Stocks screener, focusing on businesses that turn data center demand into revenue and operational efficiency, so you can see which types of AI picks and shovels some investors are watching right now.

Lumentum Holdings (LITE)

Overview: Lumentum Holdings supplies the optical chips, lasers, and modules that move data inside cloud and AI data centers, as well as lasers used in semiconductor, solar, display, and electric vehicle manufacturing worldwide. Its two segments, Cloud & Networking and Industrial Tech, tie the company directly to both AI infrastructure buildouts and advanced manufacturing trends.

Operations: Lumentum generates revenue across multiple regions, with US$523.1m from the United States, US$494.4m from Thailand, US$460.7m from Hong Kong, US$318m from Mexico, US$256.1m from Other Asia-Pacific, US$178.7m from EMEA, US$96.2m from Japan, US$18.8m from Other Americas, and a segment adjustment of US$142.4m.

Market Cap: US$66.13b

Lumentum Holdings supplies co packaged optics and optical circuit switches that large customers, including Nvidia, are committing billions of dollars to over multiple years. Analysts have published expectations for revenue and earnings growth and some have highlighted potential upside relative to current prices. At the same time, the stock carries pressure points, including a rich valuation, volatile trading, a reliance on external borrowing, and reported insider selling that may influence views on how much optimism is already reflected in the share price. For investors watching AI infrastructure closely, a key consideration is how Lumentum’s profit recovery, capacity plans, and debt profile fit with their own risk tolerance and return objectives.

For Lumentum Holdings, the real tension is whether rich expectations and insider selling are masking something in plain sight, so walk through the 4 key rewards and 2 important warning signs to see how the current optimism could cut both ways.

Dell Technologies (DELL)

Overview: Dell Technologies provides the hardware and services that sit at the heart of modern IT, from AI optimized servers, storage, and networking in data centers to laptops, desktops, and peripherals used by employees and consumers around the world.

Operations: Dell generates most of its revenue from its Infrastructure Solutions Group at US$79.52b and Client Solutions Group at US$53.08b, with a further US$1.4b from corporate and other activities.

Market Cap: US$264.60b

Investors watching AI infrastructure may consider Dell Technologies, which is tying record AI server backlogs, government contracts, and NVIDIA powered AI factory offerings to a business that already spans enterprise storage, servers, and PCs. Earnings have grown in the last year and some analysts expect double digit revenue and earnings growth. Some sources also flag the stock as trading below certain estimates of fair value. However, AI servers are currently margin dilutive, the balance sheet carries meaningful debt, and the PC segment remains cyclical. Future profitability therefore depends on how effectively Dell can shift more of its business mix toward higher margin storage, services, and AI infrastructure while managing these financial and operational risks.

Dell’s AI server backlog, government contracts, and NVIDIA aligned offerings hint at a story that goes beyond headline hype, so review the analyst forecasts for Dell Technologies to see what the current setup might be missing.

Vertiv Holdings Co (VRT)

Overview: Vertiv Holdings Co designs and services the power, cooling, and thermal management systems that keep data centers and other mission critical facilities running, including the liquid cooling and infrastructure needed for high density AI computing across more than 130 countries.

Operations: Vertiv generates most of its revenue from the Americas at US$7.0b, with US$2.4b from Asia Pacific, US$2.3b from Europe, the Middle East & Africa, and intersegment sales of US$973.8m.

Market Cap: US$127.93b

Vertiv Holdings sits at the heart of AI infrastructure, providing liquid cooling, power systems, and lifecycle services that large data center operators increasingly treat as essential rather than optional. Revenue and earnings are forecast to grow faster than the broader US market, profitability and ROE are already strong, and a roughly US$15b backlog plus recent acquisitions like ThermoKey and PurgeRite point to deeper exposure to AI heavy, water efficient cooling. On the flip side, a very high P/E multiple, reliance on external borrowing, concentrated hyperscaler customers, and a relatively short management tenure leave little room for execution missteps. For investors, the key question is whether Vertiv’s leading position in AI data center power and cooling justifies accepting those risks at today’s valuation.

Vertiv’s accelerating AI backlog, strong profitability, and high P/E hint that many investors may still be missing a key angle on its growth runway, so go through the analyst forecasts for Vertiv Holdings Co to see what that premium might really be pricing in.

The three stocks covered here are just a sample of the opportunities tied to AI’s physical backbone. The full screener has identified 46 more companies in the AI Infrastructure Stocks screener with equally compelling stories around cooling, power, and high density compute. Unlock that broader set, then use Simply Wall St to filter for the specific catalysts and narratives that matter most to you so you can identify and analyze the highest conviction AI infrastructure plays faster.

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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.
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