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AI data center stocks

Data Centers

Real estate, servers, GPU clouds

The buildings, the server makers that assemble chips into racks, and the specialist clouds that rent GPUs by the hour. Closest to the physical build-out; most sensitive to its pace.

CompanyTicker
Equinix
Data centers
Colocation and interconnection data centers (REIT).
EQIX
Digital Realty
Data centers
Data-center landlord to hyperscalers and enterprises (REIT).
DLR
Super Micro Computer
Data centersChips
Builds GPU servers and racks, including liquid-cooled systems.
SMCI
Dell Technologies
Data centers
AI-optimized PowerEdge servers alongside PCs and storage.
DELL
CoreWeave
Data centersHyperscalers
Specialist GPU cloud renting NVIDIA capacity to AI labs.
CRWV
Eaton
PowerData centers
Primary: Power & Cooling
Electrical distribution and power-quality equipment inside data centers.
ETN
Vertiv
PowerData centers
Primary: Power & Cooling
Power and liquid-cooling infrastructure for AI racks.
VRT

Companies whose primary category is elsewhere but that also belong here are listed with their primary tag.

How data centers companies earn from AI

This is the layer closest to the physical build-out: the landlords (Equinix, Digital Realty) who own the buildings, the server makers (Dell, Super Micro) who assemble accelerators into racks, and the specialist GPU cloud (CoreWeave) that rents finished capacity by the hour. Money moves through it quickly. A server maker recognizes revenue when a rack ships; a landlord recognizes rent over a ten-year lease; a GPU cloud recognizes contract revenue as capacity comes online.

Exposure runs from core (CoreWeave and Super Micro do little else) through significant (Dell's AI servers are a third of revenue and doubling) to partial (the two REITs, whose AI exposure is a share of new leasing inside a much larger existing base). The numbers to read are backlog at the server makers, signed-but-not-commenced leases at the REITs, and contracted power at CoreWeave.

Editorial, written from the reported figures on each company page. Company names link to those pages: EQIX, DLR, SMCI, DELL, CRWV.

The numbers right now

Reported by the companies; each line links to the release or filing it comes from.

What to watch in data centers

  • Backlog conversion at Dell ($95 billion) and Super Micro (record backlog): shipments depend on GPU supply, so a backlog that grows while revenue stalls means the constraint is upstream. source
  • How the build is financed: CoreWeave announced $3.0 billion of convertible notes on September 17, 2026 and Dell sold $5.0 billion of senior notes on September 15. Rising debt is the cost of the backlog. source
  • Margins at the assemblers: Super Micro's fiscal-year gross margin was 10.8%. Volume growth in this layer does not automatically mean profit growth. source

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Latest 10-K, 10-Q and 8-K filings in Data Centers

Source: SEC EDGAR