- AI is turning the digital economy into an infrastructure buildout, creating demand for companies that supply data-center power, cooling, and networking equipment.
The artificial intelligence boom is increasingly becoming a physical infrastructure story. Data centers need electricity, thermal management, high-speed networking, and increasingly sophisticated equipment to support larger computing clusters.
Goldman Sachs expects the five largest US hyperscalers to spend about $1.2 trillion on AI infrastructure in 2027, up from roughly $800 billion expected in 2026. That spending is reaching far beyond semiconductor manufacturers, with demand spreading into AI infrastructure companies, power equipment and data-center cooling.
Three companies with direct exposure to these requirements are Vertiv Holdings Co. (NYSE: VRT), Eaton Corp. plc (NYSE: ETN), and Arista Networks Inc. (NYSE: ANET).
1. Vertiv: Data Center Power and Cooling
Vertiv supplies critical digital infrastructure, including power and cooling systems used to keep data centers operating. Its products are becoming increasingly important as AI servers generate greater power consumption and heat.
Vertiv reported second-quarter 2026 net sales of $3.27 billion, up 24% from the same period a year earlier. Operating profit increased 44%, while adjusted operating profit rose 51%. The company also raised its full-year outlook.
Vertiv expects 2026 net sales of approximately $14 billion at the midpoint, representing organic sales growth of about 31%. Adjusted diluted earnings per share are projected at $6.65 to $6.75.
The company said demand for AI and general computing continues to intensify as deployments become larger and more infrastructure-intensive. Vertiv is also increasing capacity to meet demand from the data-center market. The company's exposure to the AI buildout is therefore tied to a basic requirement: more computing capacity requires more power and increasingly advanced cooling.
2. Eaton: Electrical Infrastructure for AI
Eaton provides a different way to participate in the same data-center expansion through electrical infrastructure and power management. The company reported record second-quarter 2026 sales of $8.5 billion, up 21% from a year earlier. Organic sales increased 14%, while its Electrical Americas business posted an 18% organic sales increase.
Eaton's rolling 12-month orders in Electrical Americas rose 41%, while total Electrical sector backlog increased 43% year over year. The company identified data centers as a key growth driver.
Its Electrical Global business generated record quarterly sales of $2.5 billion, up 44% year over year. Eaton said the increase included an 18% organic gain and a contribution from Boyd Thermal, which it acquired earlier in 2026.
Eaton raised its 2026 adjusted earnings-per-share outlook to between $13.40 and $13.60. The company's opportunity extends beyond individual data centers. As AI facilities require more electricity, operators also need equipment capable of distributing, controlling, and protecting that power. Rising electricity requirements are creating opportunities across the energy and infrastructure stocks supporting the data-center economy.
3. Arista Networks: The AI Networking Layer
Arista Networks supplies networking equipment used in large data centers and AI computing environments. Its technology allows large numbers of processors and servers to communicate at high speeds.
The company reported second-quarter 2026 revenue of $3.036 billion, an increase of 37.7% from the same period a year earlier. It also recorded 40% year-over-year growth in non-GAAP earnings per share. Arista introduced 1.6-terabit-per-second AI fabric platforms during the quarter, including liquid-cooled configurations designed for scale-up, scale-out and scale-across AI networks.
The networking requirement becomes more significant as AI clusters grow. Thousands of processors need to exchange data quickly, making the network connecting those systems an increasingly important part of the overall infrastructure. Arista's results provide evidence of that demand. Its first $3 billion quarterly revenue result came as customers continued investing in AI and data-center infrastructure.
The three companies represent different layers of the same infrastructure buildout. Vertiv focuses on power and thermal management, Eaton provides electrical infrastructure and power management, while Arista supplies the networking equipment connecting large computing systems.
Their latest results also show that AI infrastructure demand is reaching businesses outside the semiconductor industry. The broader AI spending cycle is increasingly affecting companies involved in the physical construction and operation of data centers.
That does not mean the three stocks carry identical investment profiles. Their valuations, customer exposure, margins, capital requirements, and sensitivity to data-center spending are different. The common factor is their position within the infrastructure required to expand AI computing capacity.
As hyperscalers continue committing billions of dollars to new computing capacity, the companies supplying the power, cooling, and networking systems required to operate those facilities are becoming an increasingly important part of the digital economy.