AI Data Center Boom Lifts Chips, Power and Cooling Suppliers

Generative AI has turned the data center from a back-office cloud asset into the core of a new infrastructure cycle. Amazon, Microsoft, Alphabet and Meta are adding compute capacity, lifting demand beyond GPUs to semiconductor-manufacturing equipment, networking, power distribution and liquid cooling. The expansion has also put data center landlords such as Equinix and Digital Realty, and infrastructure suppliers including Vertiv, on investors’ radar as the AI trade broadens beyond a handful of chip leaders.

TrendForce said on Feb. 25, 2026, that capital spending by the world’s eight largest cloud service providers would exceed $710 billion this year, up about 61% from 2025. On June 3, Goldman Sachs raised its cumulative 2025-2030 capex forecast for Meta, Microsoft, Amazon and Alphabet to $5.3 trillion. The buildout promises a longer order runway for equipment, real estate, power and cooling suppliers, but heavier reliance on outside financing raises debt, execution and return-on-investment risks.