The Index › AI compute
Who builds and equips the data centers?
The companies that build, cool, wire and run the data centers where AI computing happens.
Power, not chips, is the constraint: The power to run AI, not the chips, now sets the pace.
Spare rented computing capacity moves work around; it does not cancel new power and cooling construction, which follows capital spending, not chip scarcity.
What would prove us wrong
Hyperscaler capital-spending guidance cut at the late-October reports; or a data center of 100 megawatts or more publicly deferred citing surplus; or Vertiv cutting its growth guidance. (Vertiv stopped reporting quarterly orders and backlog in February; we watch deferred revenue and growth guidance instead.)
Review 2026-11-15 · check: hyperscaler 10-Qs; Vertiv's earnings release · the claim's page
The summer sell-offs on beat-and-raise reports are the market paying less for earnings, not the businesses failing. They reverse when the price of money stops rising.
What would prove us wrong
At the late-October to mid-November prints, companies that beat and raise keep falling while companies that miss hold. That would say the market is pricing the businesses, not the money.
Review 2026-11-20 · check: 10-Q filings and earnings releases · the claim's page
Reports next, in this group
Powell Industries17 Nov · expected, per Nasdaq
IES Holdings20 Nov · expected, per Nasdaq
Dell Technologies24 Nov · expected, per Nasdaq
| Company | What it sells | Reports next |
|---|---|---|
| AAON AAON |
AAON makes heating, ventilation and air-conditioning equipment for data centers and other large buildings, including the cooling systems that keep computing hardware running. | not yet announced |
| Amphenol APH |
Amphenol makes connectors and interconnect systems that link chips, circuit boards and servers together. | not yet announced |
| Caterpillar CAT |
Caterpillar makes heavy construction and mining machinery, plus the diesel generators that power data centers. | not yet announced |
| Coherent COHR |
Coherent makes lasers and optical components that move data between computers and data centers. | not yet announced |
| Comfort Systems FIX |
Comfort Systems installs and services the heating, ventilation and air-conditioning systems that keep data centers and other large buildings running. | not yet announced |
| Corning GLW |
Corning makes specialty glass and optical fiber used in data centers and networks. | not yet announced |
| Cummins CMI |
Cummins makes diesel and natural-gas engines and power generators that keep data centers and other facilities running. | not yet announced |
| Dell Technologies DELL |
Dell Technologies sells servers, storage and PCs to businesses and cloud providers, including AI servers used in the data centres that run artificial intelligence. | 24 Nov · expected, per Nasdaq |
| Digital Realty DLR |
Digital Realty leases and operates the data centers where cloud and enterprise computing equipment is housed, powered and cooled. | not yet announced |
| EMCOR EME |
EMCOR designs, builds and maintains the electrical and mechanical systems inside data centers and other large facilities. | not yet announced |
| Eaton ETN |
Eaton sells electrical power equipment, such as switchgear, power distribution units and uninterruptible power supplies, that keeps data center computing hardware supplied and protected. | not yet announced |
| Equinix EQIX |
Equinix runs data centers where companies house their servers and connect to cloud and network providers. | not yet announced |
| Fabrinet FN |
Fabrinet, a Thailand-based contract manufacturer, builds optical communications modules and components for networking and data-center customers. | not yet announced |
| Generac GNRC |
Generac makes backup generators and power equipment that keep data centers and other facilities running during grid outages. | not yet announced |
| Hubbell HUBB |
Hubbell makes electrical components, connectors and grid equipment that power data centers and the wider electrical network. | not yet announced |
| IES Holdings IESC |
IES Holdings designs, installs and maintains electrical and data-center systems, building the physical power and wiring that AI computing facilities need. | 20 Nov · expected, per Nasdaq |
| Iron Mountain IRM |
Iron Mountain (IRM) rents out data centers and records storage space to other companies. | not yet announced |
| MYR Group MYRG |
MYR Group builds the electrical power lines and substations that deliver electricity to data centers and other large computing facilities. | not yet announced |
| MasTec MTZ |
MasTec builds infrastructure across America, with smaller operations in Canada and Mexico. | not yet announced |
| Modine Manufacturing MOD |
Modine Manufacturing makes thermal management equipment, including cooling systems for data centers, which keep AI servers from overheating. | not yet announced |
| Powell Industries POWL |
Powell Industries builds electrical switchgear and power distribution equipment that feeds and protects large facilities, including data centers. | 17 Nov · expected, per Nasdaq |
| Quanta Services PWR |
Quanta Services builds and maintains the power transmission lines, substations and grid connections that carry electricity to data centers and other large computing facilities. | not yet announced |
| Sterling Infrastructure STRL |
Sterling Infrastructure builds the foundations, roadways and utility systems for data centers and other large facilities. | not yet announced |
| Super Micro Computer SMCI |
Super Micro Computer builds servers and the racks that house them, supplying the physical computing hardware that data centers rely on. | not yet announced |
| Vertiv VRT |
Vertiv sells infrastructure technology products and solutions through distributors and original equipment manufacturers. | not yet announced |
| nVent NVT |
nVent sells electrical enclosures, cooling equipment and power-connection products that keep data centers and other computing facilities safe and running. | not yet announced |
Showing 26 of 26 · No price is shown: the Index is a map of what each company sells and where it sits, not a quote board.
Next door
Who supplies the power? · Who supplies the rebuilding of defense? · Whose economics did the 2025 tax law change?