Five Data Center Stocks Riding the AI Wave: Complete Supply Chain Play

The artificial intelligence revolution continues to reshape global technology infrastructure, and the most compelling investment opportunity lies not in any single company, but across the entire data center supply chain. From chip designers to cooling specialists, a cohesive ecosystem of five publicly traded companies stands to benefit enormously from the explosive growth in AI infrastructure demands. The data center stocks powering this transformation offer investors exposure to multiple layers of a multi-trillion-dollar opportunity.

According to Bloomberg Intelligence, “The generative AI market is poised to explode, growing to $1.3 trillion over the next 10 years from a market size of just $40 billion in 2022.” Meanwhile, the International Data Corporation forecasted that global AI spending will surge 31.9% annually from 2025 through 2029, ultimately reaching approximately $1.3 trillion by 2029—representing 26% of total global IT spending. This unprecedented capital allocation toward AI infrastructure creates a rare moment where investors can benefit across multiple points in the technology stack.

These five companies—Amphenol Corp. (APH), Western Digital Corp. (WDC), Celestica Inc. (CLS), Jabil Inc. (JBL), and Comfort Systems USA Inc. (FIX)—represent different but complementary roles in the data center revolution. Their performance in 2025 has been stellar, with most delivering returns exceeding 45%. More importantly, their current fundamentals and analyst ratings suggest the upside story remains intact.

Amphenol: The High-Speed Backbone of AI Data Centers

At the foundation of modern data center infrastructure lies the need for faster, more reliable connectivity. Amphenol has established itself as the dominant provider of high-density interconnect solutions specifically engineered for AI workloads. The company supplies AI-powered high-speed connectors and cables optimized for the demanding thermal and performance requirements of hyperscale data centers. With an estimated 33% market share in AI-powered data center interconnects, APH’s advanced fiber-optic solutions have become indispensable for the rapid scaling happening today.

Amphenol’s business extends far beyond data center connectivity alone. Its diversified portfolio spans Defense, Commercial Aviation, Industrial, and IT Datacom segments. Rising demand for 5G infrastructure, next-generation defense systems, and medical device electrification all contribute to balanced growth. However, AI infrastructure remains the standout catalyst: as workloads intensify and cloud infrastructure undergoes rapid upgrades, demand for high-speed, high-capacity interconnects continues to accelerate.

The financial picture is compelling: Amphenol carries a Zacks Rank #1 (Strong Buy) rating and demonstrates expected revenue growth of 41.5% and earnings growth of 59.8% for the current year. The consensus estimate for current-year earnings has improved 1.3% in the last 30 days, signaling sustained momentum in underlying demand.

Western Digital: Storage Meets Generative AI Adoption

If interconnect speeds represent the nervous system of data centers, then storage capacity represents the vital organs. Western Digital sits at a critical inflection point where AI adoption is fundamentally reshaping storage architecture. The company’s cloud end market—representing 90% of total revenue—surged 36% in its last reported quarter, driven by extraordinary demand for high-capacity storage drives specifically designed for near-line and hyperscale applications.

Western Digital has doubled shipments of its advanced 26TB CMR and 32TB UltraSMR drives and is actively ramping production of HAMR (Heat-Assisted Magnetic Recording) drives scheduled for the first half of 2027. These next-generation technologies will substantially increase storage density while reducing power consumption per terabyte—critical factors as data centers optimize for efficiency under intense utilization.

Generative AI adoption exploded from 33% of enterprises in 2023 to 65% in 2024, creating urgent storage infrastructure requirements. This proliferation is expected to trigger a refresh cycle across client and consumer devices, while simultaneously boosting content creation and storage demand in smartphones, gaming systems, PCs and consumer electronics. For Western Digital specifically, increasing AI adoption drives demand across both HDD and Flash storage at the edge and within core data center environments, creating a dual-pronged growth opportunity.

WDC carries a Zacks Rank #1 (Strong Buy) designation and guides fiscal first-quarter 2026 revenues of $2.7 billion (±$100 million), representing 22% year-over-year growth. Despite a challenging current-year forecast (-17.8% revenue decline), earnings are expected to grow 31.9%, reflecting improved margins and operational leverage. The consensus earnings estimate has improved 13.4% in the last 60 days.

Celestica and Jabil: Manufacturing Muscle Behind Data Center Scale

While chip designers and storage companies capture headlines, the unsexy but essential work of manufacturing complex systems drives the physical build-out. Celestica and Jabil both operate as electronics manufacturing services (EMS) powerhouses, translating engineering blueprints into millions of physical units that power the world’s data centers.

Celestica commands a commanding position in hyperscaler networking equipment, with particular strength in 800G and 400G optical network switches—the exact interconnection hardware that ties modern data centers together. Per Grandview Research, the global AI infrastructure market is projected to reach $223.45 billion by 2030, expanding at a compound annual growth rate of 30.4% from 2024 through 2030. Celestica is rapidly expanding its portfolio to capture this expanding market.

The company carries a Zacks Rank #1 (Strong Buy) rating with projected revenue growth of 20.6% and earnings growth of 43% for the current year. The consensus earnings estimate has improved 9.9% in the last 60 days.

Jabil takes a broader approach, supplying EMS services across more than a dozen industry verticals while maintaining deep expertise in AI data center infrastructure specifically. The company’s strategic focus—“no product or product family should represent more than 5% of operating income in any fiscal year”—reflects a deliberate risk-management posture that has delivered strong, consistent margins and cash flow generation.

Management has committed $500 million over several years to expand manufacturing capabilities specifically for AI data center infrastructure, substantially boosting Jabil’s competitive positioning in this high-growth segment. The company’s global footprint across 100 locations in 30 countries, combined with its centralized procurement and unified ERP systems, enables seamless scaling across evolving market dynamics. Jabil carries a Zacks Rank #2 (Buy) designation with projected revenue growth of 6.1% and earnings growth of 17.8% for the fiscal year ending August 2026.

Comfort Systems: The Unsung Critical Infrastructure Play

Few investors think about cooling when evaluating data center investing, yet thermal management represents one of the most critical—and increasingly valuable—technical challenges in the industry. Comfort Systems USA operates as a national provider of HVAC installation, maintenance and replacement services for commercial and industrial applications. The company now derives meaningful revenue from specialized cooling solutions for hyperscale data center facilities.

Data center cooling demands are extraordinarily complex. Hyperscale facilities must deliver precise, reliable thermal performance across thousands of interconnected systems, driving investment in advanced liquid cooling systems, modular units, and energy-efficient infrastructure. HVAC specialists with precision cooling expertise and energy-efficient capabilities are well-positioned to capture significant share within this fast-expanding niche.

Comfort Systems USA carries a Zacks Rank #1 (Strong Buy) designation with projected revenue growth of 13.9% and earnings growth of 44.1% for the current year. The consensus earnings estimate has improved 10.8% in the last 60 days.

Why These Five Data Center Stocks Retain Growth Potential

What makes this particular constellation of data center stocks compelling is how they collectively represent the entire infrastructure value chain. Amphenol handles connectivity and transmission speeds. Western Digital manages the storage layer. Celestica and Jabil manufacture the physical hardware that implements these technologies at scale. And Comfort Systems ensures the thermal infrastructure that enables continuous operation.

Each company carries either a Zacks Rank #1 (Strong Buy) or Rank #2 (Buy) designation, suggesting analyst conviction around near-term upside potential. More fundamentally, each business models double-digit earnings growth rates against the backdrop of $1.3 trillion in projected global AI spending by 2029. That level of secular opportunity—spread across five different points in the value chain—provides multiple pathways for investors seeking concentrated exposure to the data center stocks driving the AI infrastructure buildout.