Data Center Stocks
9 stocks · Updated Mar 25, 2026
Data center stocks include REIT operators and technology infrastructure companies that own, build, and operate facilities housing the servers, networking equipment, and cooling systems powering cloud computing, AI workloads, and internet infrastructure. Demand for data center capacity is growing at an unprecedented rate driven by AI training and inference requirements, with hyperscalers Microsoft, Amazon, and Google committing hundreds of billions to data center build programs. Power availability and electrical infrastructure have become the primary bottleneck.
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Frequently Asked Questions
What is driving explosive data center demand?
AI model training and inference are the primary demand drivers — training large language models requires massive GPU clusters drawing megawatts of power. This is layered on top of continued cloud migration and video streaming growth.
Why is power availability the key constraint for data centers?
Modern AI compute clusters draw 30-100+ MW per campus. Securing grid connections, transformer deliveries (which face multi-year backlogs), and utility approval for large new loads has become the binding constraint on data center expansion.
What is the difference between colocation and hyperscale data centers?
Colocation (colo) facilities rent space and power to multiple tenants. Hyperscale data centers are purpose-built for a single customer (AWS, Azure, Google) and are typically built-to-suit with 10+ year leases.
How do I evaluate data center REIT investments?
Key metrics include megawatts of critical load (MW) leased and available, lease rates per kW, utilization, customer concentration, development pipeline, and the cost and availability of power in their geographic markets.