The AI capex story now extends well beyond GPUs. As hyperscalers, neoclouds, and sovereign customers race to stand up inference and training capacity, the bottleneck has moved to the physical layer: power, cooling, interconnection, and megawatts of pre-leased shell. That is where the picks in this month’s list live. Three US-listed names offer complementary exposure across the data center stack, and each just raised guidance for full-year 2026 on the back of accelerating AI demand.
Below are the three data center stocks worth researching this August, backed by tool-verified pricing, analyst consensus, and management commentary from the most recent earnings reports.
Vertiv Holdings: AI Power and Thermal Picks-and-Shovels Leader
Vertiv Holdings (NYSE:VRT | VRT Price Prediction) is the equipment side of the trade: power trains, thermal management, UPS, switchgear, and the emerging 800-volt DC architectures being validated for next-generation NVIDIA racks. The stock closed at $261.95 on August 21, giving Vertiv a market cap of roughly $100.85 billion. Shares are up 107.17% over the past year and 61.76% year to date, though they have cooled 13.02% over the past month.
Q2 2026 backed that thesis with hard numbers. Vertiv delivered net sales of $3.274 billion, up 24% year over year, adjusted EPS of $1.52, and adjusted operating margin of 22.6%, up 410 basis points. Management raised full-year sales guidance to roughly $14 billion at the midpoint with adjusted EPS of $6.65 to $6.75. CEO Giordano Albertazzi described a pipeline that spans hyperscalers, enterprises, colocation, and neocloud customers and said, "This is real, this is happening."
The bull case is straightforward: with analyst sentiment at 86% bullish and 0% bearish, an analyst target of $338.15, and forward P/E of 41, the stock trades like a growth compounder tied to a decade-long AI infrastructure cycle. Risk to watch: EMEA organic growth was only 2% in Q2, and the 2.08 beta means drawdowns will be sharp when AI sentiment wobbles.
Equinix: Interconnection Kingpin for AI and Cloud
Equinix (NASDAQ:EQIX) is the connectivity layer. If Vertiv sells the gear, Equinix owns the neutral meeting rooms where clouds, networks, and AI model providers cross-connect. Shares closed at $1,065.39, up 41.15% year to date, with a market cap near $105.12 billion.
The interconnection flywheel is accelerating. In Q2 2026, Equinix added 9,700 net interconnections, its highest-ever quarterly addition, and posted annualized gross bookings of $424 million, up 23% year over year. Revenue grew 16% year over year with adjusted EBITDA margin of 53%. Management said "Eight of the top 10 model providers, as well as eight of the top 10 neoclouds, are already running their key networking workloads on Equinix today." Full-year revenue guidance was raised to 11% to 12% growth, and the 2027 to 2029 outlook now calls for 10% to 13% annual revenue growth and adjusted EBITDA margin of 53% or higher by 2029.
Analyst sentiment sits at 81% bullish, 0% bearish, with a 1.82% dividend yield and forward P/E of 61. The caveat: raised capex guidance of $5 billion to $6 billion in 2026 and $5 billion to $7 billion annually through 2029 pressures near-term free cash flow, and neocloud competition is a real overhang.
Digital Realty Trust: Hyperscale AI Landlord With a Dividend
Digital Realty Trust (NYSE:DLR) is the wholesale REIT that owns the megawatts hyperscalers are leasing years in advance. Shares closed at $190.62, up 24.87% year to date, with a market cap of $71.81 billion and an indicated annual dividend of $4.88 for a 2.51% yield.
Q2 2026 showcased the scale of AI demand hitting hyperscale landlords. Digital Realty reported a record $1.9 billion backlog at 100% share, a development pipeline that expanded to 1.4 gigawatts under construction at a total cost of $20 billion, and renewals with cash releasing spreads over 25%. Just after quarter end, two additional US hyperscale leases added $410 million of annualized GAAP rent at 100% share. CEO Andy Power said, "Strong operating performance, a record backlog, and healthy customer demand give us increasing confidence in our ability to deliver double-digit earnings growth in 2027 and beyond."
Analyst sentiment stands at 79% bullish, 0% bearish. The risks are REIT-specific: interest rate sensitivity, $1.2 billion in cash plus 12.3 million shares issued for the Blackstone Northern Virginia acquisition, and a -58.7% year-over-year earnings comp reflecting REIT accounting noise around gains and development timing.
How the Three Fit Together
The setup is complementary. Vertiv sells the equipment, Equinix owns the interconnection fabric, and Digital Realty owns the shell. All three raised 2026 guidance in late July. All three sit on record backlogs. And all three have already run hard, so entry timing matters. For investors thinking about how to position around the AI buildout beyond chips, this trio maps directly onto where AI capex actually lands: power, connectivity, and real estate (we profiled seven more of these non-chip AI infrastructure suppliers in a free report you can grab here).
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