Forget Chips: These 3 Stocks Are Building the AI Data Center Boom

Key Points

• AI data center demand remains strong, but construction delays are shifting attention toward the companies that actually build the infrastructure.
• Comfort Systems USA, EMCOR Group and Sterling Infrastructure are benefiting from rising demand for skilled labor and mission-critical construction.
• All three companies have sizable project backlogs, giving investors a different way to play the AI buildout beyond chips and power.

Anyone who’s been part of building anything knows that plans rarely go according to schedule. Now apply that to building out data centers. Analysts from JPMorgan estimate that approximately 60% of data center capacity planned for completion in 2027 hasn’t even broken ground yet.

If that’s the case, then imagine what that means for data centers scheduled for 2028 and beyond. It’s a concern that explains a concrete reason why many stocks in the artificial intelligence (AI) trade are being whipsawed in 2026.

But it can also be an opportunity for investors with room in their portfolio for some boring stocks that may offer significant upside. These companies are addressing the real bottleneck in the data center story.

Data Center Demand Is Real, But Construction Is the Bottleneck

Data centers are a big source of controversy. In addition to the not-in-my-backyard (NIMBY) contingent, some analysts are playing a “gotcha” game and pointing out that many of the nearly 4,000 planned new data centers will never break ground. They were just applications filed by developers looking to find the most viable location.

But that seems like a red herring. Even if only one-third of the currently forecast buildout takes place, it will mean over $10 trillion in new money flowing into the economy. That dwarfs the buildout of the intercontinental railroad.

The more urgent issue facing developers and investors is the ability to get the permitted data centers built. This goes beyond semiconductor chips, GPUs, and access to 24/7 power. Getting these data centers up and running requires electricians, plumbers, and welders, many of whom don’t currently live in areas where the data centers are being built.

Here are three companies that have already announced significant project backlogs that align with data center projects. These are the companies that may provide the biggest gains in the next few years.

Comfort Systems USA Has a $14 Billion Data Center Backlog

Comfort Systems USA NYSE: FIX is a U.S.-based leader in the heating, ventilation, and air conditioning (HVAC) sector. In its Q2 2026 earnings report, Comfort Systems reported a record backlog of $14.1 billion, up 73% year over year (YOY). Most of that backlog came from technology and industrial demand.

This isn’t just about future demand. The company just had its first quarter with over $3 billion in revenue. Over 74% of the company’s current revenue is coming from new construction, including data centers.

It also logged a significant increase in its free cash flow (FCF), which came in at $999 million. Comfort Systems also ended the quarter with $1.8 billion in net cash, giving it ample room to support future growth while continuing to increase its dividend, which it’s done for 13 consecutive years.

Investors may be a little concerned about taking a position in an industrial stock that has a forward price-to-earnings (P/E) ratio of around 37x and a stock price that’s increased by over 2,200% in the last five years.

But the consensus price target of $2,057.86 implies approximately 20% upside. Analysts also acknowledge the possibility of a stock split, which doesn’t change the valuation, but could make FIX more appealing to retail investors.

EMCOR Group’s Backlog Supports More Data Center Growth

EMCOR Group NYSE: EME falls into a similar category as Comfort Systems. The construction and engineering company delivers a broad range of services to industrial and institutional clients, including data centers.

The company had a beat-and-raise quarter in Q2 2026 with revenue of $5.15 billion, up 19.8% YOY. Adjusted earnings per share (EPS) of $9.06 was up 35% YOY.

The company’s backlog was a key reason it had the visibility to raise full-year guidance for the second time. A key point to note about the raised earnings guidance is that EMCOR is doing so despite its plans to acquire five union electrical contractors, which will limit near-term EPS accretion.

EME stock is up over 500% in the last five years. However, like FIX, analysts believe it can still go higher. The consensus price target of $965.86 implies over 19% upside from its price as of this writing.

Sterling Infrastructure Is a Fast-Growing Data Center Play

Sterling Infrastructure NASDAQ: STRL rounds out the group, and its numbers may be the most eye-popping of the three. The company's Q2 2026 revenue jumped 90% YOY to $1.17 billion, while adjusted EPS more than doubled, up 116% to $5.80. Both numbers were well ahead of analyst estimates.

The growth is being fueled by its E-Infrastructure segment, which serves mission-critical data center and semiconductor projects and saw revenue nearly triple during the quarter. Combined backlog reached $5.62 billion, up 150% YOY, giving management the confidence to raise full-year guidance across the board.

Shares have still pulled back on valuation concerns despite the beat-and-raise quarter. But with a consensus Moderate Buy rating and a consensus price target of $657, analysts see room for STRL to keep climbing as the buildout bottleneck plays out in its favor.

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