AI infrastructure is pulling huge amounts of capital into data centers and high performance hardware, and Nvidia’s projected Q2 revenue of $92.17b plus the planned $500b financing program show how big this funding wave could be. For investors, that raises the question of which financing and asset management stocks might benefit most. This article walks through three stocks from our screener that appear positively exposed to this theme.

The three stocks below are only a small sample from this theme, and the full screen surfaced 12 more companies with similarly detailed narratives that are not covered here. If you want to move quickly from idea to action, head straight into the Publicly Listed Private-Credit and Alternative Asset Managers Funding AI Infrastructure screener to identify, compare, and analyze the highest conviction plays in this area.

Pershing Square (PS)

Overview: Pershing Square is an alternative asset manager that runs concentrated portfolios of large public companies through permanent capital vehicles, giving investors exposure to businesses tied to cloud computing and AI adoption. Its mandate and new ventures arm mean it can also participate in private and late stage technology opportunities that align with the broader AI infrastructure funding theme without relying on any single financing program.

Operations: Pershing Square generates all of its US$768.7 million in revenue from asset management activities in the United States.

Market Cap: US$16.38b

Investors interested in the AI infrastructure build out may find Pershing Square appealing because it combines concentrated stakes in large technology platforms with an expanding toolkit that includes permanent capital vehicles and the new Pershing Square Ventures fund. That structure can provide indirect exposure to AI data centers and related spending, while still tying performance to a focused set of cash generative holdings. At the same time, the stock carries clear pressure points, including a funding base that leans on external borrowing and a valuation that reflects expectations for strong execution on earnings forecasts. The tension between those potential rewards and risks, together with active moves back into “AI enabled” assets such as Netflix, makes Pershing Square a company that some investors may consider examining more closely.

Pershing Square’s concentrated AI exposure and permanent capital structure could be masking a very different risk reward profile than many investors assume. For the full context, see the 2 key rewards and 1 important warning sign

HMC Capital (ASX:HMC)

Overview: HMC Capital is an Australian asset manager that builds and runs real estate focused funds for individuals, institutions, and super funds, with an emphasis on large scale themes such as digital infrastructure and other real assets that can sit alongside the AI data center build out. Its approach is to back high conviction megatrends through scalable property and infrastructure platforms rather than single projects, which aligns naturally with this screener’s focus on alternative capital flowing into tech related infrastructure.

Market Cap: A$1.34 billion

HMC Capital may be relevant if you are looking at AI infrastructure from the real estate and fund management angle rather than from chips and hardware. The company is pushing into digital infrastructure and private credit at the same time as Nvidia linked demand is drawing more capital into data centers. Its latest full year result showed sales of A$181.9 million and a net loss of A$49.1 million, plus a dividend that is not well covered by earnings or free cash flow. That mix of exposure to high growth real assets, a 3.68% yield, funding risk and recent one off losses raises the question of whether HMC’s expanding platform can translate AI era demand into steadier fee income and more reliable profitability over the next few years.

HMC Capital is working to turn AI era real assets and private credit into a more stable fee engine while managing recent losses and a stretched dividend. Get the full story in the analysis report for HMC Capital

Brookfield Asset Management (TSX:BAM)

Overview: Brookfield Asset Management is a global alternative asset manager that channels capital into real assets, credit and infrastructure, including platforms that can finance data centers, power and equipment linked to AI infrastructure. It runs public and private funds for institutions and wealthy investors, using a mix of fundamental and operational analysis across real estate, infrastructure, renewable power, private equity and credit.

Operations: Brookfield Asset Management generates about US$1.8b from credit, US$1.0b from infrastructure, US$1.0b from real estate, US$746 million from energy and US$486 million from private equity, alongside various unallocated revenue items that reflect group level fees and allocations.

Market Cap: CA$115.67b

Brookfield Asset Management is worth a close look if you want exposure to the financing side of AI infrastructure rather than just chip makers. Its large platforms in infrastructure and credit give it tools to fund data centers, power solutions and equipment. Fee bearing capital of US$603b and US$130b of uncalled commitments support the potential for long term fee income as more AI projects move off corporate balance sheets. At the same time, the stock trades on a premium P/E, relies entirely on external funding and carries a dividend that is not well covered by earnings or free cash flow. That mix of powerful AI related growth avenues and funding or payout risks is exactly where many investors may want to spend more time.

Brookfield Asset Management’s fee engine and AI infrastructure reach could be masking a very different risk profile than its premium P/E suggests. Get the full picture in the 3 key rewards and 1 important major warning sign

Seeking Fresh Alternatives Before They Fly

Fresh ideas can turn into breakout stories fast. Momentum shifts, prices move, and the best under the radar stocks rarely stay quiet for long. Do not delay; consider your options promptly.

• Spot resilient businesses before the crowd catches the move by scanning a curated 74 resilient stocks with low risk scores designed to help keep portfolio drawdowns under tighter control.
• Follow early momentum in companies building the next wave of infrastructure by tracking a hand picked set of 55 AI infrastructure stocks while pricing still reflects today rather than the longer term.
• Prepare for potential capital rotations by reviewing a focused 12 dividend fortresses that combines higher yields with balance sheets structured to handle tougher conditions.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.