Energy prices remain elevated, and this keeps inflation in focus for central banks. That pushes investors toward assets that do not rely on cheap money and instead depend on essential physical capacity that AI cannot run without. AI infrastructure stocks sit directly in that path. This article highlights 3 companies from the AI Infrastructure Stocks screener that turn real world demand into actual cash flow potential.

The stocks covered in this article are just a starting sample, and the full screen surfaced 53 more companies with equally compelling AI infrastructure narratives that are not covered here. To identify and analyze the highest conviction opportunities in this theme, head straight into the AI Infrastructure Stocks screener.

Western Digital (WDC)

Western Digital is a long established storage company that develops and sells hard disk drives and related data storage solutions for PCs, external drives and especially cloud and AI data centers. It serves customers worldwide through distributors, retailers and direct enterprise relationships, and also collaborates on quantum error correction technology to support future quantum computing. The company is firmly in large cap territory with a market value of about US$183.4b.

Western Digital sits right in the flow of AI infrastructure spending, with management reporting that high capacity HDD production is effectively spoken for into the late 2020s and recent quarters showing strong revenue, margin and earnings momentum tied to AI data center demand. The company benefits from a concentrated supplier group and long term contracts that run as far as 2031. However, investors need to weigh that against classic storage cycle risks, insider selling, high non cash earnings and reliance on external borrowing. With earnings growth far ahead of the wider market and a P/E below many peers, Western Digital offers a powerful AI storage story, but the real question is how long today’s pricing power can last before new supply and changing incentives reset the terms.

Western Digital’s AI storage momentum is impressive, but the real story sits in the fine print on contracts, cash flows and cyclicality. Get the 4 key rewards and 3 important warning signs (1 is major!)

Build your own AI infrastructure shortlist

Western Digital and the other two stocks in this article all came from a single screener, but real edge comes from setting your own rules. Use our flexible Screener to blend filters like valuation, growth, balance sheet strength and risks to match your style, or jump straight into any of our curated Investing Ideas.

Celestica (TSX:CLS)

Celestica is a Toronto based electronics manufacturing and supply chain company that builds and manages complex hardware for hyperscalers and other enterprise, industrial, aerospace and HealthTech customers. Most of its revenue comes from the Connectivity & Cloud Solutions segment at about US$12.3b, with the Advanced Technology Solutions segment contributing roughly US$3.3b. The company sits firmly in large cap territory with a market value of about CA$53.5b.

Celestica is closely involved in the build out of AI data centers. Its Connectivity & Cloud Solutions business supplies advanced networking gear as customers roll out 800G and prepare for 1.6T systems. Analysts point to earnings and revenue growth expectations, high returns on equity and improving margins. They also highlight risks stemming from heavy reliance on a small group of hyperscaler customers and the use of external borrowing to fund growth. Recent equity raises and a higher 2026 revenue outlook indicate that management is focused on capturing the AI infrastructure opportunity, while investors must assess how durable that demand and margin profile may be.

Celestica’s AI hardware pipeline and higher 2026 revenue outlook hint at an earnings profile many investors may be underestimating. To see how that growth story stacks up against expectations and concentration risk, review the analyst forecasts for Celestica

Dell Technologies (DELL)

Dell Technologies is a global hardware and infrastructure company that supplies AI optimized servers, storage, networking and PCs to businesses, governments, schools, healthcare providers and consumers. It generates most of its revenue from the Infrastructure Solutions Group at about US$79.5b, with the Client Solutions Group contributing roughly US$53.1b and corporate and other activities about US$1.4b. Dell’s market value sits around US$317.1b, putting it solidly in mega cap territory.

Investors watching AI infrastructure cannot ignore Dell Technologies. Enterprise demand for AI servers and the Dell AI Factory has created a sizeable AI focused backlog and helped lift guidance, while a shift toward higher margin storage and services and a deleveraged balance sheet gives the company more room to support buybacks and dividends. The trade off is meaningful. AI server growth is currently margin dilutive and Dell still leans on a cyclical PC segment and a high debt load with liabilities above assets. The key consideration is whether today’s AI driven earnings momentum and analyst optimism are sufficient to offset those balance sheet and competitive risks over the next few years.

AI server momentum at Dell Technologies is accelerating, and the real story may lie in how that growth, margins and debt all fit together. Review the analysis report for Dell Technologies

Seeking Fresh Alternatives Before They Fly

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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.