Meet the non-tech companies cashing in on the AI data center spending boom

"As Big Tech companies break spending records in the race to develop AI infrastructure, chip makers aren't the only ones seeing business boom, according to a new Bank of America Global Research report. Data center vendors in several industrial sectors, from energy management to construction manufacturing, are benefiting from the AI spending boom alongside computer equipment makers. The global data center market is expected reach $939 billion in 2028, up from $406 billion last year, according to the report."

"While most of that spending - up to 84% in 2028 - will go toward AI servers, rising demand for industrial equipment is poised to boost many other sectors outside of technology. Aside from computers, data centers require a surprising amount of infrastructure to run efficiently, from thermal and cooling systems to backup power. Data center infrastructure spending outside the IT category is expected to grow 19% annually in the next few years, reaching $147 billion in 2028."

"The electrical equipment market for data centers is dominated by a small group of industry incumbents, with leader Schneider Electric controlling 21% of the market. The French energy management company counts Google, Amazon, and Microsoft as customers, and announced a partnership with Nvidia earlier this year. Ohio-based Vertiv is the second-largest provider of electrical infrastructure to data centers. The company has reported strong demand for its liquid cooling technology, and its stock has climbed more than 50% in the last year."

Global data center market is expected to reach $939 billion in 2028, up from $406 billion last year. Up to 84% of that spending in 2028 will go toward AI servers, while demand for industrial equipment will boost other sectors outside technology. Data centers require significant infrastructure beyond computers, including thermal and cooling systems and backup power. Infrastructure spending outside the IT category is expected to grow 19% annually, reaching $147 billion in 2028. Electrical and thermal equipment are two of the largest infrastructure categories. Schneider Electric controls about 21% of the electrical equipment market, serving Google, Amazon, and Microsoft. Vertiv is the second-largest electrical provider, reporting strong demand for liquid cooling and a stock gain exceeding 50% in the past year.

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