Beyond Chipmakers: 4 Stocks to Buy That Power AI Data Center Expansion

Against this backdrop, Dell Technologies Inc. DELL, Celestica Inc. CLS, Lumentum Holdings Inc. LITE and Vertiv Holdings Co. VRT stand out as four stocks positioned to benefit from the expansion of AI infrastructure.

Dell Technologies offers exposure to AI servers, Celestica benefits from data center connectivity and systems, Lumentum provides critical optical technologies, while Vertiv addresses power and cooling requirements. Their businesses are different, but they share one important growth driver — the rapid expansion of AI infrastructure.

For investors looking beyond semiconductor stocks, these four companies offer diversified ways to participate in the AI data center boom. The key question is no longer simply which company makes the best AI chip, but which businesses provide the infrastructure needed to deploy those chips at massive scale.

These stocks have a favorable combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or #2 (Buy), offering solid investment opportunities.

Dell Technologies: Riding on the AI Server Boom

Dell Technologies is becoming an increasingly important beneficiary of the AI data center buildout because its portfolio extends beyond traditional personal computers (PCs) into servers, storage and infrastructure solutions. Its AI-optimized servers are particularly well-positioned as enterprises and hyperscalers expand computing capacity.

The company's recent results highlight the strength of this opportunity. Dell Technologies reported record quarterly revenues of $43.84 billion in the first quarter of fiscal 2027, up 88% year over year. The company generated $16.1 billion in AI server revenues during the first quarter and received record AI server orders worth $24.4 billion. Buoyed by strong quarterly performance, the company raised its AI server revenue expectations for fiscal 2027 to about $60 billion.

With hyperscalers and enterprises continuing to expand AI computing capacity, Dell Technologies has a strong opportunity to convert its growing AI server pipeline into sustained revenue and earnings growth. Its AI server backlog stood at $51.3 billion at the end of the first quarter.

The Zacks Consensus Estimate for Dell Technologies’ fiscal 2027 revenues and earnings per share (EPS) indicates year-over-year increases of approximately 54.6% and 86%, respectively. DELL currently sports a Zacks Rank #1 and has a Growth Score of A. You can see the complete list of today’s Zacks #1 Rank stocks here.

Celestica: A Key Link in AI Infrastructure

Celestica is another under-the-radar beneficiary of AI data center expansion. The company provides data center infrastructure and advanced technology solutions, including connectivity, servers and storage systems. This makes its Connectivity & Cloud Solutions (“CCS”) business particularly relevant to the AI infrastructure cycle.

Celestica's financial performance shows how rapidly demand is accelerating. Second-quarter 2026 revenues jumped 62% year over year to $4.70 billion, while adjusted EPS surged 83% to $2.54. Robust momentum in the CCS business remained the primary growth driver. CCS revenues soared 84% year over year to $3.81 billion, reflecting sustained strength in data center infrastructure demand.

Celestica also raised its full-year 2026 revenue outlook to $20.5 billion from the earlier projection of $19 billion and adjusted EPS forecast to $11.30 from $10.15. The updated guidance for revenue and adjusted EPS indicates year-over-year growth of 65% and 87%, respectively.

CLS expects growth to accelerate further in 2027, supported by new programs and improved visibility with customers. Its close relationships with large cloud and data center customers, including Google, Meta Platforms, Amazon and Microsoft, could give Celestica considerable visibility as AI infrastructure investments continue.

For investors seeking exposure to the physical infrastructure behind AI without directly owning a chipmaker, CLS offers an increasingly compelling avenue. The Zacks Consensus Estimate for Celestica’s 2026 revenues and EPS indicates year-over-year increases of approximately 64.3% and 78.5%, respectively. CLS currently sports a Zacks Rank #1 and has a Growth Score of A.

Lumentum: Powering Faster AI Networks

AI data centers need enormous amounts of data to move rapidly between processors, memory and other systems. This makes high-speed optical connectivity increasingly important, creating a significant opportunity for Lumentum. The company develops optical components and systems used in advanced data center networks. Its opportunity is expanding as AI clusters become larger and require faster, more efficient connections.

Lumentum's fourth-quarter fiscal 2026 net revenues reached a record $1.01 billion, more than doubling from $480.7 million a year earlier, propelled by surging cloud and AI demand. Systems revenues came in at $356.9 million, rising 29.7% sequentially and 122.6% year over year. Cloud transceivers and Optical Circuit Switching were the main sequential growth drivers, with factories executing against aggressive production plans despite pockets of component supply tightness.

Lumentum expects continued growth momentum, at least in the near term. The midpoints of revenues and adjusted EPS guidance range for first-quarter fiscal 2027 indicate a year-over-year increase of 130% and 282%, respectively.

Management’s first-quarter guidance is supported by continued EML (Electro-absorption Modulated Laser) growth, scale-across components like pump and narrow linewidth lasers and a ramp-up in 1.6T transceivers. The company's strategic importance is further highlighted by NVIDIA’s commitment to invest $2 billion in Lumentum while promising multiyear purchases and capacity access for advanced laser components.

As AI clusters scale, demand for higher-speed optical connections should increase, giving Lumentum a potentially powerful long-term growth runway. The Zacks Consensus Estimate for the company’s fiscal 2027 revenues and EPS suggests year-over-year increases of approximately 106.3% and 115.8%, respectively. LITE currently carries a Zacks Rank #2 and has a Growth Score of A.

Vertiv: The Power and Cooling Play

Building more AI data centers creates another challenge of keeping increasingly powerful computing systems supplied with electricity and operating at safe temperatures. This is where Vertiv plays a critical role.

Vertiv provides power management, thermal management and other critical digital infrastructure solutions used inside data centers. Its products are becoming increasingly important as AI workloads drive higher rack densities and greater power consumption.

The company's second-quarter 2026 revenues increased 24% year over year to $3.27 billion, while adjusted EPS jumped 60% to $1.52. Strong demand and expanding customer pipelines prompted Vertiv to raise its full-year 2026 revenue guidance range to $13.8-$14.2 billion from $13.5-$14 billion projected earlier. Adjusted EPS is now expected to be in the range of $6.65-$6.75, up from the previous forecast of $6.30-$6.40.

The company’s robust top-line growth suggests that AI-related infrastructure spending is translating into real demand for power and cooling equipment. As AI data centers become larger and more energy-intensive, Vertiv could remain a major beneficiary.

The Zacks Consensus Estimate for Vertiv’s 2026 revenue and EPS indicates year-over-year increases of approximately 36.6% and 58.1%, respectively. VRT currently carries a Zacks Rank #2 and has a Growth Score of A.

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