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

Forget Chips: These 3 Stocks Are Building the AI Data Center Boom Written by Chris Markoch | Reviewed by Shannon Harms August 20, 2026 Add As Preferred Source Share Share Share This Article Link copied to clipboard. Close 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. Interested in Comfort Systems USA? Here are five stocks we like better . 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. Get Comfort Systems USA alerts: Sign Up 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 Today FIX Comfort Systems USA $1,671.00 -25.06 (-1.48%) As of 12:40 PM Eastern 52-Week Range $670.19 ▼ $2,073.99 Dividend Yield 0.22% P/E Ratio 41.10 Price Target $2,057.86 Add to Watchlist 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 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 pri...