More Than 200 Industrial Stocks Beat MSCI World as AI Data Center Spending Nears $700 Billion
Updated
Updated · Financial Times · Jun 9
More Than 200 Industrial Stocks Beat MSCI World as AI Data Center Spending Nears $700 Billion
3 articles · Updated · Financial Times · Jun 9
Summary
FT research found more than 200 industrial, utility and mining companies tied to data-center and chip supply chains outperformed the MSCI World Index, which still rose more than 21% over the year to June 9.
A projected $700 billion of 2026 capex from Alphabet, Microsoft, Amazon, Meta and Oracle is driving the shift, with US monthly data-center construction spending reaching $50 billion in April.
Orders are surging across power, cooling and materials: Eaton said Q1 data-center orders jumped 240%, Corning shares rose more than 270% in a year, and gas turbines now face backlogs of up to seven years in the US.
The boom is lifting older industrial names including Caterpillar, Hochtief and Nucor, while Ford shares jumped about 20% in May after it shifted EV plans toward battery storage for data centers.
Risks remain if hyperscaler demand cools or energy costs stay high; Bain says tech groups need $2 trillion in annual AI revenue to justify current spending, though suppliers still call the build-out a long-term structural trend.
With AI chips becoming obsolete in years, is the trillion-dollar data center boom building the world's next great bubble?
As AI's energy thirst threatens national grids, who will ultimately pay for the skyrocketing electricity and water bills?
The 2026 AI Infrastructure Surge: $3 Trillion in Data Centers, Industrial Re-Rating, and Societal Impact
Overview
As of June 2026, the global economy is undergoing a significant AI-driven industrial rally, fueled by a surge in infrastructure spending and a major shift in investment priorities. Historically, the industrial sector was not a main focus for AI-related investments, but escalating demand for robust AI infrastructure is now channeling substantial capital into this area. This marks a pivotal change in market dynamics, with investment in AI infrastructure reaching unprecedented levels. Major cloud providers are reporting strong revenue growth, highlighting how the need for advanced AI capabilities is reshaping both the industrial sector and the broader investment landscape.