AI infrastructure just went from market darling to expensive question mark, with over US$2 trillion wiped from the Nasdaq-100 as investors reassess huge data center and power buildouts. That reset can punish crowded trades, but it can also leave solid businesses mispriced. This article walks through three data center infrastructure and power equipment stocks tied to this AI spending story and explains how the recent shock may reshape their risk and reward profiles.
The stocks covered below are only a small sample of this AI infrastructure reset, and the full screen surfaced 43 more companies with equally interesting data center and power stories that are not in this article. To go straight to the broader opportunity set, use the Data Center Infrastructure and Power Equipment Suppliers screener to identify, filter, and analyze the highest conviction data center infrastructure and power equipment suppliers.
Overview: Legence designs, installs, and maintains mission critical HVAC and MEP systems, including power and cooling infrastructure, for U.S. data centers and complex facilities.
Operations: Legence generates about US$757 million from Engineering & Consulting and US$2.99b from Installation & Maintenance, all from U.S. customers.
Market Cap: US$4.53b
Legence sits right in the plumbing of the AI buildout, wiring up the power, cooling, and controls that keep large data centers running.
“Expanding demand from data center and technology clients, supported by a record US$5.4b backlog and a 1.2x first quarter 2026 book to bill, points to sustained project activity that can support revenue and earnings.”
What happens to margins and cash generation if a single assumption about how efficiently that backlog converts into high value projects shifts?
If that shift in project quality is what really matters, read the full narrative for Legence to see how Legence’s backlog, power exposure, and risks could be decoupling.
Overview: Modine Manufacturing designs and sells thermal management and HVAC systems, with data center cooling solutions playing a central role in its portfolio.
Operations: Modine Manufacturing generates about US$1.12b from Performance Technologies and US$2.27b from Segment Adjustment, offset by US$26 million of corporate eliminations.
Market Cap: US$7.37b
Modine Manufacturing matters for this screen because its chillers, precision air systems, and cooling hardware sit directly behind the surge in power hungry AI data halls.
“Although demand for data center cooling is currently very strong, the company is investing heavily in U.S. capacity expansion and adding chiller lines that could be underutilized if project timing or customer build plans change.”
