The AI Compute Stack and the Stocks That Power It

The purpose of this special report is to map the full AI compute stack, from the physical power and data-center infrastructure that enables large-scale workloads, through the semiconductor, hardware, networking, and software layers that make modern AI possible, and finally to the industries and services where AI is deployed and monetized. Rather than focusing on models or applications alone, the report takes a systems-level view of AI, identifying the critical bottlenecks, dependencies, and beneficiaries across power generation, advanced chips, memory, networking, cloud platforms, data management, and upstream materials. By breaking AI into its foundational layers, the report clarifies where value is created, where constraints are emerging, how the rapid expansion of AI is reshaping technology, energy, and industrial ecosystems, and which Canadian and US stocks are positioned to benefit.

1. Physical Infrastructure and Power Layer

Data Center Power and Cooling

Data centers are the physical backbone of AI, housing the servers, accelerators and networking equipment required to train and run large models. Modern AI clusters require extreme amounts of electricity and generate intense heat, which demands advanced cooling systems such as liquid cooling, immersion cooling, and heat-recovery systems. As GPU density rises, cooling becomes a core constraint on AI capacity. Companies in this segment provide power distribution, backup systems, thermal management, and advanced cooling solutions that enable hyperscale AI build-outs. Although not involved in AI algorithms or chips, this layer is AI-core infrastructure, because without sufficient power and cooling, AI workloads cannot scale.