As artificial intelligence accelerates, investor focus is shifting from dominant tech giants to smaller firms and critical infrastructure providers, driving outsized returns in sectors like semiconductors, energy, and utilities. Companies specializing in power reliability, nuclear energy, and data-center efficiency are now leading AI-related stock performance.
- Data-center power consumption projected to grow 58% by 2027
- Enphase Energy (ENPH) up 34% in Q4 2025
- Nuclear infrastructure firms show 22% average share gain since October 2025
- NWL secured 17 new data-center power agreements in 2025
- Shell (SHELL) valuation increased 29% linked to AI infrastructure
- Small/mid-cap infrastructure AI plays now drive 41% of AI equity returns
A notable pivot in AI investment strategy is underway, with smaller, specialized firms outpacing traditional Big Tech leaders in recent months. While giants like NVIDIA (NVDA) and AMD (AMD) still play pivotal roles, the most significant gains are emerging from companies focused on the underlying infrastructure required for AI operations. Data-center efficiency, grid capacity, and reliable power supply have become critical success factors, especially as AI workloads scale rapidly across global platforms. Stocks in the energy and industrial sectors have seen strong momentum, with Enphase Energy (ENPH) surging 34% over the past quarter due to rising demand for solar-plus-storage systems that power data centers. Similarly, companies involved in nuclear infrastructure, such as nuclear plant modernization contractors and reactor component suppliers, have reported 22% average share price growth since October 2025, reflecting growing confidence in nuclear as a stable, scalable energy source for AI clusters. Key metrics underscore the shift: data-center power consumption is projected to grow by 58% by 2027, up from 34% in early 2024. This growth is directly benefiting firms like Nextera Energy (NWL), which has secured 17 new power supply agreements with AI-focused data-center operators in the U.S. and Europe. Meanwhile, Shell (SHELL), through its grid-integration and hydrogen pilot projects, has seen a 29% increase in market valuation tied to AI infrastructure partnerships. The rotation is reshaping investor portfolios, with small- to mid-cap AI infrastructure plays now accounting for 41% of total AI-related equity returns in the first half of 2026, up from just 18% at the start of the year. This trend is particularly pronounced among institutional investors reallocating capital toward high-impact, non-technology segments that enable AI scalability.