The artificial intelligence (AI) infrastructure boom is still in its early stages, and investors have a significant opportunity to benefit from the long-term growth ahead. Over the past year, companies tied to AI infrastructure have seen their stock prices surge as demand for advanced computing power, cloud capacity, energy, and data center expansion continues to accelerate.
The momentum does not appear to be slowing anytime soon, as major hyperscalers and technology giants are dramatically increasing capital spending to build and expand AI capabilities. These investments include high-performance chips, networking equipment, cloud infrastructure, clean energy, and massive data centers. As businesses across industries integrate AI into their operations, the need for AI infrastructure is expected to rise even further.
Against this backdrop, here are two Canadian stocks to benefit from the AI infrastructure boom and deliver significant returns.
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Celestica stock
Celestica (TSX:CLS) is a top stock to capitalize on the AI infrastructure boom. The company provides data center infrastructure and advanced technology solutions. It is witnessing solid demand for its networking hardware as hyperscale cloud providers and enterprises have increased their spending on AI infrastructure.
The key growth driver for Celestica is its Connectivity & Cloud Solutions (CCS) segment, which supplies high-performance networking switches, data centre interconnects, servers, edge computing platforms, and storage systems. Strong demand for these products powered impressive first-quarter 2026 results. Revenue climbed 53% year over year to $4.1 billion, while adjusted earnings per share (EPS) surged 80% to $2.16.
The CCS segment generated $3.2 billion in revenue, up 76% from a year earlier and representing 80% of total revenue. Communications revenue rose 69%, supported by growing adoption of 800G networking switches among hyperscale customers, while enterprise revenue jumped 101% as next-generation AI and machine-learning infrastructure deployments accelerated.
The solid momentum in Celestica’s business will likely be sustained, as the AI infrastructure boom is just getting started. Management expects second-quarter revenue between $4.15 billion and $4.45 billion, with adjusted EPS expected to grow 61%. Celestica also raised its full-year 2026 outlook, forecasting $19 billion in revenue and adjusted EPS of $10.15. With AI-driven demand continuing to expand, the company appears well-positioned for further growth and to deliver notable capital gains.
Cameco stock
Cameco (TSX:CCO) is another compelling Canadian stock to capitalize on the AI infrastructure boom. The rapid expansion of AI data centres is significantly increasing global electricity demand. At the same time, the ongoing electrification and broader decarbonization initiatives are driving significant long-term demand for reliable energy sources, supporting Cameco’s growth.
Cameco owns some of the world’s highest-quality uranium assets, including several of the lowest-cost reserves globally. That cost advantage gives Cameco greater resilience during commodity downturns while allowing it to benefit strongly when uranium prices rise.
Beyond uranium mining, Cameco has also expanded across the nuclear fuel ecosystem. Its investments in Westinghouse Electric Company and Global Laser Enrichment expand its exposure across multiple segments of the nuclear supply chain, creating additional avenues for long-term growth.
Importantly, Cameco maintains a disciplined production strategy and secures long-term contracts that provide revenue visibility and stability. With geopolitical uncertainty continuing to highlight the importance of energy security, nuclear energy is regaining momentum worldwide, supporting uranium demand.
Overall, for investors seeking exposure to the AI infrastructure boom, Cameco is a compelling investment option.
