3 Canadian Stocks That Could Win Big From AI Spending

AI’s biggest winners may not be tech stocks at all, but the miners and real-asset owners powering the buildout behind the scenes.

Amy Legate-Wolfe

Author Bio Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Social Media Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published May 18, 4:20 pm EDT

| More on: GRT.UNLUNPAAS

Key Points

Pan American Silver offers precious-metals exposure with strong recent results and a shareholder-return plan tied to electrification demand.
Granite REIT can benefit from the physical buildout around AI through high-occupancy industrial properties and growing cash flow.
Lundin Mining is a copper-heavy electrification play, since grids and data centres need massive amounts of wiring and power infrastructure.

Today, we’re not going to talk about tech stocks. No, we’ve done enough of that when it comes to artificial intelligence (AI) stocks. However, there are so many companies that can be affected by AI and its spread across the world. From the smallest parts to the biggest infrastructure, so many stocks could see a surge.

In fact, Ottawa has put $2 billion behind its Canadian Sovereign AI Compute Strategy, including $700 million aimed at private-sector investment in new or expanded data centres. Canada also unveiled a plan to double electricity-grid capacity by 2050. So let’s look at some less obvious companies that could benefit from the AI boom.

gold prices rise and fall — Source: Getty Images

PAAS

Pan American Silver (TSX: PAAS) is one of the world’s larger silver producers, with gold exposure as well. It mines silver and gold across the Americas, giving investors direct exposure to precious metals. Silver plays a role in electronics, power systems, and advanced industrial demand, so stronger electrification and data-centre buildouts can support the long-term silver story.

Recent news has been strong. In May 2026, Pan American reported first-quarter results and announced a shareholder-return framework targeting up to US$1 billion in 2026. Furthermore, in Q1 2026, sales rose to US$1.2 billion from US$773 million a year earlier. Net income climbed to US$457 million from US$169 million, while earnings per share (EPS) from continuing operations rose to US$1.08 from US$0.47.

Better still? Revenue jumped by nearly 49%, while net income almost tripled. Yet at writing, PAAS only trades at about 18 times earnings, with a nice 1% dividend yield as well. If AI spending keeps feeding electrification demand while uncertainty supports precious metals, PAAS could stay on investors’ radar.

GRT

Granite REIT (TSX: GRT.UN) is a Canadian industrial and logistics real estate trust that owns and manages warehouses, logistics buildings, and industrial properties across North America and Europe. When it comes to AI infrastructure, there’s a need for industrial land, logistics networks, power-adjacent properties, and supply-chain capacity. Therefore, GRT can benefit as companies expand the physical backbone around AI investment.

Q1 2026 shows why it’s more than a yield stock. Granite reported funds from operations (FFO) per unit of $1.57, up 7.5% year over year, while same-property net operating income rose 8.3%. Adjusted FFO per unit came in at $1.41, and the AFFO payout ratio was 63%, compared with 60% a year earlier. Occupancy stood at 97.5% at the end of Q1 2026, which points to strong demand for its properties.

Yet again, it looks valuable trading at just 14 times earnings with a solid 3.8% dividend yield as well. That’s even after gaining 35% in the last year alone. All in all, Granite gives investors a steadier real-estate angle on the AI buildout.

LUN

Finally, we have Lundin Mining (TSX: LUN), a clear metals-and-electrification pick. The company produces copper, along with gold, nickel, and zinc. Copper is the wiring metal behind grids, data centres, electric vehicles, power equipment, and industrial growth. Massive AI spending increases power demand, and power demand drives grid upgrades. Copper sits at the centre of that chain.

In Q1 2026, Lundin stock reported revenue of about US$1.2 billion, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of about US$627 million, adjusted operating cash flow of about US$450 million, and free cash flow from continuing operations of about US$380 million. Copper production hit 30,808 tonnes from continuing operations and 145,471 tonnes on a pro forma combined basis, reflecting the bigger copper platform.

Yet again, even after a massive 209% run, it trades at 20.5 times earnings. However, it also trades at 3.4 times book value, so not exactly a deal. However, copper names rarely stay cheap when investors chase electrification.

Bottom line

Sometimes it’s a good idea to look beyond the obvious. These three offer different ways to play AI spending without buying a traditional tech stock. If the next phase of AI spending moves into mines, warehouses, power systems, and industrial supply chains, these three Canadian stocks could have more upside than the market gives them credit for right now.