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.
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.
