The artificial intelligence (AI) boom needs more than chips. Every chatbot, cloud tool, and streaming service needs buildings full of servers. Those buildings need networking equipment, transformers, engineering, cooling, and reliable power. That’s why data centres have become one of the biggest investment themes in the market. The trick for Canadian investors is finding TSX stocks with real exposure, not just a nice-sounding AI story.
That’s why three names stand out today, namely Celestica (TSX:CLS), Hammond Power Solutions (TSX:HPS.A), and Stantec (TSX:STN). Each benefits from a different part of the buildout, and together show how broad this opportunity has become.
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CLS
Celestica offers the most direct technology angle. The company provides design, manufacturing, supply-chain, and hardware platform solutions for advanced technology customers. Its Connectivity & Cloud Solutions segment supports data-centre infrastructure, cloud, and networking demand. That makes CLS one of the clearest Canadian ways to invest in the physical side of AI.
The latest results looked explosive. In the first quarter of 2026, Celestica reported revenue of US$4.1 billion, up 53% from last year. Adjusted earnings per share (EPS) reached US$2.16. Its CCS segment revenue climbed 76%, while Hardware Platform Solutions revenue rose 63%. Management also raised its 2026 outlook to US$19 billion in revenue and US$10.15 in adjusted EPS.
That’s powerful growth. But investors need to respect the risk. CLS has already rallied hard, and expectations now sit high. If hyperscale demand slows, margins slip, or customers delay orders, the stock could fall quickly. Still, for direct data-centre exposure, Celestica remains hard to ignore.
HPS
Hammond stock brings the electrical backbone. Data centres consume enormous electricity. They need transformers and power-quality equipment to manage that load. Hammond stock makes dry-type transformers, power transformers, and custom electrical products used across commercial, industrial, infrastructure, renewable, and data-centre markets.
The first quarter showed why investors keep watching it. Hammond stock reported record quarterly sales of $265 million, up 31.5% from last year. Demand stayed strong across emerging segments, including data centres, while its backlog remained elevated. That backlog gives the company visibility, even if project timing moves around.
Hammond stock also gives investors exposure to the grid bottleneck. Data centres don’t just need servers, but power delivered safely and reliably. As utilities, developers, and industrial customers upgrade electrical systems, Hammond can keep winning work. The risk is valuation and cyclicality. Hammond stock has already drawn attention, and manufacturing margins can move with input costs, capacity, and project mix. Smaller industrial names can also swing hard. Investors should avoid chasing it blindly, but the long-term setup looks strong.
STN
Stantec rounds out the list with engineering and design. Data centres need site planning, power systems, water systems, environmental work, and permitting support. Stantec has deep engineering reach across buildings, water, energy, resources, and infrastructure. That makes it a less obvious but practical winner from the buildout.
Its latest quarter backed up the quality case. Stantec reported net revenue of $1.7 billion, up 9.1% from last year. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 13.8% to $287 million, and backlog hit a record $9 billion. Its investor presentation also noted that U.S. infrastructure growth included data-centre projects in the north central region.
Stantec’s risk is that it doesn’t give investors pure data-centre exposure, yet that’s also a strength. If the AI buildout cools, Stantec still has water, transportation, energy, and public-sector work. It can win from data centres without needing every project to become an AI campus.
Bottom line
Data-centre demand could keep reshaping markets for years. Celestica builds the hardware path. Hammond stock powers it. Stantec helps design the systems around it. For investors wanting Canadian exposure to this boom, these three TSX stocks look like smart places to start before the theme grows even more crowded. The key is buying quality, watching valuation, and remembering that even great themes can stumble when investors get too excited. That discipline makes the boom easier to own long term.
