Artificial intelligence (AI) may be the biggest trend in the tech world today, but the rapid growth in data centre spending is creating long-term opportunities of its own. Every time you stream a video, use cloud storage, or ask an AI chatbot a question, powerful data centres are working behind the scenes. As demand for computing power keeps climbing, companies are investing billions to expand that infrastructure. Investors don’t have to own the biggest AI names to benefit, either.
In this article, let’s look at two top Canadian stocks that could profit from this growing data centre spending boom.
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Celestica stock
One of the clearest ways to benefit from that trend is through Celestica (TSX:CLS). The company designs hardware platforms and provides supply chain solutions for major customers, which puts it in a strong position as data centre and AI infrastructure spending accelerates.
CLS recently traded at $490.23 per share with a market cap of about $56.4 billion. Even after a 133% gain over the last year, the stock still has momentum because the business keeps delivering better numbers.
In the first quarter of 2026, the company’s revenue surged 53% year over year (YoY) to US$4.1 billion. While its adjusted earnings per share (EPS) climbed to US$2.16, its EPS on the generally accepted accounting principles (GAAP) basis rose to US$1.83 from US$0.74 a year ago. On the profitability side, Celestica’s adjusted operating margin improved to 8% last quarter from 7.1% a year ago, which shows that growth is not coming at the expense of profitability.
The biggest growth engine for Celestica was its Connectivity & Cloud Solutions (CCS) segment, where revenue jumped 76% YoY to US$3.2 billion.
The company now expects 2026 revenue of US$19 billion and adjusted EPS of US$10.15. Adding to the optimism, Celestica is continuing to expand its product lineup with products like DS6000-series 1.6TbE switches. Given these solid fundamentals, it looks like a great stock to buy right now because demand trends and operating momentum are both working in its favour.
5N Plus stock
Another smart way to gain from the surging demand of data centres is through 5N Plus (TSX:VNP), which supplies specialty semiconductors and performance materials used across advanced industries. That business mix indirectly gives it exposure to data centre demand, but in a way that could still benefit as electronics, connectivity, and high-value manufacturing activity expand.
Interestingly, VNP stock has skyrocketed by 349% over the last year. As a result, it now trades at $42.35 per share and carries a market cap of roughly $3.8 billion.
The company’s recent results help explain that enthusiasm. In the first quarter, 5N’s revenue rose 33% YoY to US$117.9 million, while EBITDA (earnings before interest, taxes, depreciation, and amortization) jumped 41% to US$29.2 million.
Similarly, its net earnings nearly doubled to US$17.8 million in the latest quarter from US$9.6 million a year ago. Those eye-popping gains suggest that demand and pricing are both helping the business move in the right direction.
More importantly, 5N Plus ended the quarter with a backlog of US$434.4 million, equal to 336 days of annualized revenue. The company also expects strength in Specialty Semiconductors to continue, backed by structural demand across its core markets.
Overall, 5N Plus stock stands out because it offers exposure to the buildout behind the digital economy and AI data centres through a different part of the value chain.
