The rapid expansion of data centres is creating significant growth opportunities for companies that help build the infrastructure behind the artificial intelligence (AI) revolution. As demand for AI-powered applications continues to surge, global technology giants are ramping up investments in data centres to support increasingly complex computing workloads.
Capital spending on data centre expansion is expected to remain strong, providing a long-term tailwind for businesses that supply the critical components and services needed to keep these facilities running efficiently. From advanced hardware and power infrastructure to data storage and connectivity solutions, companies across the AI ecosystem stand to benefit from this structural growth trend.
With that in mind, here are three Canadian stocks that appear well-positioned to capitalize on the ongoing data centre boom.
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Celestica
Celestica (TSX:CLS) is one of the top Canadian stocks built for the data centre boom. Its Connectivity & Cloud Solutions (CCS) business provides high-performance networking, servers, storage, and switching systems that support AI workloads. In the first quarter, CCS generated 80% of total revenue, with communications revenue up 69%, driven by strong demand for 800G networking switches from major hyperscalers. Enterprise revenue surged 101%, fueled by the rollout of a next-generation AI compute program.
Looking ahead, demand remains strong as hyperscalers and businesses continue investing in AI infrastructure. With upcoming 1.6T switching platforms, a growing pipeline of AI networking projects, and AI spending expected to stay robust through 2028, Celestica appears well-positioned to capitalize on the data centre boom and deliver strong growth.
Cameco
The data centre expansion led by AI is increasing demand for reliable electricity. As a result, nuclear power is becoming a more important part of the global energy mix, providing a favourable backdrop for companies like Cameco (TSX: CCO). As one of the world’s largest uranium producers, Cameco is well-placed to meet rising demand for nuclear fuel, driven by AI growth, electrification, decarbonization, and energy security needs.
Cameco’s high-grade, low-cost uranium mines and long-term supply contracts provide stable cash flow and a competitive edge. Further, its investments in Westinghouse Electric and Global Laser Enrichment also expand its role across the nuclear fuel cycle. With AI power demand expected to keep rising, Cameco offers investors an attractive long-term opportunity driven by the data centre boom.
Hammond Power Solutions
Hammond Power Solutions (TSX: HPS.A) is well-positioned to benefit from the data centre boom. The company is a leading manufacturer of dry-type transformers and power quality solutions, with strong demand for its customized products driven by data centre projects. Although the stock has already delivered impressive gains, it has significant room to run, supported by a rapidly expanding backlog, which surged 94.6% year over year in the first quarter.
Hammond is also investing heavily to expand manufacturing capacity, upgrade equipment, and improve production efficiency to meet rising demand. Beyond data centre demand, Hammond is likely to benefit from new product development, geographic expansion, productivity improvements, cost savings, and manufacturing flexibility. Overall, Hammond Power is a compelling stock to buy and hold to capitalize on the AI data centre boom.
