These companies sell the chips, networks, memory or software that AI data centers need. Their sales depend on how much the large AI spenders decide to build. A pause in that spending, or a new rival product, can change their results fast.
This is information, not advice (see the disclaimer).
Far below intrinsic value · Analysts: Bullish
The market prices Baker Hughes for weaker oilfield services and the debt from the Chart purchase, and strong gas and power orders with debt reduction over two years can close the gap.
Next checkpoint: Q4 2026 earnings: synergies and debt (Jan 27, 2027 (estimate))
Far below intrinsic value · Analysts: Very bullish
The market doubts that the AI chip business will reach the FY2027 target, and results that stay on track over the next three to five quarters can close the gap.
Next checkpoint: Q4 FY2026 results: AI revenue and FY2027 target (Dec 10, 2026 (estimate))
Far below intrinsic value · Analysts: Leaning bullish
The market doubts that Carrier can keep its margins as input costs and tariffs rise, and stable margins with a record backlog that turns into sales in 2027 can close the gap.
Next checkpoint: Q4 2026 earnings and 2027 guidance (Jan 29, 2027 (estimate))
Far below intrinsic value · Analysts: Bullish
The market sees the custom chip business of Marvell as unproven, and custom programs, including the added Google programs, that ramp up on schedule over the next three to five quarters can close the gap.
Next checkpoint: Q3 fiscal 2027 results against $3.15 billion guidance (Dec 1, 2026 (estimate))
Well below intrinsic value · Analysts: Bullish
The market prices DTE for a costly building plan paid partly with new shares, and a fair Michigan rate order in early 2027 with more data center contracts can close the gap.
Next checkpoint: A further data center agreement (Dec 2026 (estimate))
Well below intrinsic value · Analysts: Leaning bullish
The market prices GlobalFoundries as a maker of mature chips that faces price pressure from Chinese foundries, and steady growth in data center products with higher margins and free cash flow can close the gap.
Next checkpoint: Groundbreaking of the first new fab in Malta (Dec 2026 (estimate))
Well below intrinsic value · Analysts: Very bullish
The market doubts that all of Nvidia's demand is organic and now also weighs a board investigation of its CEO, and broad growth, a stable gross margin and a clean investigation can close the gap.
Next checkpoint: Fiscal Q3 2027 results: gross margin and customer breadth (Nov 17, 2026)
Well below intrinsic value · Analysts: Bullish
The market doubts that Oracle can fund its AI data centers and earn a return on them, and steady cloud growth with no new capital raises before positive free cash flow in fiscal 2028 can close the gap.
Next checkpoint: Q2 fiscal 2027 results: cloud growth and capital spending (Dec 10, 2026 (estimate))
Well below intrinsic value · Analysts: Bullish
Investors lost trust in Solstice after its failed Element deal, and results that meet guidance with disciplined buybacks over two to four quarters can close the gap.
Next checkpoint: FY 2026 results, 2027 guidance and buybacks (Feb 4, 2027 (estimate))
Well below intrinsic value · Analysts: Very bullish
Strong AI demand and pricing can close the execution part of the gap, but the market will probably keep a discount for Taiwan-China risk.
Next checkpoint: Q4 2026 results and 2027 guidance (Jan 15, 2027 (estimate))
Well below intrinsic value · Analysts: Bullish
The market doubts that Western Digital's record hard drive margins can last, and results on guidance with stable prices per exabyte through 2027 can close the gap.
Next checkpoint: Q2 fiscal 2027 results: margins and guidance (Jan 28, 2027 (estimate))
Well below intrinsic value · Analysts: Leaning bullish
Investors doubt that onsemi can grow again after the electric vehicle slowdown and silicon carbide price cuts, so growing revenue, wider margins and a smooth Synaptics deal can close the gap.
Next checkpoint: Synaptics shareholder vote (Nov 17, 2026)
Below intrinsic value · Analysts: Very bullish
Investors fear that ASML's AI-driven demand is near the top of the chip cycle and that export controls cut China sales, and a growing 2027 outlook can close the gap.
Next checkpoint: Q4 2026 results and 2027 outlook (Jan 14, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
The market prices AEP for the cost of a $100 billion building plan paid partly with new shares, and earnings growth in line with its new guidance as data centers come online can close the gap.
Next checkpoint: Full-year 2026 results and the funding plan (Jan 28, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
The market prices American Tower for slow US tower growth after the loss of DISH and for its debt, and a pickup in US carrier spending with steady data center growth can close the gap over three to five quarters.
Next checkpoint: Q4 2026 earnings and 2027 outlook: US organic growth (Jan 27, 2027 (estimate))
Below intrinsic value · Analysts: Very bullish
Investors fear that Amphenol's growth depends on AI data center spending that can slow, and strong orders over the next two to four quarters can close the gap.
Next checkpoint: Q4 2026 results and 2027 view (Jan 28, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
The market prices Applied Materials for a peak in chip equipment spending and for China risk, and growth in memory, logic and packaging through fiscal 2027 can close the gap.
Next checkpoint: Q4 fiscal 2026 results and fiscal 2027 outlook (Nov 12, 2026)
Below intrinsic value · Analysts: Very bullish
The market doubts that Arista's growth can last with two very large customers, and fast growth from more customers with a stable gross margin into 2027 can close the gap.
Next checkpoint: Q4 2026 results and 2027 outlook (Feb 3, 2027 (estimate))
Below intrinsic value · Analysts: Leaning bullish
The market fears that Caterpillar's record results from data center power and mining are a cycle peak, and steady orders and margins as the backlog turns into sales can close the gap.
Next checkpoint: Q4 2026 results and 2027 outlook (Jan 28, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
The market doubts that Corning can reach its Springboard growth targets at an acceptable cost, and optical growth with a profitable Solar business through 2028 can close the gap slowly.
Next checkpoint: Q4 2026 results: $20 billion run rate (Jan 27, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
The market doubts that Dell's record AI server earnings can last, and strong AI orders after fiscal 2027 with stable margins and better cash flow over four to six quarters can close the gap.
Next checkpoint: Q3 fiscal 2027 results: AI orders and margins (Nov 24, 2026 (estimate))
Below intrinsic value · Analysts: Bullish
The market prices EQT for low natural gas prices in Appalachia, and new LNG and power plant demand, MVP Southgate in service and a smooth Range merger can close the gap over four to six quarters.
Next checkpoint: MVP Southgate in service (Dec 2026 (estimate))
Below intrinsic value · Analysts: Bullish
The market doubts that the boom in orders for gas turbines and grid equipment will last, and higher margins as the backlog turns into revenue through 2027 can close the gap.
Next checkpoint: Q4 2026 results and 2027 guidance (Jan 27, 2027 (estimate))
Below intrinsic value · Analysts: Leaning bullish
The market fears that Hubbell's growth slows after two debt-funded deals, and steady data center and grid demand with falling debt over the next four to six quarters can close the gap.
Next checkpoint: Q4 2026 results and 2027 guidance (Feb 2, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
The market prices KLA for a peak in chip equipment spending and for China risk, and steady growth in process control through 2027 with a stable margin can close the gap.
Next checkpoint: U.S. export rule for affiliates of listed parties (Nov 2026)
Below intrinsic value · Analysts: Bullish
The market prices Lam Research for a peak in chip equipment spending and a rising share of sales to China, and growth in memory and logic in 2027 can close the gap.
Next checkpoint: U.S. export rule for affiliates of listed parties (Nov 2026)
Below intrinsic value · Analysts: Bullish
The market fears that MPS's AI server growth can stop fast, and steady growth in all end markets with no import ban from the Vicor case over three to five quarters can close the gap.
Next checkpoint: Q4 2026 results: AI server revenue and Q1 2027 guidance (Jan 29, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
The market doubts that Prologis can grow per-share earnings with high rates and the SEGRO deal, and steady rent growth, a smooth SEGRO close and new data center leases can close the gap within two years.
Next checkpoint: Q4 2026 results and 2027 guidance (Jan 20, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
The market fears that the AI chip boom is near a peak for Qnity, and steady sales growth with lower debt and small PFAS costs over the next two to four quarters can close the gap.
Next checkpoint: Q4 2026 results and the 2027 guidance (Feb 4, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
Investors doubt that the jump in AI-related bond ratings will last, and renewed Ratings growth in 2027, steady Indices growth and a good Capital IQ review result can close the gap.
Next checkpoint: Full-year 2026 results and 2027 guidance (Jan 27, 2027 (estimate))
Below intrinsic value · Analysts: Very bullish
The market prices SK hynix for a memory cycle that has peaked, and high margins in 2027 under its long-term agreements, with HBM4 as the main product, can close the gap.
Next checkpoint: Q4 2026 results: HBM4 and margins (Jan 27, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
The market fears that Seagate's record hard drive margins are a cycle peak, and results on guidance with strong HAMR drive sales through 2027 can close the gap.
Next checkpoint: Q2 fiscal 2027 results: margins and orders (Jan 26, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
The market prices Xylem for flat revenue after it cut its 2026 outlook, and orders that turn into growth in 2027, higher margins and deals that add to earnings can close the gap.
Next checkpoint: Cornell Pump and Roper Pump purchase closes (Q4 2026 (estimate))
Close to intrinsic value · Analysts: Bullish
The market doubts that AMD can keep its AI growth against Nvidia, and an on-time MI450 ramp with new large customers and steady margins through 2027 can close the gap.
Next checkpoint: Q4 2026 results: Helios and MI450 ramp (Feb 2, 2027 (estimate))
Close to intrinsic value · Analysts: Leaning bullish
The market prices Alliant Energy for the new shares and debt that its larger data center building plan needs, and 2027 earnings within guidance with fair Iowa decisions in 2027 can close the gap.
Next checkpoint: Q4 2026 earnings: 2027 guidance (Jan 29, 2027 (estimate))
Close to intrinsic value · Analysts: Very bullish
The market doubts that ADI's fast growth and record margins can last past the chip upturn, and steady growth with strong bookings and free cash flow into fiscal 2027 can close the gap.
Next checkpoint: Q4 fiscal 2026 results and Q1 fiscal 2027 outlook (Nov 24, 2026)
Close to intrinsic value · Analysts: Leaning bullish
The market doubts that Arm's data center growth can offset slower smartphone royalties and the cost of its own chips, and a royalty recovery with AGI CPU deliveries in 2027 can close the gap.
Next checkpoint: Q3 fiscal 2027 results: royalty growth (Feb 3, 2027 (estimate))
Close to intrinsic value · Analysts: Very bullish
The market doubts that Cadence can keep its growth and margins as AI changes chip design, and steady growth with a rising margin and paid AI products through 2027 can close the gap.
Next checkpoint: Q4 2026 results and 2027 guidance (Feb 16, 2027 (estimate))
Close to intrinsic value · Analysts: Leaning bullish
The market prices CenterPoint for the cost of a large building plan and Houston storm risk, and timely cost recovery with new large-load connections over the next four to six quarters can close the gap.
Next checkpoint: Full-year 2026 results and 2027 guidance (Jan 27, 2027 (estimate))
Close to intrinsic value · Analysts: Leaning bullish
The market doubts that Cisco's AI and campus networking upturn will last and fears lower margins, and steady orders with stable gross margin through fiscal 2027 can close the gap.
Next checkpoint: Q1 fiscal 2027 results: margins and AI orders (Nov 12, 2026)
Close to intrinsic value · Analysts: Bullish
The market prices Ecolab for the cost and debt of its CoolIT deal, and faster organic growth, a higher margin and lower leverage in 2027 can close the gap.
Next checkpoint: Q4 2026 results and 2027 outlook (Feb 9, 2027 (estimate))
Close to intrinsic value · Analysts: Bullish
The market doubts that the large Equinix build program will earn returns like its existing data centers, and steady AFFO per share growth through 2029 can close the gap slowly.
Next checkpoint: Q4 2026 results and 2027 guidance (Feb 10, 2027 (estimate))
Close to intrinsic value · Analysts: Leaning bullish
The market prices FirstEnergy for high debt and the cost of the Ohio scandal, and a fair Ohio rate plan with new data center investment can close the gap over two to four quarters.
Next checkpoint: West Virginia order on the Maidsville Energy Center (Q4 2026 (estimate))
Close to intrinsic value (AI estimate) · Analysts: Very bullish
The market doubts that Hitachi's power grid boom can last, and profit on its raised forecast with growing Energy orders and steady buybacks can close the gap to the AI estimate within one to two years.
Next checkpoint: Q3 fiscal 2026 results: Energy orders and forecast (Jan 28, 2027 (estimate))
Close to intrinsic value · Analysts: Very bullish
The market prices Merck KGaA for lost US Mavenclad sales and the cost of buying Bio-Techne, and growth in Life Science and Electronics with a clean deal close over the next three to five quarters can close the gap.
Next checkpoint: Q3 2026 results: Healthcare decline and Life Science growth (Nov 12, 2026)
Close to intrinsic value · Analysts: Very bullish
The market prices Micron for a memory cycle that ends as new fabs start in 2027, and prices and customer agreements that hold or fail through 2027 can move the stock either way.
Next checkpoint: Q1 fiscal 2027 results: prices and margins (Dec 16, 2026 (estimate))
Close to intrinsic value · Analysts: Bullish
The market doubts that Sandisk can keep record memory profits through the cycle, and data center growth with multi-year supply agreements that hold prices into 2027 can close the gap.
Next checkpoint: Q2 fiscal 2027 results: prices and margin (Jan 28, 2027 (estimate))
Close to intrinsic value · Analysts: Very bullish
The market worries about the debt from the Ansys deal and about China export rules, and falling debt with no new export shock over three to five quarters can close the gap.
Next checkpoint: Fiscal Q4 2026 earnings: full-year result and Ansys integration (Dec 9, 2026 (estimate))
Close to intrinsic value · Analysts: Leaning bullish
The market prices Texas Instruments for a chip upturn that can end and for the Silicon Labs debt, and steady revenue with low capital spending and a deal close in 2027 can close the gap.
Next checkpoint: Q4 2026 results and Q1 2027 outlook (Jan 26, 2027 (estimate))
Close to intrinsic value · Analysts: Bullish
The market doubts that Trane can turn its record backlog into higher margins after the data center boom, and rising margins with strong orders through 2027 can close the gap.
Next checkpoint: Q4 2026 results and 2027 guidance (Jan 28, 2027 (estimate))
Close to intrinsic value · Analysts: Mixed
The market prices WEC for a record capital plan that depends on a few data center customers, and fair rate orders in late 2026 with data center load on plan can close the gap.
Next checkpoint: Wisconsin and Illinois rate orders (Dec 2026 (estimate))
Pricey · Analysts: Bullish
The market doubts that Cloudflare can turn fast growth into lasting profit, and strong revenue growth with rising margins and free cash flow through 2027 can close the gap.
Next checkpoint: Q4 2026 results and 2027 guidance (Feb 9, 2027 (estimate))
Pricey · Analysts: Bullish
The market doubts that data center demand for Eaton's equipment can last and dislikes its new debt, and growing orders, higher margins and lower debt in 2027 can close the gap within about a year.
Next checkpoint: Q4 2026 results and 2027 guidance (Feb 3, 2027 (estimate))
Pricey · Analysts: Leaning bullish
Investors pay a premium for IBM's software growth and steady free cash flow, and faster software growth with higher free cash flow in 2027 can earn it.
Next checkpoint: IBM Quantum Day 2026 (Dec 10, 2026)
Pricey · Analysts: Bullish
The market doubts that Palantir can keep its very fast growth for many years, and a recovery in new bookings with strong 2027 guidance in early 2027 can close the gap.
Next checkpoint: Q4 2026 results and 2027 guidance (Feb 1, 2027 (estimate))
Far above intrinsic value · Analysts: Very bullish
Investors pay a premium for Siemens' automation software and its data center growth, and steady software growth, strong data center orders and a completed Healthineers spin-off can earn it.
Next checkpoint: Q4 fiscal 2026 results and fiscal 2027 outlook (Nov 12, 2026)
Far above intrinsic value · Analysts: Bullish
Investors pay a premium for long-dated growth in Starlink and AI computing, and only years of profitable growth that pays for the very large capital spending can earn it.
Next checkpoint: Q4 2026 results: Starlink growth and SI profit (Jan 20, 2027 (estimate))
No intrinsic value · Analysts: Bullish
The market finds the multi-layer structure hard to value and higher rates lower its listed holdings, so the gap to plan value can close only in part, if earnings keep growing and rates stop rising.
Next checkpoint: BN Q3 2026 results: distributable earnings and carry (Nov 12, 2026)
Pass rate counts thesis checkpoints that came true. It is not an investment return. Past results do not predict future results.
Every result is on the checkpoints page.
Picks gives general opinions about stocks, including a "Top pick" label. They are not tailored to your needs, goals or risk tolerance. Kevin is not a registered adviser and relies on the general-advice exemption in Canadian securities law (NI 31-103 s.8.25). Do your own research, or ask a registered adviser. Kevin may hold any stock on this site. Read the Disclaimer.