AI Spending Shifts Focus from Chips to Infrastructure: Two Stocks Cashing In

The shift in AI spending from chips to infrastructure is gaining momentum, and two companies are benefiting significantly. Vertiv Holdings and Bloom Energy have reported impressive quarterly results that explain why Wall Street is taking notice.

According to analysts, the majority of AI infrastructure spending (75%) goes towards power management, cooling systems, and data center buildout. Both Vertiv and Bloom sit squarely in this 75% zone. Vertiv's Q1 2026 revenue surged 30% year-over-year, with organic growth reaching 23%. The company's backlog now exceeds $15 billion, prompting a raised full-year sales guidance of approximately $13.75 billion.

Bloom Energy's quarter was even more impressive, with revenue soaring 130% year-over-year to $751 million and net income crossing into profitability territory at roughly $71 million. The company also secured a financing arrangement with Brookfield for up to $25 billion and expanded its partnership with Oracle to include up to 2.8 GW of capacity.

The crypto connection lies in former Bitcoin mining operations pivoting towards AI data center hosting, leveraging their existing high-power facilities and relationships with energy providers. IREN, a company with roots in crypto mining, has secured a $3.4 billion deal with Nvidia for GPU cloud computing and announced a 5 GW infrastructure partnership.