The race to power artificial intelligence is reshaping investment opportunities far beyond semiconductor stocks. While chip makers grab headlines, the unsexy but essential infrastructure supporting data centers, power generation, and automation systems is attracting serious capital. Two Canadian companies are emerging as unexpected beneficiaries of this shift: Brookfield Renewable Partners and ATS Corp., which together illustrate how the data center buildout touches industries most investors overlook.

What Infrastructure Do AI Data Centers Actually Need?

Data centers powering artificial intelligence require far more than servers and processors. They need reliable electricity supply, sophisticated cooling systems, backup power infrastructure, automation for complex operations, and the ability to scale without breaking existing grids. This creates a cascading demand across multiple industries that extends well beyond the technology sector itself.

The scale of this demand is staggering. In 2024, Brookfield Renewable and Microsoft signed an agreement to deliver more than 10.5 gigawatts of new renewable energy capacity between 2026 and 2030 across the United States and Europe. That same year, Brookfield and Alphabet signed a hydro framework agreement for up to 3,000 megawatts of carbon-free electricity in the United States. These deals signal where data center operators are directing their infrastructure spending.

How Are Companies Positioning Themselves to Capture Data Center Demand?

• Renewable Power Generation: Brookfield Renewable owns one of the world's largest publicly traded renewable power platforms, with assets in hydro, wind, solar, energy storage, and distributed energy solutions. The company also has exposure to nuclear services through Westinghouse, which is becoming increasingly important as tech companies seek reliable, low-carbon power sources that operate around the clock.
• Automation and Industrial Engineering: ATS Corp. designs and builds automation systems for industries including life sciences, food and beverage, consumer products, transportation, and energy. As data centers require increasingly complex power supply chains and energy infrastructure, ATS's expertise in automation and engineering becomes more valuable to the ecosystem.
• Nuclear Power Infrastructure: Nuclear power has moved back into serious discussion because data centers need continuous electricity supply, not just power when wind or solar conditions cooperate. ATS reported that its energy revenue rose 101.5% year over year in fiscal 2026, driven largely by execution on nuclear projects.

Brookfield Renewable's financial performance reflects this opportunity. The company reported record first-quarter funds from operations of $375 million, or $0.55 per unit, up 15% per unit from the prior year. It also declared a quarterly distribution of $0.39 per unit, offering investors both income and exposure to one of the biggest power-demand stories in the market.

ATS has also demonstrated strong momentum. In fiscal 2026, the company generated revenue of $3 billion, up 17.4% from the prior year, with adjusted earnings before interest, taxes, depreciation and amortization rising 12% to $413 million. The company ended the year with a backlog of approximately $2 billion, providing visibility into fiscal 2027 revenue.

Why Are Tech Giants Prioritizing Clean Power for Data Centers?

Large technology companies are increasingly demanding that the electricity powering their data centers come from clean sources. This preference reflects both environmental commitments and the reality that data centers consume enormous amounts of electricity. As AI workloads push power demand much higher, companies like Microsoft and Alphabet are locking in long-term renewable energy agreements to ensure reliable, sustainable supply.

The shift toward nuclear power is particularly significant. Unlike solar and wind, which depend on weather conditions, nuclear plants provide constant baseload power. For data centers running AI models 24/7, this reliability is essential. ATS's 101.5% year-over-year growth in energy revenue demonstrates how seriously companies are pursuing nuclear infrastructure to support their data center expansion.

Investors looking beyond obvious AI names should recognize that the data center boom will push demand through the wider industrial system. ATS, while an indirect data center play, could benefit from the larger wave of spending on energy infrastructure and advanced manufacturing. The company serves regulated and technically demanding industries, giving it a role in the kind of specialized work that supports energy infrastructure and high-specification production.

The broader lesson is clear: the infrastructure supporting artificial intelligence is as important as the technology itself. While chip stocks capture investor attention, the companies building the power systems, automation infrastructure, and renewable energy platforms that make data centers possible may offer equally compelling opportunities for those willing to look beyond the obvious.