Big Tech Is on Pace to Spend $735 Billion on AI Data Centers in 2026. These 3 Industrial Stocks Collect the Checks.

Big tech isn't done with artificial intelligence (AI) spending. Amazon raised its capital expenditures (capex) to $220 billion for 2026. Microsoft is spending $175 billion. Alphabet has raised guidance twice and now has its sights set on up to $205 billion. And Meta Platforms is set to spend $135 billion. Most of this goes toward each company's AI initiatives, and it's no surprise that graphics processing units (GPUs), central processing units (CPUs), data center rentals, and memory manufacturers get most of the spotlight.

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But another group is actually benefiting from the AI boom: industrial companies.

After all, you can't build an AI data center with just a stack of GPUs. You need buildings, electricity, generators, cooling systems, switchgear, and a whole lot of heavy equipment. That's why certain industrial companies are becoming excellent investments, thanks to a combination of field expertise, established infrastructure, and relationships with the companies driving the AI revolution.

So let's see what these three have to offer.

Caterpillar stock: Data center build-out drives demand for generators, turbines

First up is Caterpillar (NYSE: CAT), which most people would easily associate with excavators, bulldozers, and the like. And yes, those are in demand for data center construction.

But it's the other part of Caterpillar's business that's also getting AI's attention.

AI data centers consume enormous amounts of electricity, and in many places, the existing power grid simply can't deliver it quickly enough. That has created a growing market for on-site and backup power generation, and Caterpillar offers exactly that.

In the second quarter, Caterpillar's Power & Energy segment delivered $8.2 billion in revenue, up 17% year over year and the second-highest contributor to its top line, right behind Construction Industries' $8.3 billion (up 35%). Caterpillar's direct exposure to construction and power generation is giving the company several avenues for growth, and investors are starting to notice.

Eaton stock: Data center revenue surges 65% as total revenue hits record $8.5 billion

Eaton (NYSE: ETN) is an industrial and electrical equipment company that builds the systems that get power where it needs to go.

Eaton posted record second-quarter revenue of $8.5 billion, up 21% year over year, beating the high end of its own guidance. Within that, Electrical Americas, the segment most exposed to data center build-outs, grew 18% organically to $4 billion, a segment record. Within that segment, data center revenue grew 65%.

Meanwhile, the total electrical backlog -- orders booked but not yet recognized as revenue -- rose 43% year over year. Management also isn't letting up, raising full-year adjusted earnings-per-share (EPS) guidance to a $13.50 midpoint and lifting organic growth guidance to a range of 11% to 13%.

GE Vernova stock: Electrification data center orders top $5 billion, doubling 2025's total

GE Vernova (NYSE: GEV) is the energy-focused spinoff of the former General Electric that builds turbines, grid equipment, and electrification technology. The company's second-quarter results included 22% revenue growth and an 88% increase in orders.

Even better, CEO Scott Strazik said that "data center orders reached over $5 billion year-to-date, more than double our 2025 total." The result was management raising full-year 2026 guidance across the board: total revenue to $45.5 to $46.5 billion, Electrification revenue to $14.5 to $15 billion, and free cash flow to $11.5 to $12.5 billion.

At the same time, its Power segment, the turbines that actually generate electricity for those data centers, is now guided to grow organically by 18% to 20%, with gas turbine backlog and slot reservation agreements expected to reach at least 125 gigawatts by year's end.

The takeaway: AI spending still needs real-world industrial infrastructure

Big tech may be spending hundreds of billions on AI, but it can't spend that money without the industrial infrastructure to support it. Caterpillar is supplying the equipment and power generation; Eaton is moving and managing the electricity; and GE Vernova is helping to build the power generation and grid infrastructure behind it all.

GPU and memory suppliers might get all the headlines, but these three industrial companies are quietly collecting the checks.

Rick Orford has positions in Alphabet, Amazon, Meta Platforms, and Microsoft. The Motley Fool has positions in and recommends Alphabet, Amazon, Caterpillar, Eaton Plc, GE Vernova, Meta Platforms, and Microsoft. The Motley Fool has a disclosure policy.