Data centre demand widens AI infrastructure play beyond chips

Three TSX-listed companies show different exposure points to surging data centre demand. Celestica is tied to cloud and connectivity hardware, Hammond Power Solutions to transformers and power-quality equipment, and Stantec to engineering, permitting and design work. The signal is that AI infrastructure demand is moving into physical capacity constraints, where supply chains, grid readiness and project execution matter more than AI branding.

• Celestica lifts 2026 guidance after cloud revenue jumps 76%

• Power and engineering bottlenecks broaden AI infrastructure exposure beyond servers

The fact

Three TSX-listed companies show different exposure points to surging data centre demand. Celestica's Connectivity & Cloud Solutions revenue rose 76% in the first quarter, driving overall revenue to US$4.1 billion, up 53%, and prompting management to raise 2026 guidance to US$19 billion. Hammond Power Solutions reported record quarterly sales of C$265 million, up 31.5%, while Stantec posted C$1.7 billion in net revenue and a record C$9 billion backlog.

The Assessment

Data centre growth is widening the infrastructure cycle beyond the chip trade. Celestica captures hardware manufacturing, Hammond sits in the electrical bottleneck — transformers and power-quality kit — and Stantec covers planning, permitting and design. For internet infrastructure, the signal is clear: AI capacity constraints are shifting from compute to physical delivery — supply chains, grid readiness, water access and project execution. That's where the real bottleneck lives.

What to Watch

Watch Celestica margins as revenue scales, Hammond's backlog-to-delivery pace, and Stantec's infrastructure pipeline — whether it translates into durable design work or just rides a crowded data centre investment theme.