3 TSX Stocks That Could Benefit from Surging Data Centre Demand

Artificial Intelligence (AI) infrastructure spending remains strong, with leading technology companies pouring billions of dollars into data centres to meet soaring computing demand.

This massive data centre buildout is creating opportunities that extend well beyond the tech giants themselves. Companies supplying hardware, power, and storage solutions that keep data centres running are also well-positioned to benefit from this long-term growth trend.

Against this background, here are three TSX stocks that could benefit from surging data centre demand.

Celestica

Celestica (TSX:CLS) is one of the top Canadian stocks to capitalize on the surging data centre demand. The company supplies hardware, including networking switches, servers, storage systems, and edge computing platforms, that enable hyperscale data centres to support AI workloads.

The strong demand for its networking switches and surging data centre demand are driving Celestica’s solid growth. In the first quarter of 2026, Celestica’s revenue surged 53% year over year to $4.1 billion, while adjusted earnings per share climbed 80% to $2.16. Its Connectivity & Cloud Solutions segment, which now accounts for roughly 80% of total revenue, posted 76% growth, driven by a sharp increase in enterprise AI infrastructure spending.

Celestica’s outlook remains compelling. As AI models become increasingly sophisticated and compute-intensive, companies could continue investing heavily in faster networking equipment and more powerful data centre infrastructure. Reflecting this favourable backdrop, Celestica projects approximately 49% revenue growth in the second quarter and has raised its full-year 2026 guidance.

With ongoing investment in AI infrastructure, strong execution, and sustained AI-driven demand, Celestica appears well-positioned to deliver solid earnings growth, which should support its share price. Moreover, Celestica stock has pulled back a bit, making for a solid entry.

Cameco

Surging data centre demand is driving unprecedented electricity demand, making nuclear power an increasingly important part of the global energy mix. That trend puts Cameco (TSX:CCO) in a strong position to benefit from AI expansion.

Cameco, as the world’s largest uranium producer, is well-positioned to capitalize on growing long-term demand for nuclear fuel. Rising power consumption from AI-driven data centres, broader electrification, decarbonization initiatives, and energy security concerns provide a solid base for multi-year growth.

Besides favourable industry dynamics, Cameco’s highest-grade, lowest-cost uranium mines and long-term supply agreements provide a solid competitive advantage, enabling it to generate stable cash flows. Meanwhile, its investments in Westinghouse Electric Company and Global Laser Enrichment expand its presence across the nuclear fuel cycle, creating additional long-term growth opportunities beyond uranium mining.

As AI infrastructure continues to expand, securing reliable, around-the-clock electricity will become increasingly critical. With its leading position in the global nuclear fuel supply chain and growing exposure across the nuclear energy value chain, Cameco stands out as a compelling long-term investment for investors looking to capitalize on the data centre boom.

Brookfield Infrastructure Partners

Brookfield Infrastructure Partners (TSX:BIP.UN) owns a diversified portfolio of essential assets, including utilities, transport networks, midstream energy infrastructure, and data infrastructure. This business mix, supported by long-term contracts and regulated revenue streams, enables the company to generate resilient and growing funds from operations across market cycles, driving distributions and the share price.

The company is particularly well-positioned to benefit from the structural rise in AI and data centre demand. Growth extends beyond data centres to related infrastructure such as fibre networks, telecommunications towers, power, and midstream assets. The company’s acquisition of a U.S. bulk fibre network, continued expansion of its data storage platform, and the commissioning of more than 200 MW of new data centre capacity should drive earnings growth. At the same time, recently commissioned utility investments are being added to the regulated rate base, providing stable and predictable returns.

Brookfield’s disciplined capital recycling strategy and strong balance sheet further strengthen its outlook. Ongoing asset sales and continued access to capital markets provide ample financial flexibility to fund future investments while maintaining a conservative capital structure.

The post 3 TSX Stocks That Could Benefit from Surging Data Centre Demand appeared first on The Motley Fool Canada.

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Fool contributor Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool recommends Brookfield Infrastructure Partners, Cameco, and Celestica. The Motley Fool has a disclosure policy.