AI's Expansion Runs On Smaller Companies

AI's expansion is not solely a mega cap story — it is a multiyear infrastructure cycle supported by smaller companies building, powering and equipping the data center ecosystem. In mechanical construction, distributed power generation and semiconductor and electrical componentry, smaller cap specialists are supplying the essential inputs enabling hyperscaler AI deployment. Investing beyond the headline-grabbing model developers can provide differentiated exposure to sustained AI-driven capital expenditure across construction, energy and enabling technologies without having to bet on a singular technology, developer.