This chart presents one of the clearest bull cases for the AI infrastructure trade (Save this). Global operational data center capacity increased from 82 GW in September 2024 to 133 GW in June 2026. Capacity under construction more than doubled from 20 GW to 45 GW, while planned capacity nearly tripled from 78 GW to 231 GW. These numbers suggest that the buildout remains in its early stages. Every additional gigawatt requires power generation, transformers, switchgear, cooling systems, networking equipment and specialized construction. Now here are some of the stocks that will benefit from this. Eaton should benefit from rising demand for electrical distribution and power management equipment. Its data center orders increased approximately 85% year over year in the second quarter of 2026. GE Vernova should benefit from the need for additional electricity generation and grid infrastructure. The company received more than $5 billion in data center orders for its Electrification segment during the first half of 2026. Vertiv and nVent should benefit because increasingly dense AI systems require more advanced power delivery and cooling. Vertiv’s quarterly revenue increased approximately 24%, while nVent reported 47% organic growth. EMCOR should benefit from installing the electrical and mechanical systems inside these facilities. Its contracted backlog reached a record $17.14 billion, supported heavily by data center demand. Broadcom should also benefit from demand for custom accelerators and the networking chips required to connect large computing clusters. Its AI semiconductor revenue increased 221% year over year in its latest reported quarter. Higher risk capacity owners such as IREN could benefit if they convert secured power into operating data centers and long term AI contracts. However, planned capacity is not guaranteed capacity because many projects still need power, financing, equipment, permits and customers. The strongest investments are likely to be the companies controlling the bottlenecks required to make these projects operational. Eaton, GE Vernova, Vertiv, nVent and EMCOR are the clearest physical infrastructure beneficiaries, while Broadcom provides exposure to custom compute and networking. Even if only part of the planned pipeline gets built, the AI infrastructure spending cycle could continue for years. If you enjoyed reading this, make sure to follow @MelvinInvests for more AI infrastructure insights and if you want to see exactly what stocks I'm buying to play this buildout, you can join Milk Road Pro for just $1 using the link below. link.milkroad.com/d8cj6v