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10 Cheapest AI Data Center Stocks to Buy According to Billionaires

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AI data center investment keeps expanding, but the companies supplying that capacity face different paths to profit. The International Energy Agency’s October 2026 report estimates that hyperscalers will spend more than $700 billion on capital investment this year, mostly on new data centers. The report also points out constrained electricity networks, connection queues, and slow permitting as obstacles. For investors, spending commitments establish an opportunity. On the other hand, access to power and the ability to deliver working infrastructure determine when that opportunity becomes revenue. Our earlier 7 Cheapest AI Data Center Stocks to Buy Now explores the industry’s broader investment universe.

Leasing figures show why developers keep building. CBRE’s first-half 2026 report found that supply across primary North American markets rose 33.7% year over year to 10,903 megawatts, while vacancy fell to 1.4%. Customers had already committed to 80.4% of capacity under construction. Average asking rents for deployments requiring three to ten megawatts rose 8.3% during the first half. Those figures suggest that demand persists to absorb new supply. But preleasing cannot eliminate construction delays or guarantee a project’s eventual profitability.

The next phase could require substantial financing. In its 2026 Global Data Center Market Outlook, JLL projects roughly 100 gigawatts of additional capacity between 2026 and 2030. It estimates approximately $1.2 trillion in real estate investment and another $1 trillion to $2 trillion in tenant equipment spending. These estimates cover different parts of the buildout. So investors should not add them to unrelated spending forecasts. They still show why investors must weigh financing needs alongside projected demand. More capacity can create sales opportunities. It can also raise interest costs, depreciation and competition.

Construction costs add another constraint since JLL forecasts an average shell-and-core construction cost of $11.3 million per megawatt in 2026, up 6% from 2025. That figure excludes the tenant’s technology fit-out, which can cost as much as $25 million per megawatt for AI infrastructure. Therefore, the buildout reaches well beyond processors: electrical installation, cooling and site development all influence the cost and timing of new facilities. 7 Best Data Center Engineering and Construction Stocks To Buy examines that part of the supply chain.

Meanwhile, the IEA’s April 2026 analysis projects that global data center electricity consumption will roughly double from 485 terawatt-hours in 2025 to 950 terawatt-hours in 2030. It expects AI-focused facilities to grow faster but warns that equipment shortages and grid constraints could limit near-term expansion.

That distinction matters when searching for cheap stocks. A low forward price-to-earnings ratio depends on an earnings forecast that may change. Investors should ask whether growth comes from sustainable customer demand, favorable component pricing, acquisitions or unusually strong margins. Our 8 Most Undervalued AI Stocks to Buy According to Hedge Funds offers another perspective on that valuation question.

Our Methodology

We considered US-listed AI data center companies that operate AI computing infrastructure or supply essential chips, memory, storage, servers, networking, electrical systems, and construction services. We screened for a positive forward P/E below 20 and quarterly revenue growth of at least 15% year over year.

Note: All data was sourced on November 2, 2026.

Then we ranked all stocks that met our criteria by Insider Monkey’s 2026 Q2 billionaire count and broke ties with the lower forward P/E.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Insider Monkey’s quarterly newsletter strategy selects 14 small-cap and large-cap stocks every quarter and has returned 612% since May 2014, beating its benchmark by 375 percentage points (see more details here).

10. Super Micro Computer, Inc. (NASDAQ:SMCI)

Number of Billionaire Investors: 23

Forward P/E: 8.08×

Super Micro Computer, Inc. (NASDAQ:SMCI) sells the servers and integrated systems that customers install inside AI data centers. Its recent announcement expanded an Open Compute Project portfolio spanning racks, power, networking and liquid cooling. The commercial aim is simple: give customers more of the equipment they need to bring computing capacity online.

The latest earnings release showed fiscal fourth-quarter sales rising 93.2% to $11.12 billion from $5.76 billion a year earlier. GAAP diluted EPS rose to $1.62 from $0.31, and quarterly operating cash flow reached $747 million.

Supermicro’s GAAP gross margin improved to 17.5% from 9.5% a year earlier. Management attributed the improvement to a richer enterprise customer mix and broader adoption of its Data Center Building Block Solutions architecture. Its server, power and cooling equipment lets it supply more of an AI installation, although customer deployment schedules can delay deliveries.  8 Best Affordable AI Stocks to Buy Right Now examines other businesses serving AI demand.

9. Sterling Infrastructure, Inc. (NASDAQ:STRL)

Number of Billionaire Investors: 24

Forward P/E: 13.22×

Sterling Infrastructure, Inc. (NASDAQ:STRL) gives investors exposure to the work that must happen before a data center can operate. Its E-Infrastructure business combines site development and electrical services, while its other businesses serve transportation and building markets. 10 Best Construction Stocks for Data Center Infrastructure examines related contractors.

Its October 28 results showed third-quarter revenue of $1.56 billion, up 127% year over year, including 70% organic growth. E-Infrastructure revenue increased 212% to $1.30 billion, approximately 83% of group sales. The segment made $294.5 million in operating income at a 22.6% operating margin. Site Development revenue surged by 133%, and the CEC electrical business contributed $425.6 million.

Sterling also reported almost $8 billion of scoped work across signed backlog, unsigned awards and subsequent project phases in design. Investors should keep those categories separate, because the full amount does not represent signed backlog.

Sterling’s site-development and electrical businesses let it participate at different stages of a facility’s construction. E-Infrastructure also serves semiconductor, manufacturing and other markets. So its segment revenue covers more than AI data centers. Its operating margin declined as CEC contributed more of the segment’s sales, which shows how project mix can affect the profits that rapid growth generates.

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