The 7-layer data center stock map — compute, memory, networking, storage, cooling, power, construction — with the publicly-listed leader in each layer (from $NVDA and $MU to $VRT, $GEV, and $PWR) and why the SRVR / DTCR / AIQ ETFs underweight the most asymmetric layers.
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The buildout is a stacked supply chain — the answer depends on which layer you're underweight. The cleanest pure-AI plays are $NVDA, $AMD, $AVGO, and $MRVL on silicon; $MU on HBM; $ANET and $ALAB on networking; $VRT on cooling; and $GEV, $CEG, $ETN, and $POWL on power. Broader-tailwind names like $JCI, $TT, $CARR, $ETN, and $HUBB give buildout exposure without single-end-market concentration. Most institutional books hold a mix across layers.
GPU supply is constrained but scaling — $NVDA, $AMD, $AVGO, and $MRVL keep adding capacity at TSMC and Samsung. Power is constrained by physics and regulation: a new gas turbine takes $GEV three to four years; a grid interconnect in PJM or ERCOT runs five to seven years; a new nuclear plant is a decade-plus. AI campuses can't be built faster than power can be delivered, which is why nuclear PPAs, on-site gas, batteries, and behind-the-meter generation have become primary investment themes.
Some are pure AI plays — $NVDA, $AMD, $MRVL, $ALAB, $CRDO, $VRT — where the buildout is essentially the entire growth story. Others are broader-tailwind names where AI is the incremental driver: $JCI, $TT, $CARR, $ETN, $HUBB, $APH, $TEL. Pure-plays have higher beta to a hyperscaler capex slowdown; broader-tailwind names give up some upside but absorb a soft patch better.
Roughly 70–80%. The remainder is land, internal labor, software, and a small share of private suppliers. The $500B+ of guided 2026 capex translates into roughly $350–400B of addressable spend across the public companies on this page.
The Data Center Buildout trend on Macroplane shows the categories, baskets, and companies tied to the buildout in one place, with continuous price tracking and per-company news. The individual baskets — Custom Silicon, Memory Supercycle, Networking & Retimers, Storage, Cooling, Power & Grid, Construction & MEP, Connectors — let you isolate one layer at a time.