{"id":90470,"date":"2026-06-10T00:00:00","date_gmt":"2026-06-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/?p=90470"},"modified":"2026-06-10T10:05:51","modified_gmt":"2026-06-10T10:05:51","slug":"the-biggest-winners-from-ai-may-not-be-tech-companies-but-the-picks-and-shovels-suppliers-behind-them","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/06\/10\/the-biggest-winners-from-ai-may-not-be-tech-companies-but-the-picks-and-shovels-suppliers-behind-them\/","title":{"rendered":"The biggest winners from AI may not be tech companies but the picks-and-shovels suppliers behind them"},"content":{"rendered":"<p><strong>A growing number of firms are riding AI&rsquo;s coattails:<\/strong> More than 200 industrial, utility, and mining companies linked to data centers or semiconductor supply chains outperformed the MSCI World Index over the past year, the <a href=\"https:\/\/www.ft.com\/content\/5ede9d4d-3989-49b5-a282-4722c8d8fc59?syn-25a6b1a6=1\" target=\"_blank\">Financial Times<\/a> reports. The gainers include everyone from Caterpillar and Hochtief to steel producer Nucor and power-management company Eaton.<\/p>\n<p><strong>&ldquo;[A]nything that can spin an engine is going to end up in a data center<\/strong>,&rdquo; Dell&rsquo;Oro&rsquo;s Alex Cordovil said. Investors are increasingly wagering on the infrastructure behind AI &mdash; companies supplying the power, cooling, wiring, and equipment &mdash; rather than the companies building the models themselves.<\/p>\n<p><strong>This comes as spending on data center infrastructure is hitting record levels:<\/strong> Alphabet, Microsoft, Amazon, Meta, and Oracle are projected to spend a combined USD 700 bn on AI infrastructure this year alone, helping push US data-center construction spending to a record USD 50 bn this past April. Global data-center capacity is expected to double by 2030.<\/p>\n<p><strong>The biggest winners aren&rsquo;t always obvious:<\/strong> Corning &mdash; the 175-year-old company behind Pyrex glass &mdash; has seen its shares rise more than 270% after signing optical-fiber agreements with Meta and Nvidia. Eaton reported data-center orders were up 240% in 1Q, while gas turbines once considered obsolete now carry backlogs of up to seven years as AI companies scramble for power.<\/p>\n<p><strong>Gulf investors are also putting their money into these enterprises:<\/strong> The Abu Dhabi Investment Authority (Adia) has <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/06\/05\/this-morning-adia-cashes-in-on-innio-usd-2-4-bn-ipo-irh-passes-up-zambia-export-duty-waiver-for-unprocessed-copper\/\" target=\"_blank\">recently capitalized<\/a> on the USD 2.4 bn IPO of German gas-engine maker Innio, whose equipment helps power AI-era data centers. The stock jumped 23% on its Nasdaq debut, underscoring investor appetite for the infrastructure underpinning the AI boom.<\/p>\n<p><strong>The catch:<\/strong> Bain estimates the tech industry would need to generate USD 2 tn in annual AI revenue to justify the spending trends we&rsquo;re currently seeing. The OECD has also warned of a potential repricing of AI assets if geopolitical tensions keep energy prices elevated. For now, though, investors seem happy backing the businesses building the AI boom.<\/p>\n<p class=\"tag-border-left\">MARKETS THIS MORNING-<\/p>\n<p><strong>Asia-Pacific markets fell in early trading this morning<\/strong> as flaring geopolitical tensions and Wall Street's tech selloff rattle investors. South Korea&rsquo;s Kospi was leading losses, down 2.6%, and Japan&rsquo;s Nikkei was down 0.9%. The Shanghai Composite and Hang Seng also opened lower. In the US, equities are expected to open in the red, with futures down.<\/p>\n<div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Sensex<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">74,309<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: -12.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>NIFTY 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">23,318<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: -10.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,534<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: -4.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,763<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: -4.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,070<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4% (YTD: +5.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">52,305<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +25.05%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Boursa Kuwait<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,600<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.9% (YTD: +3.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>QSE<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,273<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.09% (YTD: -4.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,386<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: +7.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,190<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +2.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6,027<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +4.08%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 91.1<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.1<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 4,193<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 61,013<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-right-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.6%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>The values in the table above are listed according to the market position as of 3:30pm IST \/ 2pm GST.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More than 200 industrial, utility, and mining companies are outperforming global 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