{"id":118179,"date":"2026-06-10T00:00:00","date_gmt":"2026-06-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=118179"},"modified":"2026-06-10T02:56:27","modified_gmt":"2026-06-10T02:56:27","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\/uae\/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":"

A growing number of firms are riding AI\u2019s 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 Financial Times<\/a> reports. The gainers include everyone from Caterpillar and Hochtief to steel producer Nucor and power-management company Eaton.<\/p>\n

\u201c[A]nything that can spin an engine is going to end up in a data center<\/strong>,\u201d Dell\u2019Oro\u2019s Alex Cordovil said. Investors are increasingly wagering on the infrastructure behind AI \u2014 companies supplying the power, cooling, wiring, and equipment \u2014 rather than the companies building the models themselves.<\/p>\n

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

The biggest winners aren\u2019t always obvious: <\/strong>Corning \u2014 the 175-year-old company behind Pyrex glass \u2014 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

Gulf investors are also putting their money into these enterprises: <\/strong>The Abu Dhabi Investment Authority (Adia) has recently<\/a>capitalized<\/a><\/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

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\u2019re 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

\n

MARKETS THIS MORNING- <\/p>\n

Asia-Pacific markets fell in early trading this morning <\/strong>as flaring geopolitical tensions and Wall Street's tech selloff rattle investors. South Korea\u2019s Kospi is leading losses, down 2.6%, and Japan\u2019s Nikkei is 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

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,561<\/p>\n<\/td>\n

\n

+0.8% (YTD: -4.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

5,785<\/p>\n<\/td>\n

\n

+0.9% (YTD: -4.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Nasdaq Dubai UAE20<\/strong><\/p>\n<\/td>\n

\n

4,444<\/p>\n<\/td>\n

\n

+1.2% (YTD: -9.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD : AED<\/strong> CBUAE<\/strong><\/p>\n<\/td>\n

\n

Buy 3.67<\/p>\n<\/td>\n

\n

Sell 3.67<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EIBOR<\/strong><\/p>\n<\/td>\n

\n

3.4% o\/n<\/p>\n<\/td>\n

\n

4.0% 1 yr<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

TASI<\/strong><\/p>\n<\/td>\n

\n

11,115<\/p>\n<\/td>\n

\n

+1.3% (YTD: +6.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

52,375<\/p>\n<\/td>\n

\n

+1.0% (YTD: +25.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500 <\/strong><\/p>\n<\/td>\n

\n

7,387<\/p>\n<\/td>\n

\n

-0.3% (YTD: +7.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100 <\/strong><\/p>\n<\/td>\n

\n

10,227<\/p>\n<\/td>\n

\n

-1.4% (YTD: +3.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n

\n

6,050<\/p>\n<\/td>\n

\n

-0.2% (YTD: +4.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 91.88<\/p>\n<\/td>\n

\n

+0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 3.13<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 4,224<\/p>\n<\/td>\n

\n

-1.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC <\/strong><\/p>\n<\/td>\n

\n

USD 61,752<\/p>\n<\/td>\n

\n

-1.7% (YTD: -29.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Chimera JP Morgan UAE Bond UCITS ETF<\/strong><\/p>\n<\/td>\n

\n

AED 3.70<\/p>\n<\/td>\n

\n

+0.3% (YTD: -1.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n

\n

151.25<\/p>\n<\/td>\n

\n

-0.2% (YTD: -0.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n

\n

19.74<\/p>\n<\/td>\n

\n

+4.3% (YTD: 32.2%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The ADX rose 0.8% yesterday<\/strong> on turnover of AED 1.1 bn. The index is down 4.3% YTD.<\/p>\n

In the green: <\/strong>Investcorp Capital (+10.0%), Fujairah Building Industries (+8.1%), and Two Point Zero Group (+3.9%).<\/p>\n

In the red: <\/strong>E7 Group Warrants (-5.0%), Rak Co. for White Cement & Construction Materials (-4.9%), and Oman & Emirates Investment Holding Co (-4.3%). <\/p>\n

Over on the DFM<\/strong>, the index rose 0.9% on turnover of AED 695.7 mn. Meanwhile, Nasdaq Dubai was up 1.2%.<\/p>\n","protected":false},"excerpt":{"rendered":"

More than 200 industrial, utility, and mining companies are outperforming global equities<\/p>\n","protected":false},"author":1,"featured_media":118180,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1553],"tags":[610,7,48,50],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-118179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-artificial-intelligence","tag-enterpriseam-uae","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"4ffe86b8-2653-4dc4-84bd-a6de4026bb16","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/8\/314.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The 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