Meet the non-tech companies cashing in on the AI data center spending boom (www.businessinsider.com)

A Bank of America Global Research report highlights that the AI-driven spending surge for data centers is lifting a broad set of industrial vendors beyond chip and server makers. The global data center market is forecast to jump from $406B last year to about $939B by 2028, with up to 84% of that spend going toward AI servers. Still, infrastructure spending outside IT — cooling, electrical distribution, backup power and construction — is expected to grow ~19% annually and reach roughly $147B in 2028. For AI/ML practitioners and infra teams, the report signals major shifts in how compute is provisioned and maintained. Liquid cooling demand is projected to expand ~60% annually through 2028 as operators move from air to more efficient thermal solutions; about 30 vendors now offer 100+ liquid-cooling variants, but incumbents with proven service (e.g., Vertiv, Schneider Electric) retain advantages. Schneider controls ~21% of data-center electrical equipment, Vertiv is the #2 supplier and has seen surging demand and stock gains, while generator markets are dominated by Caterpillar (42%), Cummins (24%) and Rolls‑Royce (21%). Examples like Crusoe contracting ~1 GW of natural-gas turbines from GE Vernova illustrate operators diversifying power solutions. The takeaway: scaling AI compute will create sustained opportunities and potential supply-chain/service bottlenecks in power and thermal infrastructure that directly affect reliability and deployment speed.