Artificial intelligence (AI) is expanding at breakneck speed. While some worry that parts of the AI sector are overheating and may face a bubble-like correction, one segment is quietly emerging as a powerful investment opportunity: AI infrastructure.
The Foundation of a Hidden Boom
AI’s rapid growth comes with enormous computing and energy demands. Canada is uniquely positioned to capitalize on this trend thanks to its abundant energy resources — from hydroelectric power to natural gas and renewables — which are ideal for cooling and powering large-scale data centres.
Also Read: Emerging AI stocks in Canada
The federal government has already taken steps to seize this opportunity. Through the Canadian Sovereign AI Computer Strategy, Ottawa has pledged up to $700 million to support new AI data centres and as much as $1.7 billion for supercomputing infrastructure.
Canada’s largest pension funds — often referred to as the “Maple 8” — have historically invested in overseas digital infrastructure, but they’re now turning their attention homeward. This shift is sparking competition among provinces. Alberta, for example, has unveiled an ambitious AI data centre strategy aimed at attracting $100 billion in investment.
Major tech firms including OpenAI and Meta are also exploring opportunities to build in Canada. Meanwhile, Canadian giants like BCE, TELUS, and Pembina Pipeline are already developing data centre and energy projects to support the growing AI ecosystem. For investors looking to ride this wave, several companies stand out.
Also Read: Top Canadian tech AI stocks
Brookfield Renewable Partners (TSX:BEP.UN)
Brookfield Renewable Partners (BEP) is a global clean energy leader with a diversified portfolio spanning hydro, wind, solar, and nuclear power. Recently, BEP has been making strategic moves into AI infrastructure, supplying clean energy to major tech companies like Alphabet and Microsoft, and investing in data centre capacity.
The company’s financial strength underpins its expansion. In the second quarter, funds from operations climbed 10% year over year, while revenue rose from $1.5 billion to $1.7 billion. BEP also signed a landmark deal with Google to deliver up to 3,000 megawatts of hydro power in the U.S. — a first-of-its-kind agreement that positions Brookfield as a key energy partner to big tech.
With robust cash generation, a strong project pipeline, and a global footprint, BEP is well-placed to become a critical clean energy supplier for the AI revolution.
Rogers Communications (TSX:RCI.B)
Rogers Communications is another company primed to benefit from AI’s infrastructure buildout. AI computing requires ultra-high bandwidth, and Rogers already operates an extensive network spanning fibre, cellular, cable, and satellite. As demand grows, Rogers can host or support edge data centres through its existing sites, becoming a crucial player in the AI ecosystem.
Financially, Rogers is showing steady performance. In the latest quarter, revenue grew 2% year over year to $5.22 billion, with net income of $157 million. Adjusted earnings were $1.14 per share, reflecting higher restructuring and acquisition-related costs.
The company has expanded aggressively through acquisitions like MLSE, while continuing to grow its wireless and internet segments. This core strength, combined with new opportunities from AI infrastructure, positions Rogers for sustained growth in both telecom and digital services.
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