Artificial intelligence (AI) infrastructure spending is poised to jump significantly once again in 2026. According to market research provider Futurum, the five largest hyperscalers and cloud computing companies in the U.S. could spend between $660 billion and $690 billion on AI infrastructure this year, well above last year's $380 billion.
Additionally, the firm notes that pure-play AI companies such as OpenAI, Anthropic, and Perplexity, as well as ambitious infrastructure projects such as Stargate, will tack onto this figure. That's why now is a good time to take a closer look at a couple of pick-and-shovel plays providing hardware that is central to the proliferation of AI -- Micron Technology (MU 3.21%) and Jabil (JBL 1.22%).
Let's look at the reasons why these two companies could win big from the massive spending on AI data centers in 2026.
Image source: Getty Images.
Micron Technology: Solving a key problem for AI data centers
Micron Technology's dynamic random-access memory (DRAM) chips play a critical role in AI data centers. Data center-focused DRAM, known as high-bandwidth memory (HBM), helps AI accelerator chips quickly fetch the massive datasets they require for training AI models and running inference applications. Smaller and slower memory options limit the performance of AI servers.
NASDAQ: MU
Key Data Points
Micron pointed out back in 2019 that AI servers will need "six times the amount of DRAM as standard servers." That prediction has proven true. AI data centers are gobbling up the available supply of DRAM chips, which isn't surprising, as companies like Nvidia have been packing more memory into their AI chip systems.
For instance, Nvidia's new Vera Rubin AI processors, which will be launched this year, are going to pack close to 300 gigabytes (GB) of HBM. That's up from around 200 GB of HBM the company used in its Blackwell B200 processors in 2024. High demand from AI data centers has created an acute shortage of memory chips, which has allowed the companies that manufacture them to boost prices sharply. According to a recent Bloomberg article, prices for one variety of DRAM rose by 75% from December 2025 to January 2026, building on prior hikes that occurred in the fourth quarter.
This trend of rising memory prices is poised to continue for some time, driven by the continued investments in AI infrastructure and the supply constraints, as it takes time to build more chip production capacity. This is precisely why analysts have become bullish about Micron Technology's earnings growth prospects.
MU EPS Estimates for Current Fiscal Year data by YCharts.
As the above chart shows, analysts anticipate a huge increase in Micron's bottom line from the previous fiscal year's level of $8.29 per share. If that consensus prediction is accurate, this tech company's earnings are on track to jump by more than 5x in just two fiscal years, making it a no-brainer buy right now. I say this because Micron trades at just 24 times trailing earnings and 12 times forward earnings.
The tech-focused Nasdaq-100 index has a trailing earnings multiple of 31 and a forward multiple of 25, which means that investors can get a great deal on Micron stock right now. Consider grabbing it hand over fist before it soars higher.
Jabil: A hidden gem in the AI infrastructure space
Jabil may not be a well-known name in AI infrastructure, but the company's growth has been accelerating. Jabil provides manufacturing, engineering, design, and supply chain services to multiple industries, including automotive, healthcare, consumer electronics, and data centers.
NYSE: JBL
Key Data Points
Management has noted that AI is now Jabil's primary growth driver. The company engineers and builds AI server racks, liquid-cooled servers, and power management solutions for AI data centers. It has been launching server products to capture the fast-growing demand from AI data centers, and importantly, it announced in June last year that it plans to invest $500 million to expand its AI data center infrastructure manufacturing capacity.
Those efforts are paying off. The company is now guiding for a 35% increase in its AI revenue in fiscal 2026 to $12.1 billion, an improvement over the 25% growth it forecast in September 2025. The stronger contribution from its AI business has also encouraged Jabil to raise its fiscal 2026 operating margin guidance by 10 basis points to 5.7%.
Looking ahead, analysts are forecasting robust double-digit percentage earnings growth.
JBL EPS Estimates for Current Fiscal Year data by YCharts.
The consensus earnings estimates have been moving higher in recent months, as seen in the chart above, and that trend could continue, considering that the AI server market is forecast to experience an annualized growth rate of 34% through 2030. What's more, this AI stock is trading at just 19 times forward earnings, a discount to the Nasdaq-100's multiple.
In other words, investors can get their hands on Jabil stock at an attractive valuation, too. It is worth noting that the stock has jumped by 33% over the past three months. But the points above suggest that it still has room for further upside.
