Global data center spending is expected to soar to $1.7 trillion by 2030, according to Dell'Oro Group. In line with that outlook, The Motley Fool's research suggests leading artificial intelligence (AI) companies could boost capital spending by around 50% or more in 2026.
Those estimates point to big opportunities for chipmakers and the companies building the data centers that power AI. Here are three AI infrastructure stocks to consider buying for the long term.
Image source: Getty Images.
1. Nvidia
Even after its monster run, Nvidia (NVDA +1.68%) still has plenty of fuel left in the tank. In addition to selling graphics processing units (GPUs), the company sells computing systems and software that equip hyperscalers with all the essential components needed to train cutting-edge AI models and deploy cloud applications.
Most of Nvidia's revenue comes from its data center segment, which grew an impressive 75% year over year last quarter. Even more telling, revenue rose 22% sequentially versus the prior quarter, signaling strong near-term momentum.
While the stock commands an expensive-looking market cap of $4 trillion, this valuation is supported by the high margins from data center chip sales. The company earned $120 billion in trailing-12-month net income. These high margins show there are no viable alternatives for Nvidia's GPU technology. It supplies large volumes of the most powerful computing systems at a scale no one else can match.
Nvidia expects cumulative purchase orders for its current Blackwell and upcoming Rubin GPUs to exceed $1 trillion through 2027. Looking past any sudden slowdown in data center spending, Nvidia stock should deliver solid long-term returns. It is trading at just 21 times this year's consensus earnings estimate.
NASDAQ: NVDA
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2. Nebius Group
All these chips have to be plugged in somewhere. Nebius Group (NBIS 4.96%) is emerging as a top data center builder serving surging demand for AI cloud infrastructure. Last year, it signed multibillion-dollar deals with top AI companies to expand compute capacity.
AI compute demand remains well ahead of supply, and Nebius is seeing it firsthand. It reported a 547% year-over-year revenue jump in the fourth quarter. The company is now generating annualized run rate revenue of $1.2 billion, and management expects to reach $7 billion to $9 billion by the end of 2026.
Building data centers is capital-intensive, but Nebius could enjoy attractive long-term economics. It builds its own data centers and computing racks, reducing costs versus outsourcing. On an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) basis, it posted a 24% margin in Q4 2025, more than doubling over the past two years.
A broader slowdown in AI data center spending could push out its revenue and margin goals, which is a risk to watch in the AI data center market. Still, with hyperscalers continuing to report demand for cloud services exceeding available data center capacity, builders like Nebius look well positioned to deliver further growth for shareholders.
NASDAQ: NBIS
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3. Hut 8
Another data center stock to consider is Hut 8 (HUT +5.67%). The company is focused on securing large-scale power for its data center pipeline -- one of the biggest constraints in building new data centers today. It builds and leases data center capacity to leading AI companies under long-term contracts.
Hut 8 recently signed a 15-year, $7 billion deal with Fluidstack and Anthropic, backed by Alphabet's Google. Under the agreement, Hut 8 will supply an initial 245 megawatts to Anthropic, with over 2 gigawatts worth of data center capacity to be delivered over time. This probably won't be the last deal it announces.
Hut 8 is developing a massive 8.5 gigawatt pipeline. That spells tremendous growth potential, but it comes with execution risk. There can be construction delays and other unforeseen problems that delay revenue goals. But it's a bullish indicator that the company has secured project financing from top firms like JPMorgan and Goldman Sachs. This backing suggests Hut 8 can execute and deliver on its growth strategy.
The stock's $5.8 billion market cap looks low relative to the value of its Anthropic deal. While this reflects the risks involved in building new data centers, it also points to significant long-term upside for investors if everything goes well. Over the next decade, Hut 8 could be a monster stock as demand for AI infrastructure grows. Analysts are currently projecting its adjusted EBITDA to grow from $130 million in 2026 to $746 million by 2028, which could send the stock higher if it meets those estimates.
