Barclays' sector review has identified in excess of 400 companies that stand to benefit from the buildout of digital and power infrastructure supporting artificial intelligence data centers, a development tied to rising capital expenditure expectations among major cloud providers and hyperscalers. Within that broader list, the bank singled out a group of U.S. electrical equipment manufacturers that produce key components for large-scale AI operations.
Overview
The firms highlighted by Barclays supply the hardware that powers, protects, cools and connects high-density computing environments. Their offerings range from large rotating equipment and high-voltage transmission systems to uninterruptible power supplies, precision thermal management, power conversion semiconductors, and purpose-built distribution assemblies. Barclays ranks the following U.S. electrical equipment companies among its top picks in the sector.
Company breakdown
GE Vernova - GE Vernova manufactures gas turbines, high-voltage switchgear, and HVDC systems used to power and connect large-scale AI data centers. Barclays describes these products as forming the backbone of the electrical infrastructure required for high-capacity computing facilities. Recent analyst activity cited in Barclays' review shows Rothschild Redburn upgraded GE Vernova to Buy, while other firms including BofA Securities and RBC Capital raised price targets on the company based on expectations of strong order growth.
Vertiv - Vertiv's product set includes uninterruptible power supplies, power distribution and thermal management systems specifically designed for AI-driven data centers. Barclays notes the company’s specialization in data center power solutions places it to benefit directly from the expansion of AI infrastructure. Vertiv recently announced the acquisition of BMarko Structures to broaden its infrastructure fabrication capabilities and is investing in new and expanded manufacturing facilities in the Americas to increase production capacity.
Eaton - Eaton offers a comprehensive portfolio encompassing low- and medium-voltage switchgear, power quality products, and liquid cooling systems. Those solutions collectively address multiple infrastructure needs within modern data centers, according to Barclays' overview. Eaton has announced an investment of more than $30 million in a new manufacturing facility in Nebraska aimed at increasing production of medium-voltage switchgear for data centers and other industrial systems.
Hubbell - Hubbell produces mobile power distribution skids, connectors, and grounding equipment that are critical to reliable performance in demanding computing environments. Barclays highlights these specialized components as key elements in ensuring dependable power delivery for data center operations.
nVent - nVent Electric supplies liquid cooling, standard and custom enclosures, and power distribution solutions for mission-critical data environments. The firm's cooling technologies are presented as addressing the thermal management challenges posed by high-density AI computing. In a recent update, nVent raised its three-year financial targets and projected annual organic sales growth of 10% to 13%, attributing that outlook to strong demand in the data center and power utility sectors.
Powell Industries - Powell designs and services custom electrical distribution equipment, including switchgear and automation systems tailored for data centers. Barclays notes Powell's customization capabilities serve specialized infrastructure requirements. Powell Industries reported first-quarter 2026 earnings of $3.40 per share, surpassing analyst estimates, and its Board of Directors also approved a three-for-one stock split.
WESCO - WESCO supplies electrical distribution products, communications equipment and supply chain solutions for large-scale construction projects, providing support for the physical buildout of new facilities. Barclays' report notes that WESCO completed a $1.5 billion senior notes offering, with proceeds intended to refinance existing debt and repay borrowings under its credit facilities.
Power Integrations - Power Integrations develops GaN-based integrated circuits for 800 VDC power architectures and auxiliary power supplies in AI racks, offering advanced power conversion technology for rack-level systems. The company reported fourth-quarter 2025 earnings that surpassed analyst expectations and introduced a new line of flyback integrated circuits designed to extend the power range of its converters.
Belden - Belden manufactures industrial-grade network infrastructure, fiber-optic cabling and power management products for mission-critical operations that connect and power data center systems. Barclays notes Belden reported strong financial results for the fourth quarter of 2025, with both revenue and adjusted earnings per share exceeding analyst forecasts.
Forgent Power Solutions - Forgent designs and manufactures engineered-to-order switchgear, transformers and power distribution units for large-scale data centers. Barclays records that Forgent completed a public offering of its Class A common stock, with shares sold both by the company and by parent entities.
Implications for markets and industry
Barclays' selection emphasizes suppliers across multiple tiers of the electrical value chain - from major rotating equipment and high-voltage transmission to rack-level power conversion and precision cooling. The firms highlighted span manufacturing, systems integration, and supply-chain services that support the physical expansion of AI capacity. Because the list includes companies focused on both hardware components and distribution or fabrication services, the implications touch utilities, industrial manufacturing, construction-related services, and specialized electronics.
Conclusion
In flagging more than 400 companies tied to the AI data center buildout and singling out ten U.S. electrical equipment names, Barclays draws attention to the range of electrical and thermal management technologies central to scaling high-density compute facilities. The bank's report pairs market observations with recent corporate developments - including acquisitions, facility investments, earnings beats, financing actions and updated financial targets - that Barclays views as relevant to each company's positioning in the evolving AI infrastructure market.