3 Picks-and-Shovels Ways to Invest in AI Without Betting on Chipmakers

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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>Leo Miller, MarketBeatMon, December 29, 2025 at 4:22 PM GMT+1 5 min readAI data center and substation complex highlights EMCOR project pipeline, Cummins backup generators, and GE Vernova grid equipment demand.While headlines swirl around chip developers and hyperscalers, many other stocks are benefiting from AI under the surface.EMCOR Group, Cummins, and GE Vernova each provide critical products and services that allow data centers and AI to proliferate.These stocks are up more than 35% in 2025, and analysts continue to see upside.Interested in GE Vernova Inc.? Here are five stocks we like better.High-end semiconductors and large language models (LLMs) dominate the discussion when it comes to  artificial intelligence (AI).Advanced chips are arguably the most important resource for developing AI, and LLMs are the main way people interact with AI today. However, developing AI requires many different industries to work together, from energy to construction to engineering.→ Broadcom's Insider Selling: A Big Red Flag, or Business as Usual?AI may be built on cutting-edge chips and headline-grabbing models, but it runs on something far less glamorous: concrete, copper, turbines, transformers, and redundant power. Every new rack of GPUs needs a building to house it, cooling to keep it stable, and electricity that can’t blink—even for a second.That’s why a different class of winners is emerging from the AI boom: the companies that build data centers, keep them online, and expand the grid to feed their rising load. Among this group, three “pick-and-shovel” stocks are positioned to benefit: EMCOR Group (NYSE: EME), Cummins (NYSE: CMI), and GE Vernova (NYSE: GEV). Even after strong runs, Wall Street analysts still see meaningful upside in each name.→ Netflix Is Out of Favor—and That’s Why It’s Getting InterestingEMCOR is one of the largest specialty contractors in the United States, providing electrical and mechanical construction services.The stock has performed very well in 2025, delivering a total return of approximately 38%.→ Verizon: Out of the Doghouse and Into Your Dividend PortfolioWith one quarter left in 2025, analysts see EMCOR’s revenue rising 15%. This would be its second-fastest annual revenue growth in the last 10 years, bested only by 2024’s 16% growth.Data centers have been a big part of EMCOR’s story. Last quarter, the company said that data center demand led remaining performance obligations (RPOs) in its Network and Communications end market to a record $4.3 billion. This figure has nearly doubled compared to a year ago.Currently, the MarketBeat consensus price target on EMCOR sits near $693, implying around 11% upside in shares. However, two price targets updated after the company’s latest earnings release on Oct. 30 are considerably more bullish. DA Davidson and Robert W. Baird’s Oct. 31 targets average out to nearly $757, suggesting shares could rise by 21%.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,896.24 -9.50 (-0.14%)Dow 3048,367.06 -94.87 (-0.20%)Nasdaq23,419.08 -55.27 (-0.24%)Russell 20002,500.59 -19.21 (-0.76%)VIX14.33 +0.13 (+0.92%)Gold4,348.40 -37.90 (-0.86%)Trending tickersBTC-USD Bitcoin USD 88,442.53 +1,306.90 (+1.50%)NIO NIO Inc. 5.50 +0.16 (+3.00%)ETH-USD Ethereum USD 2,969.33 +36.88 (+1.26%)PFSA Profusa, Inc. 0.1218 +0.0535 (+78.33%)EKSO Ekso Bionics Holdings, Inc. 10.58 +5.12 (+93.77%)PortfolioSign in to access your portfolioSign inTop gainersRARE Ultragenyx Pharmaceutical Inc. 22.78 +3.06 (+15.52%)FTAI FTAI Aviation Ltd. 197.68 +24.85 (+14.38%)FRMI Fermi Inc. 8.09 +0.57 (+7.58%)UAA Under Armour, Inc. 5.14 +0.36 (+7.53%)ONDS Ondas Holdings Inc. 8.99 +0.53 (+6.26%)Top losersCORT Corcept Therapeutics Incorporated 70.20 -9.62 (-12.06%)DJTWW Trump Media & Technology Group Corp. 6.85 -0.65 (-8.67%)VIPS Vipshop Holdings Limited 18.02 -1.34 (-6.92%)UUUU Energy Fuels Inc. 14.21 -0.86 (-5.71%)RIVN Rivian Automotive, Inc. 19.59 -1.08 (-5.22%)Most activeNVDA NVIDIA Corporation 187.54 -0.68 (-0.36%)NIO NIO Inc. 5.50 +0.16 (+3.00%)PLUG Plug Power Inc. 1.9400 -0.0300 (-1.52%)INTC Intel Corporation 37.30 +0.62 (+1.69%)TSLA Tesla, Inc. 454.43 -5.21 (-1.13%)Top economic eventsEarnings eventsMy earnings eventsEarnings events