Key insights
- BofA highlights mining and infrastructure stocks poised to benefit from AI data center growth, including Freeport-McMoRan (FCX), Rio Tinto and BHP. Increased demand for transition metals like copper, driven by data center electrical infrastructure needs, is a key driver. However, Freeport-McMoRan's recent downgrade due to production delays tempers the bullish outlook.
Investing.com -- Bank of America has identified a group of mining and infrastructure companies positioned to benefit from the artificial intelligence data center build-out, ranking them among 67 Buy-rated stocks with a combined market capitalization of approximately $5.5 trillion.
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Below, which encompasses positions 57 through 48 in the broader ranking, focuses on companies with exposure to power supply, electrical and water infrastructure, as well as strategic transition metals critical to AI data center expansion. The full universe covers more than 65 names across a $5 trillion market cap range.
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CMOC Group Ltd (HK:3993) - The Chinese mining company tops this segment of Bank of America’s rankings, with operations focused on metals essential to data center infrastructure development.
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Freeport-McMoRan (NYSE:FCX) - The copper and gold producer ranks second, with copper demand tied to expanding electrical infrastructure requirements for AI facilities.
Freeport-McMoRan received several analyst rating and price target adjustments, including a downgrade to Equalweight from Morgan Stanley, following a revision to the production ramp-up schedule at its Grasberg mine in Indonesia.
- Zijin Mining (HK:2899) - The Chinese metals and mining company holds the third position, with exposure to transition metals needed for data center construction.
Zijin Mining announced first-quarter net income of $2.8 billion and also revealed plans to acquire control of Chifeng Gold for approximately $2.5 billion.
- Rio Tinto (LON:RIO) - The global mining giant ranks fourth, offering diversified exposure to metals required for power and electrical infrastructure.
Recently, Rio Tinto announced it has ended merger discussions with Glencore. The company also increased premiums on aluminum billets in the U.S. by approximately 12%.
- BHP (ASX:BHP) - The Australian mining company occupies the fifth spot, with operations spanning multiple commodities linked to infrastructure development.
According to a Barclays analysis, BHP’s stock is pricing in iron ore at levels below current spot prices.
- Ecolab Inc (NYSE:ECL) - The water treatment and hygiene company ranks sixth, addressing water infrastructure needs for data center cooling systems.
Ecolab Inc. reported first-quarter 2026 financial results that met earnings per share forecasts and slightly surpassed revenue expectations.
- Johnson Controls (NYSE:JCI) - The building technology and solutions provider holds seventh position, with products supporting data center environmental controls.
Johnson Controls is reportedly exploring the sale of two businesses within its security division, a potential divestiture that could be valued at up to $4.5 billion.
- Trane Technologies (NYSE:TT) - The climate control systems manufacturer ranks eighth, supplying cooling solutions for data center operations.
Trane Technologies reported first-quarter 2026 results that beat analyst expectations for both revenue and earnings per share.
- Vertiv (NYSE:VRT) - The critical digital infrastructure company takes ninth place, providing power and cooling systems for data centers.
Following strong first-quarter results and raised full-year guidance, Vertiv announced the acquisition of Strategic Thermal Labs to enhance its liquid-cooling technology capabilities.
- Delta Electronics (TPE:2308) - The Taiwanese power and thermal management solutions provider rounds out the rankings at number ten, with products supporting data center power supply infrastructure.
Delta Electronics reported a 101% year-over-year surge in first-quarter net income, beating market expectations, with revenue growth driven by strong AI demand.
Bank of America’s screen identifies companies across the supply chain supporting AI data center expansion, from raw materials extraction to finished infrastructure systems.
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