Investors have spent months fixated on megacap tech capex, yet the quiet enablers of that AI buildout sit in global finance. When hyperscalers commit tens of billions to data centers, someone structures the loans, underwrites the bonds, and insures the risks. If the Nasdaq 100 selloff has you questioning where the more predictable cash flows might sit, this piece walks through three large financial intermediaries tied to that story and how the latest AI capex worries may matter for their stocks.
The three stocks covered below are just a small sample, and the full screen surfaced 48 more large financial intermediaries with equally compelling AI capex financing narratives that are not discussed in this article. To see the wider field and identify which global lenders, insurers, and underwriters best match your own thesis, head straight into the Global Financial Intermediaries to AI Megacap Capex screener
Derwent London (LSE:DLN)
Derwent London links the AI capex story back to bricks and mortar, offering central London space that can flex between high end offices and edge infrastructure for data heavy tenants.
Derwent London runs a £5.0b central London office portfolio, drawing about £209 million from offices within £412 million of total segment income and a smaller contribution from trading property sales and service charges, off a roughly £2.1b market cap.
A structurally higher occupier focus on offices as a strategic tool for culture and talent attraction, combined with Derwent London's design led, amenity rich product and clustering model, is expected to support leasing spreads and net operating margins.
What really moves the dial is how one pressure on future tenant demand plays out against that carefully curated London footprint.
How that demand pressure plays against Derwent London's curated footprint is exactly what the full narrative for Derwent London unpacks, including where AI linked occupier demand could be accelerating.
MERLIN Properties SOCIMI (BME:MRL)
MERLIN Properties SOCIMI is an Iberian commercial landlord connected to the AI capex buildout, owning offices, malls, logistics and data centre assets. Revenue primarily comes from office buildings at about €295 million, with shopping centers at €132 million, logistics at €83 million and data centers at €71 million, supporting a roughly €7.1b market cap.
MERLIN Properties SOCIMI provides exposure to AI-driven data-center and logistics demand through rent and asset ownership rather than direct tech project risk. As hyperscalers reassess heavy capex, a key issue is how that pressure may influence lease terms and pricing power on its power-intensive sites.
That lease and pricing power question is exactly what the 5 key rewards and 2 important warning signs unpacks, so you can see where MERLIN Properties SOCIMI might benefit most from AI buildout volatility.
Flex (FLEX)
Flex is the outlier in this finance-heavy screen, because its AI capex link runs through the hardware and power systems hyperscalers actually need to build and operate data centers, rather than through lending or underwriting activity.
Flex Ltd. delivers design, manufacturing, and supply-chain services for data center, communications, automotive, industrial, and healthcare hardware, giving it a direct line into AI infrastructure demand. The business carries a roughly US$34.4b market cap, which places it firmly in large cap territory.
The CPI Spin-Off Announcement (May 2026): Flex unveiled a plan to separate into two independent, public entities by spinning off its Cloud & Power Infrastructure (CPI) division. By isolating this AI infrastructure engine (spanning liquid cooling, critical power, and server rack integration), management aims to eliminate what it describes as a "conglomerate discount" that has historically influenced Flex's stock valuation.
What happens to long run margins and contract visibility will hinge on how one unseen pressure in AI data center build cycles resolves.
That hidden pressure is exactly where Flex could be mispriced, and the full narrative for Flex shows how CPI's spin off might be masking an accelerating AI infrastructure story.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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