AI spending is now big enough to move interest rates. Australia's central bank just lifted its cash rate to 4.85%, explicitly citing AI related investment as one of the forces keeping inflation above target. When central banks pay attention, capital is already moving in size. This article walks through three large scale AI infrastructure stocks from leading US cloud and platform providers that sit at the center of that flow.
The three stocks highlighted below are just a sample of the biggest AI infrastructure buyers. The full screen surfaced 36 more companies with equally compelling narratives that are not covered here. To identify and analyze those additional opportunities, head straight into the AI - Big Tech and Cloud Providers screener .
Baidu (BIDU)
Baidu is one of the few Chinese tech giants building both AI models and the heavy cloud infrastructure needed to run them at scale. This makes it a useful way to track how AI spending is reshaping internet platforms inside this screener theme.
Baidu, Inc. runs a broad Chinese internet ecosystem spanning search, content, AI cloud and autonomous driving, with Baidu General Business generating about CN¥101.9b and iQIYI another CN¥26.0b in yearly revenue. AI Cloud sits within this wider mix. The group has a market value of roughly US$25.2b.
"Baidu's leadership in foundation models and proprietary AI architectures is now supported by its Kunlunxin chip unit, which has three generations of self developed accelerators deployed at large scale and underpins GPU Cloud revenue growth that reached very large triple digit percentages in early 2026, giving Baidu more control over AI compute cost and potential earnings quality."
What happens if a single pressure point inside that AI cloud buildout keeps unit economics from improving as fast as investors expect?
If that pressure point matters to your thesis, read the full narrative for Baidu to see how Baidu's AI cloud economics could accelerate or stall from this point.
International Business Machines (IBM)
International Business Machines leans on its hybrid cloud and AI stack to plug into the AI infrastructure buildout, while still running a broad mix of software, consulting, hardware and financing activities that reach enterprise and government clients across regions.
IBM generates about US$31.6b from Software, US$21.3b from Consulting, and US$16.0b from Infrastructure, with smaller contributions from Financing and other items. This gives the group a diversified top line and supports a market value of roughly US$243.7b.
IBM's hybrid cloud and AI tooling gives enterprises a way to plug GPU heavy workloads into existing systems, which is why it features in this AI infrastructure theme.
"IBM's focused strategy on hybrid cloud and AI remains central as software reaches nearly 45% of total revenue and about 80% of that software revenue is recurring. This supports a reported US$24.6b of ARR growing 8% year over year and can influence future revenue visibility and earnings quality."
One key question is what happens if a less visible constraint inside that AI and hybrid cloud rollout limits how much operating leverage IBM can convert into margins.
That hidden throttle on IBM's operating leverage is exactly what the full narrative for International Business Machines unpacks. It explains where recurring software economics could accelerate next or where they could stall.
Bitdeer Technologies Group (BTDR)
Bitdeer Technologies Group is a former crypto miner now using its data centers to provide AI cloud, high performance computing capacity and hosting, mainly across the United States and Bhutan, and carries a market value of about US$1.8b.
Bitdeer gives you exposure to the AI infrastructure buildout from a different angle, where converted mining facilities and GPU heavy campuses turn into capacity rented to AI customers rather than pure bitcoin production.
"Although Bitdeer's long duration AI colocation and AI cloud contracts in Norway and Malaysia point to sizable committed revenue over many years, the company is still reporting gross margin losses and operating losses."
The key variable is how funding and execution pressures shape the path from heavy build costs today to any potential future improvement in cash generation.
That funding path is exactly where the real tension and upside sit, and the full narrative for Bitdeer Technologies Group shows how Bitdeer could convert heavy build into accelerating economics.
Seeking Alternatives Before The Crowd?
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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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