Bank of America has highlighted a group of mining and infrastructure companies that could benefit from the construction of data centers for artificial intelligence, including them in a list of 67 stocks rated 'Buy' with a combined market cap of about $5.5 trillion.
Below are the positions from 57 to 48 in the overall ranking, covering companies with exposure to energy supply, electrical and water infrastructure, as well as strategic transition metals critical for expanding AI data centers. The full list includes over 65 companies with a combined market capitalization exceeding $5 trillion.
1. CMOC Group Ltd (HK:3993) — This Chinese mining company tops the Bank of America rankings, specializing in metals essential for developing data center infrastructure.
2. Freeport-McMoRan (New York:FCX) — A copper and gold producer, it ranks second: demand for copper is directly linked to the growing needs of the electrical infrastructure for AI facilities.
Freeport-McMoRan has received a slew of rating revisions and target price adjustments from analysts, including a downgrade to Equalweight from Morgan Stanley, following a rethink on the ramp-up schedule for the Grasberg mine in Indonesia.
3. Zijin Mining (HK:2899) — This Chinese metallurgical and mining company holds the third spot, with exposure to transition metals crucial for building data centers.
Zijin Mining reported a net profit of $2.8 billion for the first quarter and announced plans to acquire a controlling stake in Chifeng Gold for approximately $2.5 billion.
4. Rio Tinto (LON:RIO) — A global mining behemoth, it takes the fourth spot, offering a diversified exposure to metals critical for energy and electrical infrastructure.
Recently, Rio Tinto announced the halt of its merger talks with Glencore. Additionally, the company raised premiums on aluminum ingots in the US market by about 12%.
5. BHP (ASX:BHP) — This Aussie mining giant is sitting at fifth place, operating across several commodity segments tied to infrastructure development.
According to Barclays' analysis, BHP's stock is priced by the market based on iron ore prices below current spot levels.
6. Ecolab Inc (New York:ECL) — This water treatment and hygiene company ranks sixth, fulfilling water infrastructure needs for data center cooling systems.
Ecolab Inc. reported its financial results for the first quarter of 2026, matching EPS forecasts and slightly exceeding revenue expectations.
7. Johnson Controls (New York:JCI) — A tech and solutions provider for buildings, this company lands in seventh place, offering products for climate control systems in data centers.
Reports suggest Johnson Controls is eyeing the sale of two divisions within its security segment — a potential deal could be valued at up to $4.5 billion.
8. Trane Technologies (New York:TT) — An HVAC systems manufacturer, this company ranks eighth, supplying cooling solutions for data centers.
Trane Technologies reported results for the first quarter of 2026, surpassing analyst expectations on both revenue and EPS.
9. Vertiv (New York:VRT) — A critical player in digital infrastructure, this company ranks ninth, providing power and cooling systems for data centers.
After posting strong results for the first quarter and raising its full-year forecast, Vertiv announced the acquisition of Strategic Thermal Labs to enhance its liquid cooling tech capabilities.
10. Delta Electronics (TPE:2308) — This Taiwanese provider of power and thermal management solutions rounds out the ranking at tenth place, offering products for data center power infrastructure.
Delta Electronics reported a 101% year-over-year increase in net profit for the first quarter, exceeding market expectations: revenue growth driven by high demand for AI solutions.
Bank of America's selection covers companies across the supply chain supporting the expansion of AI data centers — from raw material extraction to ready-made infrastructure systems.