The AI Boom Needs Data Centres: 2 TSX Stocks to Watch Closely

Investors love the shiny side of artificial intelligence (AI). They chase chipmakers, software names, and anything with “AI” in the press release. Yet AI needs a physical backbone. Data centres need land, power, cooling, engineering, compliance, and constant upkeep. That creates a different kind of opportunity for TSX investors. Instead of guessing which app wins, they can watch companies helping build and manage the infrastructure underneath it all. So let’s look at some strong options to consider on the TSX today.

STN

Stantec (TSX:STN) looks like the more obvious pick. The company provides engineering, design, planning, and consulting services across water, infrastructure, buildings, environmental services, and energy. That mix fits the data-centre boom well because these projects need more than servers. They need electrical systems, water planning, permitting, environmental work, transportation access, and reliable power connections.

Data-centre demand keeps climbing as AI models grow larger and companies move more workloads into the cloud. Stantec has already pointed to data-centre projects as a contributor to growth in its infrastructure business. That gives investors a direct link to the trend without buying a pure-play data-centre stock at a stretched price.

The latest numbers also help the case. In the first quarter of 2026, Stantec reported net revenue of $1.7 billion, up 9.1% from last year. Its backlog reached a record $9 billion. That backlog gives the AI stock solid visibility and suggests clients still need its services, even as interest rates and construction costs remain issues.

Yet Stantec doesn’t need AI to carry the whole business. Water, transportation, buildings, and energy also support growth. That diversification reduces the risk. Still, the AI stock isn’t cheap after a strong long-term run. Large projects can face delays, and clients can slow spending if the economy weakens. But for investors looking for a data-centre winner with real operations, Stantec deserves a close look.

KSI

Kneat.com (TSX:KSI) is the less obvious pick, and that makes it interesting. It doesn’t build data centres, but provides cloud-based software that helps regulated companies digitize and automate validation and quality processes. Its customers come mainly from life sciences, where documentation, compliance, and traceability matter a lot.

So why connect Kneat to the AI and data-centre theme? Because AI pushes more industries toward digital systems, cleaner data, and automated workflows. Regulated companies can’t just toss information into a spreadsheet and hope for the best. They need strong records, audit trails, and validated processes. As more work moves into cloud platforms, software like Kneat’s can become more important.

Kneat’s latest quarter showed steady growth. Revenue rose 22% year over year to $18 million in the first quarter of 2026. Annual recurring revenue climbed 20% to $76.1 million. Gross margin improved to 78%, showing the appeal of its software model. That kind of recurring revenue can be powerful if the AI stock keeps adding large enterprise customers.

The risk is profitability. Kneat posted a net loss of $3.9 million in the quarter, compared with a profit last year. Smaller software companies can move quickly, but can also fall hard if growth slows or spending rises too fast. Investors need patience and a higher tolerance for volatility here.

Bottom line

Together, Stantec and Kneat offer two very different ways to watch the AI infrastructure story. Stantec gives investors exposure to the physical buildout. Kneat offers a software angle tied to digital validation and regulated data. As AI keeps pushing demand for data centres, power, and cleaner digital systems, this is a Canadian angle investors shouldn’t ignore.

Governments and businesses want more control over data, more compute capacity, and more dependable infrastructure. That creates pressure to build locally and modernize older systems. AI stocks that sit near those upgrades could gain steady demand, even if the headline AI trade cools or shifts. Both TSX stocks could have more room to run, and for patient investors, that makes them worth watching closely through 2026 and beyond today.