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Today's Featured Article 3 Under-the-Radar AI Infrastructure Stocks Powering the Next BuildoutSubmitted by Bridget Bennett. First Published: 2/20/2026. 
Key Points - The AI buildout is shifting attention from mega-cap leaders to land, power, and resources that data centers physically require.
- Two REITs and one utility offer “picks and shovels” exposure to AI demand without needing to pick a winning chip or platform.
- The thesis centers on data center constraints—site availability, electricity access, and cooling resources—rather than hype cycles.
- Special Report: [Sponsorship-Ad-6-Format3]
The so-called “Mag 7” stocks may be cooling off, but that doesn’t mean the artificial intelligence story is over. In a recent conversation with Marc Lichtenfeld of The Oxford Club, attention shifted from the biggest headline names to the less obvious businesses enabling the AI boom—especially the “picks and shovels” supporting the data center buildout. Lichtenfeld noted that the recent softness in mega-cap tech isn’t surprising after huge multi-year runs. “It’s really not a big surprise when you’ve had some of these stocks like Broadcom and Nvidia just go on these incredible runs over the last few years,” he said. From there, he turns his attention to the companies supplying what every AI buildout needs: land, power and resources. The “Picks and Shovels” Approach to AI Investing Rather than try to predict which platform or chipmaker will win the next phase of AI, Lichtenfeld looks for companies that can benefit regardless of who dominates. His aim is to own the businesses that are “feeding” the ecosystem—those getting paid by hyperscalers and AI leaders for capacity, infrastructure and essential inputs. That framework highlights three names that sit in a different part of the AI supply chain than most investors consider. Prologis and the Race to Control Data Center Land and Power Prologis Inc. (NYSE: PLD) is a real estate investment trust best known for warehouses and industrial facilities—but Lichtenfeld’s thesis is that it can become a major “landlord” for data centers. Why? Data centers need land and power, and Prologis has both. Lichtenfeld highlighted the company’s ability to supply 5.7 gigawatts of power and pointed to 15,000 acres in Texas positioned for data center development. That combination matters because AI capacity constraints aren’t theoretical—hyperscalers are racing to build. Financially, Prologis showed momentum even before the data center story fully arrived: revenue was up 7% in 2025. It also offers an income angle, yielding around 3% and extending a long dividend-growth streak with a recent raise. For investors seeking AI exposure with a real estate backbone, Prologis provides a direct way to play the question: where will all these servers actually go? Gladstone Land and the Unexpected Value of Water Rights in the AI Economy Gladstone Land Corporation (NASDAQ: LAND) isn’t building data centers. It’s a farmland REIT—and that’s exactly why it’s interesting here. Lichtenfeld’s view is that the AI buildout can indirectly lift the value of certain rural land, especially where water access is scarce and strategically important. Data centers require large amounts of water for cooling, and Gladstone holds 55,000 acre-feet of water rights, primarily across California and Arizona. He also pointed to the company’s property sales at sizable premiums as evidence the market is already repricing some of these assets. Meanwhile, investors get paid to wait: Gladstone offers roughly a 5% yield and pays monthly. It’s an unconventional “AI economy” idea—less about servers and more about the real-world constraints that determine where those servers can be built. Black Hills and the Quiet Utility That Could Benefit From the Data Center Migration Black Hills Corporation (NYSE: BKH) is an electric utility with natural gas exposure, and Lichtenfeld sees it positioned well as data centers expand into lower-cost regions. Wyoming has become attractive for data centers due to land availability and electricity costs, and Black Hills operates in that footprint. Lichtenfeld emphasized that this isn’t a “get-rich-quick” story—it’s a utility—but the setup points to steady, durable demand growth as new campuses come online. The income component is tangible: Black Hills yields about 3.8% and has increased its dividend each year since 1971, backed by a long corporate history and a culture that prioritizes consistency. Asked when AI-related impact might become clearer, Lichtenfeld said, “I think we’ll see it in 2026.” For investors seeking AI-linked exposure with a defensive profile, that timeline—and business model—may be exactly the point. Why This Conversation Matters Now The throughline from Lichtenfeld’s interview is that AI investing doesn’t have to rise or fall with the Mag 7’s next quarter. When mega-caps pause, the market often starts rewarding the next layer of beneficiaries—the companies that provide what the trend physically requires. Data centers don’t run on hype. They run on land, electricity and resources. That’s why these three names—two REITs and a utility—represent the infrastructure side of AI that many investors overlook.
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