Google is making one of its biggest infrastructure bets yet.

Alphabet’s Google plans to invest at least $15.1 billion in artificial intelligence infrastructure in Finland over the next two years, marking its largest single investment in Europe.

But this story is about much more than new data centers.

Google has also signed a 22-year nuclear power purchase agreement covering up to half of the output from Finland’s Loviisa nuclear plant. The company is backing additional wind capacity, battery storage and grid infrastructure as it searches for enough reliable electricity to support the AI boom.

For investors, that creates several potential winners and also some companies that may face increasing competitive pressure.

Winners

AI chips and networking

Names: $NVDA (Nvidia), $AVGO (Broadcom), $AMD (Advanced Micro Devices)

Google’s investment reinforces the central AI infrastructure theme: hyperscalers still need enormous amounts of computing capacity.

More data centers mean more accelerators, networking equipment, connectivity and supporting semiconductor infrastructure. Nvidia remains the dominant AI accelerator company, while Broadcom has significant exposure to networking and custom AI silicon. AMD is another U.S.-listed player competing for AI data-center workloads.

Data-center electrical and cooling infrastructure

Names: $VRT (Vertiv), $ETN (Eaton), $GEV (GE Vernova)

AI servers cannot operate without power distribution, cooling systems, backup infrastructure and grid equipment.

Vertiv is directly exposed to data-center power and thermal management. Eaton supplies electrical equipment needed to distribute and manage increasingly large power loads, while GE Vernova participates in the broader electricity generation and grid-modernisation theme.

Nuclear power and uranium

Names: $CEG (Constellation Energy), $CCJ (Cameco), $LEU (Centrus Energy)

Google’s 22-year nuclear agreement strengthens the investment case for reliable, carbon-free baseload power.

Constellation Energy is one of the biggest U.S. nuclear operators and has already attracted technology-sector interest in nuclear power. Cameco provides exposure to uranium and the nuclear fuel cycle, while Centrus Energy is positioned around nuclear fuel supply.

Losers

Rival hyperscale cloud platforms

Names: $MSFT (Microsoft), $AMZN (Amazon), $ORCL (Oracle)

Google’s spending creates greater competitive pressure on rival cloud and AI platforms.

Microsoft Azure, Amazon Web Services and Oracle Cloud are all spending aggressively to increase AI capacity. Google adding another $15 billion of infrastructure means competitors may need to continue committing enormous amounts of capital simply to protect market share.

Smaller cloud and AI infrastructure providers

Names: $CRWV (CoreWeave), $NBIS (Nebius Group)

Smaller AI infrastructure providers face a different problem.

Google, Microsoft, Amazon and Meta can deploy tens of billions of dollars using enormous balance sheets. Smaller operators often depend more heavily on debt markets, external financing and large customer contracts.

Traditional fossil-fuel exposure as the preferred AI power narrative shifts

Names: $NRG (NRG Energy), $VST (Vistra)

This category requires more nuance because rising data-center electricity demand can benefit almost every major power producer.

However, Google’s Finland strategy reinforces Big Tech’s preference for long-duration, lower-carbon energy agreements built around nuclear and renewables.

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