Artificial intelligence (AI) is one of the most powerful investment themes of this decade.
Most investors immediately think of technology companies such as chipmakers, cloud providers, or software developers as ways to gain exposure to the theme.
But the AI boom is much bigger than just tech stocks.
Behind the scenes, artificial intelligence requires enormous physical infrastructure. Data centres, logistics hubs, power connections, and specialised electrical systems all play a critical role in enabling AI computing.
That means some ASX shares benefiting from the AI revolution are not traditional technology stocks at all.
Here are two examples.
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Goodman Group (ASX: GMG)
One of the most important pieces of infrastructure for the AI economy is the data centre.
These facilities house the servers and computing power required to run artificial intelligence models, cloud platforms, and digital services. As AI adoption accelerates, demand for data centre capacity is expected to surge globally.
This is where Goodman Group comes in. The industrial property giant has increasingly positioned itself as a developer and owner of infrastructure that supports the digital economy. Its global portfolio now includes logistics facilities and rapidly expanding data centre projects.
The company's latest results highlight just how significant this opportunity is becoming. Data centres now represent 73% of Goodman's development work in progress, reflecting the scale of investment being directed into digital infrastructure.
Demand for this infrastructure appears extremely strong. Goodman has been expanding its pipeline of powered development sites and currently has a global "power bank" of 6.0 gigawatts across major cities, which is critical for supporting future hyperscale data centres.
In other words, while Goodman is technically a property company, it is increasingly acting as a landlord and developer for the AI economy.
SKS Technologies Group Ltd (ASX: SKS)
Another ASX share benefiting from the rise of AI infrastructure is SKS Technologies.
SKS specialises in the design and installation of electrical systems and digital infrastructure used in large-scale projects such as data centres, communications networks, and specialised facilities.
The company has quickly established itself in Australia's fast-growing data centre construction market. In fact, it recently secured its largest contract ever, a $130 million project to design and construct electrical infrastructure for a hyperscale data centre in Melbourne.
Demand in this sector appears extremely strong. According to management, the data centre market is "growing exponentially and poised to remain in such a state for many years."
This demand has helped drive strong financial momentum for SKS. In its latest half-year results, the company reported a 52.5% increase in net profit and a record $325 million order book, reflecting the pipeline of infrastructure projects underway.
Rather than building AI software, SKS is helping build the physical backbone that allows those systems to operate.
