Artificial intelligence (AI) is often talked about as a software or semiconductor story.
That makes sense. The chips, models, and platforms are doing extraordinary things. But behind all of that is a less glamorous requirement: infrastructure.
AI needs enormous computing capacity. It needs data centres, land, power, cooling, network connectivity, and capital. It also needs companies capable of delivering complex projects in the right locations.
This week, Nvidia CEO Jensen Huang described AI factories as "the largest infrastructure expansion in human history."
That is a huge statement, but I think it captures why investors may need to think beyond the most obvious AI winners. The physical backbone of AI could be a major long-term opportunity in its own right.
Two S&P/ASX 200 Index (ASX: XJO) shares I'd buy for exposure to this theme are named in this article.
Image source: Getty Images
NextDC Ltd (ASX: NXT)
NextDC is one of the most direct AI infrastructure plays on the ASX.
The company owns and operates data centres, which are becoming increasingly important as demand grows for cloud computing, cybersecurity, enterprise software, digital services, and AI workloads.
I like NextDC because it gives investors exposure to the capacity side of the AI boom. It does not need to create the best AI model or design the winning chip. Its role is to provide the infrastructure that helps customers run the digital workloads they need.
That can be a powerful place to sit if demand keeps rising.
The company's recent update showed how strong that demand has become. NextDC announced record contracted utilisation and a major capital plan to support future growth.
This shows that large customers are locking in capacity well in advance, suggesting that high-quality data centre space is becoming increasingly strategically important.
There are risks. NextDC is capital-intensive, and building data centres requires a large upfront investment. Funding, construction, power availability, and customer concentration all need to be watched closely.
But I think those risks come with the territory. If AI infrastructure demand continues to grow, companies with available capacity, technical expertise, and strong customer relationships could be in a valuable position.
For investors wanting a direct ASX 200 exposure to data centre demand, NextDC would be high on my list.
Goodman Group (ASX: GMG)
Goodman is another AI infrastructure opportunity.
It is best known as an industrial property giant, with logistics assets across major global markets. That part of the business remains attractive, supported by e-commerce, supply chain efficiency, and the need for well-located warehouse space.
But I think the data centre opportunity has become one of the most compelling parts of the Goodman story.
Data centres are not easy to build. They need suitable land, planning approvals, capital, customers, technical execution, and, increasingly, access to power. These constraints can make the right sites far more valuable.
This is where Goodman looks well placed. The company has a global development platform, relationships with major customers, and a track record of creating value from scarce, well-located assets. Its growing focus on data centres gives investors a way to benefit from the AI infrastructure boom while leveraging the backing of a broader property platform.
I also like that Goodman is not a pure-play data centre stock. That can reduce some of the reliance on one theme. Its logistics business still has long-term demand drivers, while data centres add another layer of potential growth.
The main risk is valuation. Goodman is a high-quality business, and the market often prices it that way. Large development pipelines also come with execution risk.
Even so, I think Goodman has the assets, capital discipline, and global reach to remain one of the best ASX 200 ways to invest in this infrastructure shift.
Foolish Takeaway
The AI boom is about more than chips and software.
If AI demand keeps growing, the world will need much more digital infrastructure to support it. That could create a long runway for companies providing data centre capacity, power access, and development expertise.
Neither share is risk-free, and both require patience. But if AI infrastructure really does become one of the defining investment themes of the next decade, these are two ASX 200 shares I would want in my portfolio.
