Three AI-exposed stocks offer value as data center spending reshapes: Alphabet, Brady Corporation, and Belden.

Alphabet's capital spending is soaring to build AI infrastructure, causing annual free cash flow to decline. Wall Street consensus projects that by the 2030s, Alphabet's capital spending will moderate as a share of revenue while free cash flow increases as a share of revenue, potentially reaching steady 30% FCF margins and just over $1 trillion in revenue, which could value the company at $6.7 trillion using a cautious FCF multiple of 20.

Brady Corporation derives 20% of its Americas and Asia revenue and 13% of its Europe and Australia revenue from wire identification products used in data centers; these products grew 19% and 13% respectively in the third quarter of 2026, outpacing the company's overall 13.8% growth. Brady will integrate Honeywell's Productivity Solutions and Services (PSS) business in fiscal 2027, combining PSS's mobile and handheld scanning devices with Brady's printing and labeling expertise.

Belden's connectivity products (cables, connectors, switches, racks, enclosures) position it to benefit from both the data center build-out through 2030 and inference spending growth thereafter. Belden trades at a significant discount to peers such as TE Connectivity and Amphenol, and the $1.85 billion acquisition of RUCKUS Networks, which specializes in enterprise networking, will increase its exposure to inference spending.