La próxima ola en la infraestructura de IA: ¿por qué Vertiv y Micron son los pilares del crecimiento de ganancias en 2026?

The AI infrastructure market is undergoing a seismic shift, driven by the exponential demand for high-performance computing (HPC) and the relentless expansion of data centers. As enterprises and hyperscalers race to deploy AI models at scale, two companies-Vertiv and Micron-are emerging as critical enablers of this transformation. While both are already embedded in the AI ecosystem, their current valuations and strategic positioning suggest they are undervalued relative to their long-term potential. This analysis explores how Vertiv and Micron are uniquely positioned to capitalize on the AI-driven infrastructure boom in 2026 and why investors should view them as foundational holdings in a rapidly evolving market.

AI Infrastructure: A $2.4 Trillion Opportunity

The global AI market is projected to grow at a compound annual growth rate (CAGR) of 30.6% from $371.71 billion in 2025 to $2,407.02 billion by 2032 according to analysis. This surge is fueled by the proliferation of generative AI, large language models (LLMs), and enterprise AI adoption, all of which require robust infrastructure. Data centers, the backbone of AI computation, are expanding at an unprecedented pace, creating a surge in demand for power, cooling, and memory solutions.

Vertiv: The "Picks and Shovels" Play for AI Data Centers

Vertiv (VRTX) is a leader in critical digital infrastructure, providing power, cooling, and thermal management solutions for data centers. Its role in enabling AI infrastructure has become increasingly vital as hyperscale operators and cloud providers seek to optimize energy efficiency and scalability.

Financial Performance and Growth Drivers In Q4 2025, Vertiv reported a 29% year-over-year revenue increase to $2.68 billion, driven by strong demand for AI data center solutions. The company's book-to-bill ratio of 1.4x in Q3 2025 underscores its robust backlog, with analysts projecting continued earnings upside as it converts this backlog into revenue. Vertiv's recent acquisition of Purge Rite Intermediate for $1 billion further strengthens its liquid-cooling capabilities, a critical differentiator in an era where thermal management is a key bottleneck for AI workloads.

Valuation and Market Position Vertiv's forward P/E ratio of 31.18 appears elevated compared to its peers' average of 36.7x according to analysis, but this is justified by its strong earnings per share (EPS) growth projections. Analysts estimate a forward P/E of 18x by 2030, reflecting confidence in its ability to sustain high-margin growth. Vertiv's premium valuation relative to peers (156.5% higher based on EV/EBITDA) is a testament to its reliable cash flows and strategic alignment with the AI infrastructure megatrend.

Micron: Powering the "Memory-Centric" AI Era

Micron (MU) is a dominant player in high-bandwidth memory (HBM), a critical component for AI accelerators and GPUs. With AI models requiring vast amounts of memory to process complex workloads, Micron's HBM3E and HBM4 products are in near-total sellout through 2026.

Financial Performance and Strategic Shifts Micron's fiscal Q4 2025 revenue reached $11.32 billion, a 46% year-over-year increase, driven by its cloud memory and data center business units. The company's gross margins surged from 22% in fiscal 2024 to over 50% in Q4 2025, reflecting its ability to command premium pricing for HBM. Micron has also accelerated capital expenditures to $20 billion for 2026, a clear signal of its commitment to scaling production to meet insatiable demand.

Valuation and Competitive Edge Micron's forward P/E ratio of 12.17 is significantly lower than the industry average of 17.23 according to analysis, suggesting it is undervalued relative to its fundamentals. This discount is particularly striking given its leadership in HBM, a market projected to reach $100 billion by 2028. Micron's strategic exit from its consumer business and focus on high-margin AI infrastructure products have repositioned it as a pure-play beneficiary of the AI cycle.

Risks and Mitigants

While both companies are well-positioned, risks persist. For Vertiv, competition from firms like Super Micro Computer and Applied Digital could pressure margins according to analysis. For Micron, production delays in HBM4 and supply chain constraints could temporarily disrupt growth according to industry reports. However, both companies are proactively addressing these challenges: Vertiv through innovation in thermal management and Micron through aggressive capacity expansion.

Conclusion: Cornerstones of the AI Infrastructure Boom

Vertiv and Micron represent two sides of the AI infrastructure coin: power/cooling and memory. Their financial performance, strategic investments, and undervalued valuations make them compelling long-term holdings. As AI adoption accelerates in 2026, these enablers will not only benefit from the infrastructure boom but also redefine the boundaries of what is possible in the AI era.