近幾個月來，投資者對「舊經濟」板塊的興趣大增，標普500指數的領漲格局隨之轉變，工業類股今年已上漲約20%，僅次於能源和資訊科技板塊。建築設備製造商卡特彼勒公司便是受惠者之一，其股價在第二季度因數據中心建設熱潮帶動獲利成長而大幅上揚。
權五成估計，目前約有40座大型數據中心正在興建中，另有超過100座處於規劃階段，主要集中在德州、喬治亞州、維吉尼亞州和賓州。然而，當地居民對能源成本、用水供應及社區影響的擔憂日益加劇，政治阻力——尤其是在國會中期選舉前——被視為數據中心大規模建設面臨的最大風險。
Wells Fargo strategist Ohsung Kwon argues that massive AI spending by big tech is trickling down to the broader economy, positioning capital-goods firms as the leading AI-adjacent stocks. Manufacturing activity expanded at its fastest pace in over four years in July, non-AI capital expenditures rose 10% year-over-year, and commercial and industrial loan growth has accelerated—all signs that industrial companies are capturing spillover benefits from the AI investment wave.
Investors have increasingly rotated into old-economy sectors in recent months, reshaping S&P 500 leadership. The industrials sector has climbed roughly 20% year-to-date, trailing only energy and information technology. Caterpillar Inc. exemplifies this trend, with its shares surging after data-center construction fueled strong second-quarter profit growth.
Kwon estimates approximately 40 mega data centers are currently under construction and over 100 are planned, concentrated in Texas, Georgia, Virginia, and Pennsylvania, suggesting the trickle-down impact is still in its earliest stages. However, growing community opposition over energy costs, water usage, and local disruption poses a significant risk, and Kwon identifies political pushback—particularly ahead of the November midterm elections—as the greatest threat to the overall data-center buildout.