AI Data Center Stocks Beyond DSSA: Other Potential Beneficiaries

Swan.my.id - Jakarta, AI data center stocks are attracting investor attention as rapid artificial intelligence development drives demand for new data center infrastructure. The opportunity now extends beyond companies that directly operate data centers.

The growth of AI requires far more than advanced processors and software. Data centers need electricity, cooling systems, pipes, network infrastructure, buildings, and suitable industrial land. As a result, companies that supply these supporting requirements could also gain from the expansion.

Analysts Mandiri Sekuritas Robin Sutanto and Danif Nouval Esfandiari highlighted this trend in their research titled AI Picks & Shovels: Mapping Out the Spillovers, released on August 31, 2026. Their analysis points to potential spillover benefits across several sectors.

Why AI Data Centers Need More Infrastructure

AI data centers have different infrastructure requirements from conventional facilities. The biggest difference comes from electricity consumption because AI servers operate large numbers of GPUs simultaneously.

A conventional server rack typically consumes around 10 kilowatts (kW). Meanwhile, a high-density AI server rack can require around 200 kW. Therefore, the rapid growth of AI computing creates significant demand for additional power infrastructure.

Higher power consumption also produces more heat. Consequently, conventional air-based cooling systems may no longer provide sufficient capacity for high-density AI racks.

Data center operators have therefore started adopting liquid cooling technologies. Direct-to-chip cooling represents one approach. This technology uses hoses and pipes to connect server chips with cooling distribution units.

That shift creates opportunities for companies involved in supporting materials. In particular, manufacturers and distributors with exposure to pipes and other data center infrastructure could benefit as AI facilities expand.

AVIA and ISSP Have Infrastructure Exposure

Two companies highlighted by Mandiri Sekuritas are PT Avia Avian Tbk (AVIA) and PT Steel Pipe Industry of Indonesia Tbk (ISSP).

AVIA has exposure through its distribution business, which includes water pipes. The distribution segment contributes around 20% of AVIA's revenue. However, the segment generates a lower margin than the company's paint business.

ISSP has a more direct connection to data center development. Its steel pipe products have supported requirements for data center racks and structures.

Nevertheless, ISSP still faces a challenge from relatively low factory utilization. Therefore, stronger demand from data center projects needs to accompany higher utilization for the opportunity to create a larger impact on company performance.

The distinction between the two companies remains important. AVIA has indirect exposure through distribution, while ISSP has a more direct connection through steel products used in data center infrastructure.

DSSA and ISAT Remain Key AI Plays

Beyond material suppliers, technology and telecommunications companies could also benefit from the data center boom.

Senior Equity Research analyst at Kiwoom Sekuritas Indonesia Sukarno Alatas considers PT Dian Swastatika Sentosa Tbk (DSSA) one of the companies receiving significant market attention from the data center theme.

DSSA has exposure through its digital infrastructure business. The company is also developing the SMX01 hyperscale facility in Jakarta with LG, with an investment value of around US$300 million.

The facility follows Tier IV standards and uses liquid cooling technology. SMX01 targets operations in the fourth quarter of 2026, with an initial capacity of 18 megawatts (MW). The capacity can later expand to 60 MW.

Meanwhile, PT Indosat Tbk (ISAT) has another attractive exposure through its data center and AI Factory development with strategic partners.

Demand for AI computing could continue to rise. For this reason, stronger AI adoption could support the development of these businesses. ISAT also has cash capacity that gives the company room to pursue expansion.

PT Telkom Indonesia Tbk (TLKM) also has a data center business opportunity. However, its contribution remains relatively limited compared with the company's total revenue. Even so, continued growth in data center operations remains a catalyst worth watching.

Construction and Industrial Estates Could Benefit

The impact of AI infrastructure could also spread to construction companies. More data center projects require facilities, supporting structures, and other construction work.

Therefore, construction companies could gain indirectly from increasing data center development. The opportunity depends on the number and scale of projects that move forward.

Industrial estate companies also have an important role. Data centers require suitable land, infrastructure, and industrial locations. Consequently, industrial estates with the right characteristics could attract additional data center projects.

Kiwoom Sekuritas sees PT Kawasan Industri Jababeka Tbk (KIJA) as a potential beneficiary because its industrial estate could support the development of data center clusters.

Mandiri Sekuritas, meanwhile, maintains a neutral recommendation for the industrial estate sector. Its preferred stocks in the sector are BEST and DMAS.

Network Infrastructure Adds Another Opportunity

Data center growth also increases demand for telecommunications infrastructure. AI facilities need reliable connectivity, fiber-optic networks, and greater data traffic capacity.

Several infrastructure companies could therefore receive indirect benefits from the expansion. The companies highlighted include:

• PT Dayamitra Telekomunikasi Tbk (MTEL)
• PT Sarana Menara Nusantara Tbk (TOWR)
• PT Mora Telematika Indonesia Tbk (MORA)
• PT Ketrosden Triasmitra Tbk (KETR)

These companies operate infrastructure that can support rising connectivity requirements. As data center capacity grows, demand for network connections and data traffic capacity could also increase.

However, investors still need to distinguish between direct and indirect exposure. Data center operators may gain directly from facility expansion, while material, construction, industrial estate, and network companies may benefit through supporting demand.

What Investors Should Watch

The AI theme creates a broader investment chain than data center ownership alone. Electricity, cooling, pipes, construction, land, fiber optics, and network capacity all form part of the infrastructure ecosystem.

Several factors could determine how strongly each company benefits:

• Data center expansion: More facilities can create additional demand across supporting sectors.
• AI computing density: Higher-density servers require more electricity and advanced cooling.
• Liquid cooling adoption: Wider adoption could increase demand for specialized pipes and related infrastructure.
• Factory utilization: For ISSP, stronger demand could have a greater impact if utilization also improves.
• Network traffic: Expanding AI and data center activity could increase demand for connectivity infrastructure.
• Industrial land demand: Data center clusters could create additional opportunities for suitable industrial estates.
• Company expansion capacity: Financial resources can influence how quickly companies capture emerging opportunities.

As a result, investors should not view every AI-related stock in the same way. Each company has a different level of exposure, business structure, and potential catalyst.

Conclusion

The AI data center boom is creating opportunities beyond the companies that directly operate data centers. Rising electricity consumption and heat generation are increasing the need for advanced cooling, pipes, network infrastructure, construction, and industrial land.

DSSA remains one of the companies attracting attention through its digital infrastructure expansion. Meanwhile, ISAT has exposure through data center and AI Factory development. AVIA and ISSP offer material-related exposure, while TLKM, KIJA, MTEL, TOWR, MORA, and KETR could benefit through various indirect channels.

Therefore, the AI infrastructure theme could extend across multiple sectors. However, the scale of the benefit will depend on project execution, demand growth, capacity utilization, and each company's ability to capture the resulting business opportunities.

FAQ

Which stocks could benefit from AI data center growth?

Companies highlighted in the discussion include DSSA, ISAT, AVIA, ISSP, TLKM, KIJA, MTEL, TOWR, MORA, and KETR. Their exposure varies from direct data center operations to supporting infrastructure.

Why does AI require more cooling?

AI servers use many GPUs simultaneously and consume substantially more power. Consequently, they generate more heat and can require advanced cooling technologies such as liquid cooling.

Which company has direct pipe exposure to data centers?

ISSP has relatively direct exposure because its steel pipe products have been used for data center racks and structures. AVIA has more indirect exposure through its distribution business, which includes water pipes.

When is the SMX01 data center expected to operate?

DSSA's SMX01 hyperscale facility in Jakarta targets operations in the fourth quarter of 2026. The facility has an initial capacity of 18 MW and can expand to 60 MW.

Can telecommunications companies benefit from AI data centers?

Yes. Data centers require reliable networks, fiber optics, and greater traffic capacity. Therefore, telecommunications infrastructure providers such as MTEL, TOWR, MORA, and KETR could receive indirect benefits from continued data center expansion.