Wells Fargo & Co. believes the significant AI spending by major technology firms is beginning to impact the broader economy, potentially benefiting industrial stocks. Strategist Ohsung Kwon highlighted the increasing number of data centers as a positive indicator for the sector.

Kwon identified capital-goods companies, which manufacture the machinery and equipment used in data center construction, as currently being the "biggest AI-adjacent" stocks. This observation aligns with the broader trend of the semiconductor industry becoming increasingly linked to advancements and investments in artificial intelligence.

The firm's analysis suggests that the AI boom, initially concentrated among tech giants, is now creating ripple effects, offering new opportunities for more traditional industrial companies as infrastructure demands grow.