From grid upgrades to cooling systems, Swiss companies offer a diversified exposure to the artificial intelligence investment cycle.
Artificial intelligent (AI) is not only transforming computing capacity; it is redefining infrastructure engineering. As data centres grow in size, constraints are shifting away from chips towards systems: supply, cooling, electricity grids, and industrial precision.
Switzerland is particularly well positioned in these now-critical fields. From transformers to heat management via vacuum technologies and high-tech construction, listed Swiss companies are present all along the AI value chain and also benefit from structural themes, such as European reindustrialisation, healthcare, and supply-chain resilience. The result is a diversified equity market that historically has a low correlation to US and global indexes, with valuations that continue to be attractive compared with the United States.
A structural cycle of capital expenditure
The build-out of private data centres is picking up pace around the world. Beyond semiconductors and hyperscalers, each new site requires energy systems, grid enhancements, precision cooling, and specialist construction skills – all fields in which Swiss companies of all market caps have extensive and well-established skills, all practised at global level.
Swiss companies that specialise in HVAC (heating, ventilation, and air conditioning) control systems and industrial cooling are seeing applications for data centres coming to represent a growing part of their revenues.
Today, Swiss equities are trading at a discount to their US counterparts. The SPI also offers lower correlations compared with the S&P 500 and the MSCI AC World thanks to its sectoral make-up and the international profile of its companies, which is an advantage when global performances are being driven by a small number of tech mega-caps to which the SPI has little exposure.
AI: the Swiss value chain
In which market segments are Swiss firms benefitting the most from this dynamic?
- Electricity supply and cooling: Heat management has become a crucial issue in data centre design. The configuration of high-density servers generates considerable heat, while precise temperature control directly affects their reliability and energy consumption. Swiss companies that specialise in HVAC (heating, ventilation, and air conditioning) control systems and industrial cooling are seeing applications for data centres coming to represent a growing part of their revenues.
- Electricity network infrastructure: The increased demand for electricity requires transformer capacity, intelligent network solutions, and power electronics at unprecedented levels. Swiss companies which focus on transformers and electrical infrastructure get a significant portion of their revenues from network modernisation, a segment which is benefiting from both the demand associated with data centres and the wider energy transition.
- Semiconductor equipment: Chip manufacturing for AI applications needs highly specialised equipment. Swiss companies working in the field of vacuum technology, gas analysis, and testing and measurements provide components that are critical to semiconductor production plants around the globe.
- Construction materials: Large-scale data centre projects require cutting-edge skills in site management, sealing and waterproofing systems, as well as industrial pipework. Swiss firms are leaders in these fields, and several national construction groups have built up solid experience in realising these sorts of projects.
- Energy efficiency: This has become a key aspect of the economics of data centres, as it determines the actual useable computational capacity that an amount of electrical power can provide. Those Swiss companies who are experts in flow control, industrial automation, and energy management are in an ideal position to capture this demand.
Swiss equities: several growth engines for greater resilience
AI-related infrastructure is a powerful catalyst, but beyond this revolution, various structural growth themes are coming together. However, this characteristic is a real source of resilience, as, should sentiment deteriorate on a specific theme, it can be compensated for by exposure to other themes.
Active Swiss equity strategies reflect this diversification: exposure to AI goes hand in hand with positions in those companies that are especially capitalising on the following major trends:
- European infrastructure spending: ‘ReArm Europe’ and German programmes are opening up a multi-year cycle.
- An ageing global population: Swiss pharma and medtech companies are benefiting from sustained demand in therapies, diagnostics, and medical devices.
- Supply-chain resilience: Relocation and automation are boosting precision and quality-control engineering, both of which are areas of Swiss excellence.
Active stock-selection involves careful analysis of revenue exposures, order books, and competitive positioning.
In conclusion, the Swiss market offers targeted and diversified access to the AI infrastructure investment cycle without depending on a handful of US mega-caps, nor on paying for their multiples. With a correlation to global indexes that is historically low and an exposure to several secular engines through stock market capitalisations, Swiss equities deserve to be reconsidered as a source of diversification and structural growth.
The opinions expressed herein are correct as at 24 August 2026 and are subject to change without notice. This information should not be relied upon by the reader as research or investment advice regarding any particular fund, strategy or security. Past performance is not a guide to current or future results. Any forecast, projection or target, where provided, is indicative only and is not guaranteed in any way.
The views and opinions expressed by fund managers (internal or external) may differ from the house view. They are shared for informational purposes and do not constitute investment advice or a recommendation.
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