Macquarie Stock And Private Credit Peers Backing The AI Data Center Buildout

AI funding euphoria just met a dose of reality, with OpenAI trimming its targeted valuation and big tech flagging eye watering capital needs for data centers and GPUs. That shift pulls attention toward the quieter financiers behind the scenes, where some banks and capital markets stocks could either surf future AI infrastructure deals or miss out. This article spotlights three stocks from our screener that appear positively exposed to this shake up in sentiment.

The three stocks highlighted next are a sample pulled from a much wider pool, with the full screen surfacing 21 more global lenders with equally compelling AI infrastructure financing stories that are not covered below. To see the wider opportunity set and quickly identify which large banks and capital markets groups align best with your own thesis, head straight into the Global Systemically Important Banks and Large Capital Markets Lenders to AI Infrastructure screener.

Macquarie Group (ASX:MQG)

Overview: Macquarie Group is a global financial institution that focuses on infrastructure, project finance, data centres and advisory, supported by asset management, banking and commodities businesses.

Operations: Macquarie generates A$7.8b from Commodities and Global Markets, A$4.7b from Asset Management, A$3.5b from Banking and A$3.1b from Macquarie Capital.

Market Cap: A$91.1b

Macquarie Group matters in this screener because it blends project finance, data centre lending and advisory work at the scale AI infrastructure now demands.

"Around 68% of net operating income was generated outside Australia, reducing Macquarie’s dependence on Australian housing and domestic banking conditions. These figures provide context for the assessed valuation, as Macquarie combines relatively steady income from asset management and banking with more variable earnings from commodities, financial markets, advisory work and asset sales."

What happens to Macquarie’s earnings power if a single key assumption about funding costs in large AI infrastructure deals shifts?

That funding swing is exactly what the full narrative for Macquarie Group unpacks, separating temporary funding noise from the areas where Macquarie Group’s AI infrastructure financing engine could be accelerating next.

KKR (KKR)

Overview: KKR is a global alternative investment firm that raises capital and lends into areas like infrastructure, real estate and digital assets.

Operations: KKR reports US$12.6b from Insurance and a US$6.9b segment adjustment, underlining how important insurance-linked earnings are to the group.

Market Cap: US$83.6b

KKR fits this screener because it brings a balance sheet and private credit toolkit that can plug funding gaps as AI data centers, GPU farms and cloud infrastructure projects compete for scarcer capital. This is where investor attention is shifting after the latest rethink in AI valuations.

"Expansion of credit and asset-based finance platforms, with KKR now a leader in a $6 trillion+ market poised for further growth, provides a broader and more durable base of fee-related earnings while also increasing the potential for performance fees as these businesses scale."

What happens to that earnings mix if a single unseen pressure changes pricing power on the next wave of AI infrastructure financing?

That unseen pressure is exactly what the full narrative for KKR unpacks, tracing how KKR’s credit engine could turn an AI funding squeeze into accelerating fee power and additional upside optionality.

Partners Group Holding (SWX:PGHN)

Overview: Partners Group Holding is a global private markets manager investing in private equity, infrastructure, real estate, private credit and royalties, including digital assets.

Operations: Partners Group earns CHF 1.3b from Private Equity, CHF 634 million from Infrastructure and CHF 259 million from Private Credit, with smaller contributions from Real Estate and Royalties.

Market Cap: CHF16.1b

Partners Group matters in this AI infrastructure lenders screen because its private credit and infrastructure platforms can finance data centres and related assets that traditional banks do not always address directly.

"The trend toward broader access to private markets, supported by Partners Group Holding’s record fundraising of $16b in H1 2026 and ongoing product efforts with banks and wealth managers, continues to point to rising AUM from high net worth and retail channels, which would support higher recurring management fee revenue over time."

What happens to that fee engine if a single pressure point changes how much risk clients are willing to take in private credit?

That risk pivot is exactly where the full narrative for Partners Group Holding shows how Partners Group Holding could turn shifting risk appetite into accelerating fee momentum and overlooked upside.

Seeking Alternatives Before The Crowd?

Fresh themes move first. Breakout ideas gain momentum while the data is still under the radar for now. Consider acting promptly to avoid falling behind.

• Target higher income candidates built to pay investors, then pressure test their resilience using the curated list of 6 dividend fortresses.
• Explore early AI momentum with real earnings behind it by scanning the curated group of 39 profitable AI stocks that aren't just burning cash before that story changes.
• Review exposure to the grid backbone powering data centers by examining the tightly filtered 42 power grid technology and infrastructure stocks while pricing still reflects older assumptions.

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