Key Highlights

  • Csquare (NYSE:CSQR) gained roughly 6% in extended trading, with 428 megawatts of contracted power outpacing its 397 megawatts of saleable capacity.
  • Sanmina surged near 20% in extended trading on AI rack orders, while Sterling Infrastructure finished roughly 15% higher as site builders for data centers bounced back.
  • CleanSpark advanced 12.18% as the market began pricing Bitcoin miners by their power Supply and Data Center Lease arrangements.
  • Equinix feels the policy climate most directly, since voters opposed data center projects in 40 of 41 ballot measures on November 3, 2026.

1. Csquare (NYSE:CSQR)

Csquare (NYSE:CSQR) climbed around 6% after the bell on November 9, 2026, following its second report since listing, which showed Revenue of USD 302.3 million, a 25.6% increase and above roughly USD 289.8 million in forecasts. Supply is the number that matters for the data center debate. Contracted power grew nearly 47% to 428 megawatts, yet sellable capacity stood at 397 megawatts, meaning clients have committed to more electricity than the company can presently provide. Annualized bookings hit a high of USD 66.1 million, marking 14 consecutive quarters of sequential expansion, and adjusted EBITDA jumped 44.3% to USD 132.1 million, while 2026 guidance was lifted to USD 490 million through USD 500 million. Should approvals for new projects tighten, operators already holding power gain, placing Csquare in the most favorable spot on this list. The USD 88.1 million net loss stems partly from IPO expenses, and the stock still sits under its July IPO price.

2. Sanmina (NASDAQ:SANM)

Within this group, Sanmina (NASDAQ:SANM) plays AI infrastructure differently, producing the server racks installed inside data centers instead of the structures housing them. Fiscal fourth-quarter revenue grew 84% to USD 3.86 billion, topping estimates around USD 3.48 billion as AI racks sold well following the ZT Systems integration, while non-GAAP Earnings of USD 4.43 per share exceeded about USD 3.19. Guidance for fiscal 2027 of USD 17.5 billion to USD 19.5 billion equates to about 27% growth. Shares rose roughly 11% on November 9 and added an estimated 20% to 22% after hours. Because its orders flow to large AI projects that can use existing buildings, local permit disputes weigh on it less than on site developers. Execution is the larger threat, as first-quarter margins are expected to narrow while big programs ramp.

3. Sterling Infrastructure (NASDAQ:STRL)

Shares of Sterling Infrastructure (NASDAQ:STRL) ended roughly 15% higher on November 9, ranking among the top gainers in large US names. The company performs site preparation and civil construction for data centers and advanced Manufacturing sites, a line that lifted third-quarter revenue 127% to USD 1.56 billion and prompted a 2026 revenue outlook of USD 4.63 billion through USD 4.73 billion. That same reliance makes it the most exposed of the five to the ballot outcomes. Its work leans on a small set of major data center clients, so any slowdown in project launches would reach its Backlog quickly. Flex, another AI buildout participant, climbed as much as 12.9% intraday, with its November 10 Innovation Day ahead, where a proposed spin-off of its cloud and power Business will be presented. Sterling's recent figures support resilience, but the approval of new projects is the decisive factor.

4. CleanSpark (NASDAQ:CLSK)

CleanSpark (NASDAQ:CLSK) gained 12.18% on November 9, one of the stronger moves in a wider lift for bitcoin miners and data center operators. Investors are increasingly grading miners on lease arrangements with data center users and on secured power, instead of on bitcoin's market price, which hovered around USD 74,000 to USD 75,000 that day. Power is precisely what local opposition makes rare. Opposition to new facilities cannot strip away sites that are already linked to the grid, so miners holding such power may become more attractive as conversion targets. Mining Economics remain strained, with difficulty expected to drop roughly 6.4% as weaker coin values lead some operators to shut machines down. CleanSpark's upside relies on landing AI tenants, which makes it a riskier variant of the Scarcity argument behind Csquare.

5. Equinix (NASDAQ:EQIX)

Equinix (NASDAQ:EQIX) serves as the clearest gauge of policy exposure. On November 3, 2026, voters backed limits in 40 of 41 related ballot questions across 10 states: 27 restrictive measures carried, while all 13 meant to assist projects failed. Those measures included no fewer than 18 local bans and four moratoriums; an exit survey found that 76% of voters opposed a data center in their area. Governors-elect in Texas, Ohio and Georgia have hinted at pauses or stricter regulation. No company-specific effect on Equinix has been verified, and one brokerage assigned a Buy rating on November 9, contending the data center REIT selloff went too far. For an operator with a worldwide footprint, stricter local rules may curb new supply and prop up pricing, though they also add expense and delay to expansion.

Where Things Stand

Csquare appears best placed among these five AI infrastructure names after the data center pushback, since its contracted power already tops sellable capacity and fresh supply is becoming harder to secure. Sanmina is shielded from local permitting because its racks land in existing buildings. Sterling Infrastructure posts solid results yet carries the sharpest exposure to new project launches. CleanSpark and Equinix each control scarce, grid-connected power or capacity, though CleanSpark still has to secure AI tenants. Upcoming checkpoints for the group are local permit decisions and Nvidia's report on November 17.