Canadian AI-buildout stocks: hardware, power, engineering and software

Canada's artificial intelligence (AI) investment landscape is primarily driven by supporting sectors, rather than a domestic chip giant. Firms with exposure to AI include hardware assembly, power, engineering, and software. Most major players in these areas are US-based, such as NVIDIA and Microsoft, and are therefore not included in this analysis.

One Canadian company with a direct link to AI is Celestica Inc. (TSX:CLS), a manufacturer of electronic equipment and parts. Celestica has a market capitalization of CA$43.62 billion and a forward price-to-earnings (P/E) ratio of 25.6x. Its stock price is currently CA$345.33, down 31.4% over the past year and 21.5% year-to-date (YTD). This decline in Celestica's stock price highlights the recent cooling sentiment towards hardware-related investments in the AI sector.

As data centers consume significant amounts of power, Canadian utilities present a more defensive investment option. These companies have outperformed the hardware-linked AI stocks. The connection between AI and utilities is indirect, as the demand for electricity drives their returns. Additionally, these utilities benefit from rate and defensive-sector trends.

NexGen Energy (NXE) is another company with a potential connection to AI through its involvement in the uranium industry. As a nuclear power developer, NexGen Energy is indirectly related to the AI sector. However, the company is currently unprofitable, with a negative forward P/E ratio, and has declined by 2.9% over the past year. All data presented in this analysis are based on screener snapshots as of November 11, 2026, and may not reflect the most current market prices.