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AI Capex Screener
Rank AI infrastructure stocks by capex intensity, year-over-year spend growth, and AI revenue purity. The Purity badge tells you instantly whether a name is a pure AI play, has high exposure, or is just adjacent.
What is Capex Intensity?
Capital expenditures as a percentage of revenue measures how much a company reinvests in physical infrastructure per dollar earned. A rising capex-to-revenue ratio is the clearest signal that a company is committing real dollars to AI build-out — not just talking about it. Pure-play AI companies often run 20–40% capex intensity, compared to under 5% for asset-light software businesses. When comparing AI infrastructure stocks, capex intensity tells you who is actually building versus who is merely benefiting.
How the Purity Score Works
The Purity badge classifies each company by how central AI infrastructure is to its revenue. Pure Play means the majority of the business is tied directly to AI compute, storage, or fabrication — companies like NVIDIA or Arista where AI is the whole story. High Exposure means significant but not dominant AI revenue, such as Microsoft or Eaton. Adjacent means the company benefits from AI capex spending without being primarily an AI infrastructure business. Use Purity to match your investment thesis: direct AI exposure vs. a broader picks-and-shovels diversification.
How to Use This Screener
Sort by Capex YoY to find the fastest accelerators — these are companies committing the most incremental capital to AI right now. Filter to Semiconductors for chip infrastructure and fab equipment exposure. Switch to Cloud to see how hyperscalers are scaling compute capacity. Use the Power filter for picks-and-shovels plays — energy, cooling, and grid equipment that powers every data center. Once you identify a name, click the ticker to see a full stock analysis, or use the DCF Calculator to model whether today's capex will generate sufficient future free cash flow to justify the valuation.
How to Read This Screener
Capex % of Revenue
Capital expenditures as a percentage of total revenue. A high capex-to-revenue ratio signals a company that is actively building infrastructure — data centers, fabs, power systems, or networking. Semiconductor equipment makers and hyperscalers typically run 15–40%. A rising ratio over two years is the clearest proof of accelerating AI build-out.
Capex YoY Growth
Year-over-year change in absolute capex spend. This is the velocity signal — it shows which companies are accelerating their AI infrastructure investments right now versus those that are holding steady or pulling back. Sort by this column to find the companies putting the most incremental capital to work in AI infrastructure.
Purity Badge
Pure Play — the majority of revenue and business activity is directly tied to AI infrastructure. Think NVIDIA, Arista, Vertiv. High Exposure — significant AI revenue but not the sole driver. Think Microsoft, Eaton. Adjacent — benefits from AI buildout but not primarily an AI play. Think Texas Instruments, MongoDB.
How to Use This for Stock Research
Start with the Purity filter to isolate the category you want exposure to. Sort by Capex % Rev to find the most capital-intensive names — these are the companies physically building AI. Then cross-check with Capex YoY to see who is accelerating. Use the ticker link to run a full DCF analysis or compare multiples with the comp analysis tool.
Why Capex Intensity Is the Right AI Signal
Most “AI stock screeners” filter by sector keyword or analyst rating. That tells you nothing about who is actually building AI. Capex intensity cuts through the noise — it measures dollars committed to infrastructure, not marketing language. The companies spending 20–40% of revenue on capital expenditures are the ones that will own the infrastructure layer for the next decade.
The Purity badge adds a second dimension: how much of the business actually depends on AI? A company can have high capex intensity because it is building traditional industrial infrastructure. Purity helps you separate companies where AI is the growth vector from those where it is a side story. For deeper analysis on capital allocation decisions, see the capital allocation guide.
For valuation, pair this screener with EV/EBITDA analysis — high-capex businesses are often better valued on EBITDA multiples than P/E, since depreciation distorts earnings for asset-heavy infrastructure companies. The DCF calculator lets you model out whether today's capex spending will generate sufficient future free cash flow to justify current valuations.