Just been digging into the recent tech pullback and honestly, there's some interesting opportunities showing up if you're willing to look past the noise. The whole AI infrastructure story is still playing out, and I think people are sleeping on how much capital is actually flowing into this space.

Let me break down what's actually happening. We're looking at hyperscalers planning to drop roughly $530 billion in capex this year alone—that's a massive jump from the $400 billion we saw last year. Taiwan Semi already raised their 2026 guidance to between $52 and $56 billion, and that's just one company. The spending isn't slowing down, it's accelerating. Tech sector earnings for Q1 2026 jumped to 24% growth expectations from just 18% a few weeks back.

Two stocks caught my attention as solid plays on this AI infrastructure wave:

ServiceNow (NOW) got absolutely hammered—down nearly 50% from January highs. But here's the thing: this company isn't just sitting around watching AI disrupt software. They've been actively integrating AI into everything they do. They deepened their partnership with OpenAI to power agentic AI experiences, and they're working with Anthropic too. The business fundamentals are still strong—$13.28 billion in 2025 revenue with consistent 21-24% growth, 244 deals over $1 million in Q4, and they just announced a $5 billion buyback program. CEO Bill McDermott bought $3 million worth of shares recently saying there's no better entry point. If NOW just gets back to those January levels, you're looking at roughly double your money.

On the infrastructure side, Celestica (CLS) is the pick-and-shovels play everyone should be watching. They design and build the actual hardware—servers, networking switches, data center equipment—that powers all these AI hyperscalers. Revenue jumped 29% to $12.39 billion in 2025, and adjusted earnings grew 56%. They're planning $1 billion in capex for 2026 and projecting 37% revenue growth heading into 2027. The stock pulled back about 25% from November highs, which honestly feels like a gift given their growth trajectory.

Look, the market gets spooked by geopolitical noise and macro uncertainty, but the fundamentals for AI infrastructure stocks remain solid. This is one of those moments where the dips are actually worth buying if you've got a longer time horizon. Both of these companies are executing well and positioned to benefit from years of capex spending ahead.