30 Most Important AI Stocks According to BlackRock

21. Iron Mountain Incorporated (NYSE:IRM)

Number of Hedge Fund Holders: 24

Iron Mountain Incorporated (NYSE:IRM) is a real estate investment trust that focuses on storage and information management services. The company is one of the best real estate plays in the AI universe. Some important numbers illustrate this observation. In the past quarters, data center storage revenue has been the fastest growing segment of the company, with growth figures of 30% year over year. The company now runs 26 hosting facilities related to data centers, up from 24 last year. It also leases 260 megawatts of electricity to customers. The current rapid expansion of AI data centers and the increase in demand for electricity could be an immediate catalyst for profits, supporting the premium valuation of the REIT.

Iron Mountain Incorporated (NYSE:IRM) has earned bullish calls from Wall Street. Wells Fargo recently raised the price target on the stock to $110 from $90 and kept an Overweight rating, noting that data center demand was solid in Q2, albeit not at records, although demand would re-accelerate again in the second half of 2024. The advisory underlined that hyperscale leasing slowed a bit in Q2 after a record Q1, but the stage was set for a massive second half of the year, with multiple gigawatt deals in the pipeline.