Trader’s Guide to Indian Data Center Boom Led by Google, OpenAI

As Alphabet Inc.’s Google and other US tech behemoths pledge billions of dollars to build artificial intelligence infrastructure in India, investors are racing to identify local firms set to benefit from the wave of investments.

The creation of an AI ecosystem offers a fresh opportunity to investors in India’s $5.4 trillion market, which has so far trailed this year’s global equities rally in part due to an absence of pure-play AI names like US chipmaker Nvidia Corp. and Chinese chip designer Cambricon Technologies Corp.

Investors are turning to local ancillary companies, from equipment makers to power generators, that are expected ...