PNR
Pentair plc
stock NYSE

That’s actually the key distinction I’ve been looking at too.
Higher water demand doesn’t automatically mean water utilities can simply pump more water and grow volumes indefinitely. For a regulated utility like $AWK, expansion depends on infrastructure investment, available water sources and regulatory approval. The business model is more about investing in water assets and earning an allowed return through regulated rates, so growth tends to be steady rather than explosive.
That’s why I think the more direct AI/data-center angle may actually be in companies such as $XYL, $ECL and $PNR.
They don’t necessarily need water supply itself to keep expanding. They can benefit from the need to use existing water more efficiently — through treatment, recycling, pumps, cooling systems, monitoring and maintenance.
In other words, if water becomes scarcer, the investment opportunity may shift from simply “selling more water” toward **making every gallon more efficient and reusable**.
And that could become even more important as data centers continue to expand.

PNR anyone?