Contract Catering, Business & Education Services: Serving the Servers: Feeding the AI Infrastructure Buildout

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Contract Catering, Business & Education Services: Serving the Servers: Feeding the AI Infrastructure Buildout

Foundation

May 21, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMContract Catering, Business & Education Services Toni Kaplan

| North America Equity Analyst

Toni.Kaplan@morganstanley.com +1 212 761-3620

Morgan Stanley & Co. International plc+

Serving the Servers: Feeding the Jamie Rollo

Equity Analyst

Jamie.Rollo@morganstanley.com +44 20 7425-3281AI Infrastructure Buildout

Morgan Stanley & Co. LLC

Yehuda Silverman

What’s Changed Research Associate

Yehuda.Silverman@morganstanley.com +1 212 761-4196

Aramark Holdings Corporation (ARMK.N) From To

Price Target $50.00 $55.00

Business & Education Services

The rise of AI data center projects are creating a new service North America

Industry View In-Line

industry of integrated workforce support ecosystems, or

temporary rural cities for large sites. We view this as a highly

attractive opportunity with the ideal customer base representing

a >$9B TAM.

Key Takeaways

The rise of rural data center sites presents the need for services like hospitality,

facilities management, housing, and workforce support services.

Integrated workforce services presents ARMK and CPG with a brand new end

market that could feature multi-year periods of above-average revenue and

margins.

We highlight the target market as ~700 rural and planned sites in the US, which

we estimate to have a $9B TAM that is composed predominantly of white space.

Remain EW on ARMK and OW on CPG, and are increasing our ARMK PT to $55

from $50.

Workforce infrastructure as a service. The rapid expansion of AI data center

construction is creating demand not only for power, chips, and cooling

infrastructure, but also for large-scale workforce support ecosystems. As campuses