Artificial intelligence is often discussed as a software revolution, but the more durable investment story may be physical: chips, power, land, cooling, transmission, and construction. Training and running advanced models requires enormous compute capacity, and that compute increasingly sits inside high-density data centers with very different power and cooling needs than yesterday’s enterprise server rooms.
The result is a broad infrastructure build-out. AI demand is pushing hyperscalers and enterprises toward larger data-center campuses, more advanced semiconductors, faster networking, and more resilient power systems. The MarketVector™ US Listed AI and Power Infrastructure Index (MVAIPO) was built to capture this full-stack transformation: increased compute demand leads to data-center build-out, which drives electricity consumption, which in turn requires grid modernization and capacity expansion.
That sequencing matters because the AI trade was once concentrated in a small group of semiconductor and platform companies, but the infrastructure wave may spread opportunity across industrials, utilities, energy, engineering, and electrical equipment. In other words, the next phase of AI may look less like a pure technology cycle and more like a capital spending cycle.
From Data Centers to the Grid
Power is becoming one of the central constraints. U.S. data-center electricity usage is growing into its astronomical forecasts, while older facilities are struggling with the power density and cooling requirements of modern AI workloads. That creates demand not only for new data centers, but also for transformers, switchgear, backup power, transmission lines, grid software, nuclear capacity, batteries, and energy-efficiency solutions.
This is where the MarketVector™ US Listed AI and Power Infrastructure Index (MVAIPO) fits into the story. Rather than focusing only on the “brain” of AI, the index is designed to capture companies involved in the backbone: electric grid equipment, engineering and construction, AI semiconductors and data-center operators, utilities, and power producers.
Performance to Follow
The MVAIPO index is up 52% YTD and 119% in the past year, as of May 12, 2026. This reflects the strong demand for companies tied to the AI infrastructure value chain, from semiconductor designers and data-center operators to grid equipment suppliers, engineering firms, utilities, and power producers. The market has begun to recognize that AI adoption is a real-world build-out requiring electricity, cooling, transmission, and physical capacity at unprecedented scale.
MVAIPO 5-year performance
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Source: MarketVector. Data as of May 13, 2026.
About the Author(s):
Jesse Nacht is an Index Research Associate at MarketVector IndexesTM (“MarketVector”). His core responsibilities include index development and design. He has an MA in International Economics and Finance from the International Business School at Brandeis University.
For informational and advertising purposes only. The views and opinions expressed are those of the authors but not necessarily those of MarketVector Indexes GmbH. Opinions are current as of the publication date and are subject to change with market conditions. Certain statements contained herein may constitute projections, forecasts, and other forward-looking statements that do not reflect actual results. It is not possible to invest directly in an index. Exposure to an asset class represented by an index is available through investable instruments based on that index. MarketVector Indexes GmbH does not sponsor, endorse, sell, promote, or manage any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. The inclusion of a security within an index is not a recommendation by MarketVector Indexes GmbH to buy, sell, or hold such security, nor is it considered to be investment advice.
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