VanEck has launched a suite of thematic ETFs targeting the AI value chain, spanning semiconductors, data centers, power infrastructure, and applied AI solutions. According to Morgan Stanley, global data-center capital expenditure is projected to hit $2.9 trillion from 2025 to 2028. Major tech companies, including Alphabet, Amazon, Meta, and Microsoft, are expected to spend almost $600 billion on data-center buildouts in 2026 alone, up from $350 billion in 2025. JLL’s 2026 report predicts 100 GW of new global data-center capacity could come online by 2030, representing $1.2 trillion in real estate value. VanEck’s offerings include the VanEck Semiconductor ETF (SMH), the VanEck Data Center Supply Chain ETF (RACK), and the VanEck Utilities TruSector ETF (TRUU). S&P Global estimates data-center grid power demand could nearly triple between 2025 and 2030 to 183.2 GW. Virginia's August 2026 legislation requiring data-center operators to pay for dedicated grid infrastructure highlights regulatory scrutiny, while Amazon’s plan to construct a 7.65 GW power plant in Texas underscores demand for behind-the-meter energy. The value chain also includes software firms, cloud providers offering GPU-as-a-service, and systems integration specialists. VanEck cautions about risks including sector concentration, market volatility, liquidity challenges, and potential delays or cost overr