GE Vernova stock jumped Wednesday after the power technology company announced it was joining forces with another energy provider and a builder to meet the growing demand for electricity from power-hungry AI data centers.

A boom in heavy industry, an increase in the number of air conditioners, and a robust electric-vehicle market are all adding to China’s power demand. India and Southeast Asia are also going to have above-average increases in demand, driven by economic growth and increased adoption of air conditioners.

It's not merely data center operators that are held in the ETF. Investors also gain exposure to leading semiconductor stocks that are benefiting from the growth in AI and generative AI -- stocks like Nvidia, Broadcom, and Super Micro Computer.