Asset manager VanEck has launched the VanEck Data Center Supply Chain ETF (RACK  ), a new thematic fund designed to provide investors with focused exposure to companies benefiting from the rapid expansion of artificial intelligence infrastructure. The launch comes as hyperscalers and technology giants accelerate spending on data centers, semiconductors, power systems, and cooling technologies to support the growing demands of generative AI and large-scale model deployment.

According to industry estimates, the five largest AI hyperscalers are expected to spend roughly $750 billion on infrastructure in 2026, according to data compiled by the firm, underscoring the scale of investment flowing into the AI ecosystem.

Meanwhile, consulting firm McKinsey & Company estimates that global AI-related data center infrastructure investment could reach between $5.2 trillion and $7.9 trillion by 2030, with data center capacity demand nearly tripling over the same period. As AI adoption grows, supply-chain bottlenecks are emerging across semiconductors, memory, electricity generation, and cooling systems, creating potential opportunities for companies addressing these constraints.

Key features of the fund:

  • Tracks the MarketVector Data Center Supply Chain Index (MVRACK).
  • Uses a modified float-adjusted market-cap weighting methodology.
  • Invests exclusively in U.S.-listed companies tied to AI infrastructure development.
  • Constituents must derive at least 50% of revenue from data center and AI infrastructure-related businesses.
Target sectors include:

  • Semiconductor design and manufacturing
  • Memory and computing infrastructure
  • Cooling technology
  • Electrical equipment
  • Nuclear and power-generation infrastructure
  • Designed to capture companies addressing bottlenecks in chips, power, cooling, and grid capacity.
The new ETF expands VanEck's suite of AI and infrastructure-focused funds, joining offerings such as the VanEck Semiconductor ETF (SMH  ), VanEck Fabless Semiconductor ETF (SMHX  ), VanEck Uranium and Nuclear ETF (NLR  ), and the recently launched VanEck Space ETF (WARP  ), reflecting growing investor interest in the infrastructure backbone supporting the AI revolution.

The launch follows increasing strain on power infrastructure, with some power transformer delivery timelines extending two to four years. In a recent interview with Benzinga, Yuri Khodjamirian, CIO of Tema ETFs, said the U.S. is entering a prolonged cycle of investment across power generation, grid infrastructure and electrical equipment after decades of underinvestment, creating opportunities for companies positioned across the electrification value chain.