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TSPA: Capturing the 2026 AI Infrastructure Boom

BY | ETF Database
6:06 am ET 05/13/26 | 8 VIEWS
The T. Rowe Price U.S. Equity Research ETF (TSPA B) holds five stocks Morningstar identified as the best-performing names tied to AI infrastructure in 2026, positioning the fund to capture the boom in hardware and storage driving data center buildouts.Key Takeaways: TSPA holds five stocks Morningstar identified as top AI infrastructure performers in 2026. Hard-disk drive makers benefit from market consolidation and AI storage demand. Oracle’s data center expansion drives demand for onsite power infrastructure. TSPA’s research analysts have allocated to Intel Corp. (INTC), Western Digital Corp. (WDC), Seagate Technology Holdings (STX), SanDisk Corp. (SNDK), and Oracle Corp. (ORCL), per ETF Database. Morningstar analysts reported these companies are scaling to meet demand for computer hardware and power infrastructure needed to support AI, with several reporting the highest gross margins in their histories. The actively managed fund held 1.1% in Intel, 0.5% in Oracle, 0.5% in Seagate, 0.3% in Western Digital, and 0.2% in SanDisk, ETF Database data shows. Those positions sit alongside larger stakes in traditional AI leaders Nvidia Corp. (NVDA) at 8.1% and Broadcom Inc. (AVGO) at 3.4%.AI Infrastructure Stocks Post Triple-Digit GainsSanDisk gained 464.5% in 2026 as pricing for NAND flash memory accelerated, while Intel rose 197.1% on server processor demand tied to AI expansion. The flash memory provider is now generating incremental revenue at effectively pure profit, with year-over-year incremental gross margin at 100% in the first quarter, Morningstar senior equity analyst William Kerwin wrote. The hard-disk drive market has become consolidated, with only Western Digital, Seagate, and Toshiba remaining as suppliers, giving the companies pricing power as data centers demand more capacity for AI training, Morningstar director Eric Compton wrote. “Our view now assumes the AI buildout leads to structurally advantaged pricing for hard disk drive makers through at least 2030,” he wrote. Oracle’s data center expansion is driving demand for power infrastructure, Morningstar noted. The company announced an expanded partnership with Bloom Energy Corp. (BE) in April to supply up to 2.8 gigawatts of fuel cell systems. Traditional power generation equipment like turbines takes years to fill orders, while Bloom’s equipment only takes months. “These data centers are thirsty for power,” Morningstar director Joshua Aguilar wrote. TSPA’s analyst-driven approach allocates capital to roughly 30 equity research analysts based on the weight of stocks they cover in the S&P 500 Index, according to T. Rowe Price. The fund seeks to add value through fundamental stock selection while maintaining sector and industry characteristics similar to the benchmark. The fund posted a 12.55% return over the past month, with $430.5 million in inflows, ETF Database data shows. Assets under management stood at nearly $3 billion, with the fund carrying a 0.34% expense ratio. For more news, information, and analysis, visit our Active ETF Content Hub.

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