T. Rowe Price ETF holds top AI infrastructure stocks

T. Rowe Price U.S. Equity Research ETF (TSPA) holds five companies identified by analysts as leading AI infrastructure performers in 2026: Intel, Seagate, SanDisk, Oracle and Western Digital. The fund pairs those stakes with larger positions in Nvidia and Broadcom to reflect exposure to chips, storage and power systems used by data centers.

ETF Database data shows TSPA held 1.1% of its assets in Intel, 0.5% in Oracle, 0.5% in Seagate, 0.3% in Western Digital and 0.2% in SanDisk. Nvidia represented 8.1% of the fund and Broadcom 3.4%. T. Rowe Price says the ETF allocates capital using research from roughly 30 equity analysts and seeks to keep sector and industry weights similar to the S&P 500 while adding stock-specific positions.

Analysts reported rapid revenue and margin gains at several holdings in 2026. SanDisk rose 464.5% as NAND flash prices climbed. A senior equity analyst wrote that the flash memory provider is generating incremental revenue at “effectively pure profit,” with year-over-year incremental gross margin at 100% in the first quarter. Intel rose 197.1% amid stronger demand for server processors tied to AI workloads.

Hard-disk drive makers have benefited from market consolidation. Only Western Digital, Seagate and Toshiba remain major HDD suppliers, giving the remaining firms greater pricing power as data centers add capacity for AI training. A research director wrote, “Our view now assumes the AI buildout leads to structurally advantaged pricing for hard disk drive makers through at least 2030.”

Oracle expanded a partnership with Bloom Energy in April to supply up to 2.8 gigawatts of fuel cell systems for data centers. Analysts noted that fuel cell systems can be delivered in months versus years for some traditional turbine orders, shortening lead times for onsite power as companies add facilities. A research director wrote, “These data centers are thirsty for power.”

TSPA has shown recent inflows and performance. Over the past month the fund returned 12.55% and recorded $430.5 million in inflows, leaving assets under management near $3 billion. The ETF carries a 0.34% expense ratio, per ETF Database.

Analysts cited both short-term gains from rising component prices and longer-term demand for data-center capacity as drivers for the group. Several companies in the cohort reported some of the highest gross margins in their histories while ramping production and tightening supply chains to meet server and storage demand.