On April 22, 2026, two of the largest holdings in the Defiance AI & Power Infrastructure ETF (AIPO) — GE Vernova (GEV) and Vertiv (VRT) — reported first-quarter results that delivered the clearest on-the-ground read yet on the scale of the data center buildout. GEV booked more data center equipment orders in a single quarter than it did in all of 2025. VRT posted 30% year-over-year revenue growth in Q1 2026 and raised full-year guidance for the second time in two quarters. The prints didn’t just beat estimates — they moved the AI power-infrastructure thesis from forecast to financial statement.
Meet Samuel – Your Personal Investing Prophet
Two ETFs for long or short leverage on BEData Center Demand Moves From Forecast to Reality
GE Vernova reported Q1 2026 revenue of $9.3 billion, up 16% year-over-year, and orders of $10 billion — a 59% organic increase.¹ Total backlog grew to $163 billion, up roughly $13 billion from the prior quarter. The standout figure came from the Electrification segment: $2.4 billion in equipment orders tied to data centers in the quarter, an amount that exceeded full-year 2025 Electrification data center orders.¹
Management raised full-year 2026 guidance for revenue, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) margin, and free cash flow, and pulled forward its $200 billion total backlog target to 2027 from 2028.¹ The company also indicated it now expects to reach at least 110 GW of combined gas turbine backlog and slot reservations by year-end 2026 — a data point that speaks directly to how long the firm order book extends for grid-connected power generation.
For an investment theme that has been built on large-sounding projections for years, the importance of this report is that the numbers are now pricing, contracting, and delivery — not analyst modeling. Commentary on the earnings call explicitly noted that Q1 Electrification data center orders exceeded the full-year 2025 figure, a specific disclosure with contractual backing.¹
Vertiv’s Q1 Beat Reinforces the Signal — With a Caveat
Vertiv, a data center thermal management and power delivery specialist, reported Q1 2026 net sales of $2.65 billion, up 30% year-over-year (23% organic).² Americas segment organic growth came in at 44%. Adjusted operating margin expanded 430 basis points (4.30 percentage points) to 20.8%, and adjusted diluted EPS of $1.17 exceeded consensus by roughly $0.17.² Full-year 2026 guidance was raised to net sales of $13.5–$14.0 billion (organic growth of 29–31%) and adjusted diluted EPS of $6.30–$6.40.²
The caveat is instructive. Despite the beat and raise, Vertiv shares fell roughly 2.5% the day of the report.³ The reaction reflects how much forward growth has been priced into AI infrastructure equities after a twelve-month period in which the stock had advanced more than 300%. Strong results can coexist with a stock pullback when expectations are already elevated. For investors evaluating thematic AI infrastructure exposure, that tension is a feature of the current market environment, not a bug.
The $600 Billion Spending Wave Behind the Numbers
The Q1 results reflect a broader capital expenditure wave. Consensus 2026 capex estimates for the five largest U.S. hyperscalers — Amazon (AMZN), Alphabet (GOOGL), Microsoft (MSFT), Meta (META), and Oracle (ORCL) — now range from approximately $602 billion to nearly $700 billion, with roughly three-quarters of that spend tied to AI infrastructure.⁴ Alphabet alone has guided to approximately $180 billion in 2026 capex; Amazon has signaled roughly $200 billion.⁴
A recurring phrase from hyperscaler commentary — and one echoed by both GE Vernova and Vertiv management on their Q1 calls — is that markets remain supply-constrained, not demand-constrained. Grid equipment lead times, transformer availability, and data center power interconnection queues are running years long. That dynamic has shifted pricing power toward the companies building the physical layer of AI, which is precisely where the Q1 prints showed up.
Accessing the Theme Through the Defiance AI & Power Infrastructure ETF (AIPO)
The Defiance AI & Power Infrastructure ETF (AIPO) offers one approach for investors seeking diversified exposure to this theme. The fund, which launched on July 24, 2025, tracks the MarketVector US Listed AI & Power Infrastructure Index and holds companies that derive at least 50% of revenues from AI hardware, data centers, power infrastructure, or related sectors.⁵
GE Vernova and Vertiv were recently among the fund’s top holdings, alongside Quanta Services (PWR), Eaton (ETN), and Cameco (CCJ).⁵ Fund holdings are subject to change at any time and should not be considered recommendations to buy or sell any security. For a full and current list of fund holdings, visit defianceetfs.com/aipo.
AIPO surpassed $300 million in assets under management on April 17, 2026 — less than nine months after launch — and was named Best New Thematic ETF* at the 2026 ETF.com Awards announced in March 2026.⁵ From January 1, 2026 through April 14, 2026, AIPO posted a NAV total return of approximately 29.99%**, compared with approximately 2.35% for the Nasdaq-100 Index over the same period (data sourced from Bloomberg).⁵
Standardized Performance (Avg Annualized)
| As of 03/31/2026 | |||||
| YTD | 1 Mo | 3 Mo | 6 Mo | Since Inception | |
| Fund Nav | 12.93% | -4.71% | 12.93% | 10.36% | 24.75% |
| Market Price | 12.84% | -4.73% | 12.84% | 10.42% | 24.81% |
AIPO Inception Date: 07/24/25 | AIPO Expense Ratio: 0.69%
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 833.333.9383. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.
Risks to Weigh
- Valuation risk. Vertiv’s post-earnings decline is a concrete illustration. Premium multiples leave narrow margins for disappointment, and a rerating can occur even on in-line or better-than-expected results.
- Hyperscaler concentration. The AI infrastructure buildout is funded by roughly five hyperscalers. A slowdown in their spending cadence, governance disputes over joint projects, or a shift in AI monetization expectations would pressure the entire ecosystem.
- Grid and execution bottlenecks. Interconnection queues, transformer lead times, and local opposition to data center siting can delay projects in ways that affect order timing and recognized revenue for infrastructure suppliers.
- Tariff and trade policy. Both GE Vernova and Vertiv management flagged tariffs as a 2026 margin consideration. Ongoing U.S. trade policy changes could affect component costs and regional supply chains.
- Short track record. AIPO launched in July 2025 and does not yet have a three-year performance history. The fund has not traded through a full market cycle or an extended drawdown in its theme.
- Sector and thematic concentration. AIPO is non-diversified and is concentrated in industrials, utilities, and technology; it carries no broad-market diversification.
The Bottom Line
Q1 2026 earnings have begun to translate the AI infrastructure narrative into reported financials at companies across the power supply chain. GE Vernova’s backlog growth and Vertiv’s raised guidance suggest the demand environment documented by hyperscaler capex plans is converting into contractual revenue for the picks-and-shovels layer. Whether that dynamic warrants paying current multiples is a separate question — one investors should weigh against their own risk tolerance, time horizon, and portfolio construction.
For investors evaluating thematic exposure, AIPO is one vehicle among several. Those focused on adjacent compute, semiconductor, and machine-learning themes may also consider the Defiance Quantum ETF (QTUM) as a complementary allocation within a broader technology-infrastructure framework. As with any thematic fund, suitability depends on individual circumstances and is best evaluated in consultation with a financial professional.
Sources
1. GE Vernova Inc., “GE Vernova reports first quarter 2026 financial results and raises 2026 guidance,” press release, April 22, 2026; GE Vernova Q1 2026 Earnings Call Transcript, April 22, 2026.
2. Vertiv Holdings Co., “Vertiv Reports Strong First Quarter,” Q1 2026 earnings release and conference call, April 22, 2026.
3. Intraday trading data for NYSE:VRT, April 22, 2026, as reported by CNBC (“Stocks making the biggest moves premarket”) and Investing.com.
4. CreditSights, “Technology: Hyperscaler Capex 2026 Estimates,” November 25, 2025; Futurum Group, “AI Capex 2026: The $690B Infrastructure Sprint,” February 12, 2026.
5. Defiance ETFs, “AIPO – Defiance AI Power Infrastructure ETF, The First ETF Focused on AI Power Infrastructure, Surpasses $300 Million in AUM,” press release via GlobeNewswire, April 17, 2026; Defiance AI & Power Infrastructure ETF fund page, defianceetfs.com/aipo, data as of April 24, 2026.
This article is sponsored content created in partnership with Defiance ETFs. It is intended for informational and educational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any securities. Investors should consider their own financial situation, risk tolerance, and investment objectives before making any investment decisions. References to specific securities are for illustrative purposes only and should not be interpreted as recommendations.
* The Defiance AI & Power Infrastructure ETF was named Best New Thematic ETF at the ETF.com Awards 2026, announced at FutureProof Citywide in Miami, Florida in March 2026. The ETF.com Awards recognize ETFs launched on or after January 1, 2025. Selection followed a four-phase process: quantitative screening of eligible ETFs; qualitative evaluation by the ETF.com editorial team scoring funds on merit, position, utility, and power; shortlisting of five finalists per category; and a community voting period (January 6 – February 15, 2026) in which ETF.com readers cast the deciding votes. The award does not reflect future performance. For more information on the ETF.com Awards selection methodology, visit etf.com.
** Performance data for the Defiance AI & Power Infrastructure ETF (ticker: AIPO) reflects NAV total return for the period from January 1, 2026 through 04/14/2026. Nasdaq-100 Index performance reflects total return over the same period, based on data sourced from Bloomberg. NAV total return assumes reinvestment of all dividends and distributions. Market price returns may differ from NAV total return. Past performance is not indicative of future results.
IMPORTANT DISCLOSURES
The Nasdaq-100 Index is provided for general market comparison purposes only and has not been selected as a benchmark for the Defiance AI & Power Infrastructure ETF (ticker: AIPO). The Nasdaq-100 Index includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, weighted by market capitalization. The Index is unmanaged, does not incur fees or expenses, and cannot be invested in directly. AIPO seeks to track the MarketVector™ US Listed AI and Power Infrastructure Index and invests primarily in U.S. exchange-listed companies contributing to the electrical grid, artificial intelligence, and data infrastructure. The Fund’s portfolio composition may differ materially from the securities included in the Nasdaq-100 Index.
The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read carefully before investing. A hard copy of the prospectuses can be requested by calling 833.333.9383.
Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).
Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk.
Market Risk: The Fund’s investments may decline in value due to general market conditions, economic events, or factors affecting specific industries or issuers.
Index Tracking Risk: The Fund may not perfectly replicate the performance of the Index due to fees, expenses, and other operational factors.
Sector Concentration Risk: Because the Fund may invest heavily in technology, utilities, and energy sectors, it is more vulnerable to adverse developments in these areas.
AI and Technology Risk: Companies involved in AI hardware and data centers are subject to rapid innovation cycles, competitive pressures, and regulatory challenges.
Energy and Infrastructure Risk: Power generation and utility companies can be impacted by commodity price volatility, regulatory changes, and environmental factors.
New Fund Risk: As a newly organized fund, it has no operating history, making it difficult for investors to assess performance or management effectiveness.
Passive Investment Risk: The Fund does not actively manage its portfolio and will not take defensive positions if the Index declines.
Liquidity Risk: Shares may trade at prices other than NAV, and certain underlying holdings may have limited liquidity.
Underlying Index Risk: Errors, changes, or delays in the Index calculation could impact Fund performance.
Third-Party Data Risk: The Fund relies on external data providers for Index construction, and inaccuracies or delays may affect tracking.
Operational Risk: Failures or errors by service providers, counterparties, or systems could disrupt Fund operations.
The MarketVector™ US Listed AI and Power Index (MVAIPO) is a thematic index tracking the performance of companies contributing to critical electrical grid and artificial intelligence infrastructure through nuclear and other decentralized energy technologies, electric equipment and related engineering and construction services, electrical utilities, data center operations, and AI related computing hardware.
Note: The Fund is not suitable for all investors and is designed for those who understand thematic sector exposures and are willing to monitor their portfolios.
Distributed by Foreside Fund Services, LLC.