This tracks how AI Data Centers & Power is performing against the S&P 500: the relative-strength read traders use to find themes gaining momentum and the strongest stocks within them. Look for three things: whether it is gaining or losing ground on the index, whether the move is broad or led by a few large names, and which stocks lead on relative strength.
Current read · as at 3 July 2026
AI Data Centers & Power is underperforming the S&P 500 and losing ground (the lagging zone of the rotation chart). It is down 15.1% over the past month but up 39.6% year to date. 4 of 20 stocks are above their 50-day average, with only a minority participating. On 3-month relative strength, DELL.US, NBIS.US and COHR.US lead the theme, and SMCI.US has climbed the most in rank.
Relative strength is measured against S&P 500, centred at 100. Above 100 means it outpaced the benchmark.
Performance charts
Rebased to 100 vs S&P 500
End of day
AI Data Centers & Power vs S&P 500
Rising = outperforming
100 = matches benchmark. Above = outpacing it; below = lagging.
What's underneath the leaders
End of day
Latest-day drivers
- IREN.US-10.39%-0.52%
- COHR.US-9.57%-0.48%
- LITE.US-9.09%-0.45%
Top 3 account for 34% of the total move.
Contribution is each holding's weight times its one-day move.
Emerging leaders (3-month rank)
- 1DELL.US+5
- 2NBIS.US+7
- 3COHR.US+2
- 4ANET.US+11
- 5GEV.US-1
Rank 1 = strongest 3-month move. Delta is the rank change; positive means improving.
Breadth and Effective N measure how widely the basket is moving right now — a participation gauge, not a forecast.
Constituents
Weights and contribution to the basket move
ANET.US | Arista Networks | $159.99 | -3.98% | 5.0% | -0.20% |
CEG.US | Constellation Energy Corp | $239.25 | +1.16% | 5.0% | +0.06% |
CLS.US | Celestica Inc. | $336.21 | -7.03% | 5.0% | -0.35% |
COHR.US | Coherent Inc | $333.36 | -9.57% | 5.0% | -0.48% |
CRWV.US | CoreWeave, Inc. Class A Common Stock | $81.745 | -4.60% | 5.0% | -0.23% |
DELL.US | Dell Technologies Inc | $394.32 | -7.27% | 5.0% | -0.36% |
DLR.US | Digital Realty Trust Inc | $173.30 | -1.71% | 5.0% | -0.09% |
EQIX.US | Equinix Inc | $1,002.02 | -1.14% | 5.0% | -0.06% |
ETN.US | Eaton Corporation PLC | $398.52 | -3.34% | 5.0% | -0.17% |
GEV.US | GE Vernova LLC | $1,113.11 | -1.87% | 5.0% | -0.09% |
IREN.US | IREN Ltd | $38.82 | -10.39% | 5.0% | -0.52% |
LITE.US | Lumentum Holdings Inc | $728.32 | -9.09% | 5.0% | -0.45% |
MOD.US | MOD | $230.97 | -5.53% | 5.0% | -0.28% |
NBIS.US | Nebius Group N.V. | $215.62 | -5.92% | 5.0% | -0.30% |
NRG.US | NRG Energy Inc. | $136.70 | -2.91% | 5.0% | -0.15% |
PWR.US | Quanta Services Inc | $668.31 | -3.34% | 5.0% | -0.17% |
SMCI.US | Super Micro Computer Inc | $27.22 | -1.56% | 5.0% | -0.08% |
TLN.US | Talen Energy Corporation | $364.67 | +1.08% | 5.0% | +0.05% |
VRT.US | Vertiv Holdings Co | $300.53 | -3.50% | 5.0% | -0.17% |
VST.US | Vistra Corp. | $151.05 | -1.38% | 5.0% | -0.07% |
ANET.US
Arista Networks
- Last
- $159.99
- 1D
- -3.98%
- Weight
- 5.0%
- Contribution
- -0.20%
CEG.US
Constellation Energy Corp
- Last
- $239.25
- 1D
- +1.16%
- Weight
- 5.0%
- Contribution
- +0.06%
CLS.US
Celestica Inc.
- Last
- $336.21
- 1D
- -7.03%
- Weight
- 5.0%
- Contribution
- -0.35%
COHR.US
Coherent Inc
- Last
- $333.36
- 1D
- -9.57%
- Weight
- 5.0%
- Contribution
- -0.48%
CRWV.US
CoreWeave, Inc. Class A Common Stock
- Last
- $81.745
- 1D
- -4.60%
- Weight
- 5.0%
- Contribution
- -0.23%
DELL.US
Dell Technologies Inc
- Last
- $394.32
- 1D
- -7.27%
- Weight
- 5.0%
- Contribution
- -0.36%
DLR.US
Digital Realty Trust Inc
- Last
- $173.30
- 1D
- -1.71%
- Weight
- 5.0%
- Contribution
- -0.09%
EQIX.US
Equinix Inc
- Last
- $1,002.02
- 1D
- -1.14%
- Weight
- 5.0%
- Contribution
- -0.06%
ETN.US
Eaton Corporation PLC
- Last
- $398.52
- 1D
- -3.34%
- Weight
- 5.0%
- Contribution
- -0.17%
GEV.US
GE Vernova LLC
- Last
- $1,113.11
- 1D
- -1.87%
- Weight
- 5.0%
- Contribution
- -0.09%
IREN.US
IREN Ltd
- Last
- $38.82
- 1D
- -10.39%
- Weight
- 5.0%
- Contribution
- -0.52%
LITE.US
Lumentum Holdings Inc
- Last
- $728.32
- 1D
- -9.09%
- Weight
- 5.0%
- Contribution
- -0.45%
MOD.US
MOD
- Last
- $230.97
- 1D
- -5.53%
- Weight
- 5.0%
- Contribution
- -0.28%
NBIS.US
Nebius Group N.V.
- Last
- $215.62
- 1D
- -5.92%
- Weight
- 5.0%
- Contribution
- -0.30%
NRG.US
NRG Energy Inc.
- Last
- $136.70
- 1D
- -2.91%
- Weight
- 5.0%
- Contribution
- -0.15%
PWR.US
Quanta Services Inc
- Last
- $668.31
- 1D
- -3.34%
- Weight
- 5.0%
- Contribution
- -0.17%
SMCI.US
Super Micro Computer Inc
- Last
- $27.22
- 1D
- -1.56%
- Weight
- 5.0%
- Contribution
- -0.08%
TLN.US
Talen Energy Corporation
- Last
- $364.67
- 1D
- +1.08%
- Weight
- 5.0%
- Contribution
- +0.05%
VRT.US
Vertiv Holdings Co
- Last
- $300.53
- 1D
- -3.50%
- Weight
- 5.0%
- Contribution
- -0.17%
VST.US
Vistra Corp.
- Last
- $151.05
- 1D
- -1.38%
- Weight
- 5.0%
- Contribution
- -0.07%
Last price shown at full precision. Contribution is each holding's weight times its one-day move. A dash marks data pending after the latest end-of-day refresh.
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Compare every US sector and theme on the rotation chart and leaderboard.
Back to all US sectorsMethodology
Equal weighted. Equal-weighted basket seeded from US-listed data center, networking, and power-infrastructure companies tied to the AI computing buildout, screened nightly from end-of-day data. Active US common stocks only, with a market cap of at least USD 500 million and a 90-day average daily value traded of at least USD 2 million, top 20 by market cap. The seed list deliberately spans data center, networking, and power names, overlapping two other themes: nuclear-power operators (CEG, VST, TLN) that supply data center demand, and bitcoin miners (IREN, WULF, CIFR, CORZ) that also run AI data centers and are seeded in US Crypto Stocks, reflecting their dual businesses.