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Which ETFs have the most data center exposure?

AlphaOS investment intelligence · Research and education only — not investment advice · Updated Jul 5, 2026

ETFs with significant data center exposure are primarily those focused on semiconductor companies, cloud computing, and digital infrastructure, with the VanEck Semiconductor ETF (SMH) and iShares Semiconductor ETF (SOXX) leading due to their heavy allocation to NVIDIA, a dominant force in data center GPUs, and other key chipmakers. Other ETFs like the Global X Cloud Computing ETF (CLOU) and First Trust Cloud Computing ETF (SKYY) also offer exposure through their holdings in cloud service providers that operate extensive data centers, while specialized infrastructure ETFs like the Pacer Data & Infrastructure Real Estate ETF (SRVR) directly invest in data center REITs. NVIDIA's market share in data center GPUs, estimated at around 80%, makes it a critical component for any ETF seeking data center exposure.

Key Takeaways

  • Semiconductor ETFs, particularly SMH and SOXX, offer the most concentrated exposure to data centers due to their significant holdings in NVIDIA.
  • NVIDIA is a primary driver of data center growth, holding approximately 80% market share in data center GPUs.
  • Cloud computing ETFs (e.g., CLOU, SKYY) provide indirect data center exposure through their investments in major cloud service providers.
  • Specialized infrastructure ETFs like SRVR offer direct exposure to data center real estate investment trusts (REITs).
  • Broad technology and innovation ETFs may include data center-related companies but with less concentrated exposure.
  • The demand for high-performance computing, driven by AI, is a major catalyst for data center expansion and associated ETF performance.
  • Key companies contributing to data center infrastructure include NVIDIA, Broadcom, Marvell Technology, and AMD for hardware, and major cloud providers like Amazon (AWS), Microsoft (Azure), and Google (GCP).

Evidence & Analysis

  • NVIDIA's data center revenue reached $22.1 billion in Q4 FY24, up 409% year-over-year, underscoring its dominance.
  • The global data center market size was valued at $215.8 billion in 2022 and is projected to grow at a CAGR of 10.9% from 2023 to 2030 (Grand View Research).
  • SMH's top holding, NVIDIA, constitutes over 20% of its portfolio as of early 2024.
  • Major cloud providers like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP) are continuously expanding their data center footprints globally.
  • The Pacer Data & Infrastructure Real Estate ETF (SRVR) holds companies like Equinix and Digital Realty Trust, which are leading data center REITs.

Key Companies

NVDA

NVIDIA Corporation

Primary beneficiary — GPU market leader with ~80% data center share

SMH

VanEck Semiconductor ETF

High concentration in semiconductor companies critical for data centers, including NVIDIA.

SOXX

iShares Semiconductor ETF

Significant exposure to semiconductor firms, including major data center chip suppliers.

CLOU

Global X Cloud Computing ETF

Invests in companies providing cloud computing services, which rely heavily on data center infrastructure.

SRVR

Pacer Data & Infrastructure Real Estate ETF

Direct exposure to data center REITs and digital infrastructure.

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Generated by AlphaOS from the Knowledge Graph, earnings intelligence, and industry analysis. Content is for research and education only — not investment advice.