Investors are flooding into US Industrial and Infrastructure ETFs at a historic pace: Industrials sector ETFs have attracted a record +$25 billion in inflows over the last 12 months. Investors also poured a record +$21 billion into Infrastructure and Power ETFs over the same period, Since 2024, inflows into both ETF groups have surged +400% and +200%, respectively. This has been driven by the AI buildout, which is creating massive demand for power infrastructure, data centers, and industrial capacity. Simultaneously, AI growth is increasingly constrained by power availability rather than by chips, pushing capital into energy grid upgrades, generation capacity, and industrial equipment at a scale never seen before. The AI trade is expanding well beyond semiconductors.(The Kobeissi Letter)