But that shouldn’t necessarily spook investors, particularly those in the wider energy sector and the exchange traded funds focused on it, according to Michael Arone, a chief investment strategist for State Street Investment Management. “What many investors overlook is that energy was actually rallying prior to the outbreak of the conflict at the end of February,” he said. Nuclear WinterDespite the mind-boggling needs for more energy to power artificial intelligence data centers, nuclear energy has not been having a great year as a whole. Overall, there is potential for energy in the coming months, thanks to those AI buildouts, Arone said. The $3.9 billion VanEck Uranium and Nuclear ETF (NLR) is down 20% so far this year, while the $2.3 billion iShares Global Clean Energy ETF (ICLN) is up about 1% and the $280 million First Trust Global Wind Energy ETF (FAN) is up 10%.