TAOZ and TFGZ, two active Thornburg ETFs, hold power infrastructure names like Vertiv and Coherent. At Nvidia’s GTC 2026 conference, chief executive Jensen Huang described AI infrastructure as a five-layer cake. “Energy is the first principle of AI infrastructure and the binding constraint on how much intelligence the system can produce,” Huang said. See more: Matthew Tuttle on Investing in AI InfrastructureThe broader AI power debate has focused on the electrical grid. TFGZ counts Vertiv Holdings Co. and Argan, Inc. (AGX), a power infrastructure contractor, among its top ten holdings, according to the fund’s factsheet.