When President Donald Trump returned to the White House, his administration wasted no time unwinding Biden-era clean energy subsidies under the "drill baby drill" mantra. For environmentalists and sustainability-focused companies, the outlook appeared bleak.

Fast-forward to today: Shares of clean energy companies, as tracked by the Invesco WilderHill Clean Energy ETF (NYSE:PBW), have rallied 130% since Inauguration Day, almost mimicking the VanEck Semiconductor ETF (NASDAQ:SMH), the market's purest proxy for the artificial intelligence boom.

Solar, the corner of the market Trump singled out most often, was not far behind. The Invesco Solar ETF (NYSE:TAN) returned 112%.

Source: CountryETFTracker.com Sector & Industry ETFs

How Did A Sector That Trump Disparaged Keep Pace With AI Chips?

PBW's largest industry exposure is electrical equipment, at 33.19% of the portfolio. Its second largest is semiconductors, at 14.31%.

The two trades have blurred into one.

Navitas Semiconductor Corp. (NASDAQ:NVTS), a maker of the power chips that manage electricity inside data centers and electric vehicles, sits inside the clean energy fund as a top-10 holding.

It has returned 387.45% over the past year.

The logic runs through the wall socket.

Data centers need staggering amounts ...