Image Source: Pixabay
 Wall Street has been on a solid rally in May, buoyed by renewed Fed rate cut bets, solid corporate earnings and the artificial intelligence (AI) boom. All three major bourses hit record highs this month, touching new milestones. The S&P 500 crossed 5,300, the Dow Jones Industrial Average touched 40,000 and the Nasdaq Composite Index topped 17,000 for the first time ever.The gains were broad-based and well spread out across various segments. Some of the top performers in the ETF space from different corners of the market were S&P Kensho Cleantech ETF (CTEX – Free Report), SonicShares Global Shipping ETF (BOAT – Free Report), Themes Silver Miners ETF (AGMI – Free Report), Sprott Junior Uranium Miners ETF (URNJ – Free Report) and Strive U.S. Semiconductor ETF (SHOC – Free Report).Earnings grew 6% in the first quarter of 2024, the highest rate of growth seen in nearly two years. NVIDIA’s (NVDA – Free Report) blockbuster earnings spread huge optimism in the stock market in recent weeks along with the global AI boom.The latest bouts of data showed that the U.S. economy is back on course for another solid GDP gain in the second quarter. US business activity growth accelerated sharply to its fastest pace in more than two years in May after two months of slower growth, led by an upturn in the service sector. Consumer confidence, as indicated by the Conference Board’s gauge of sentiment, increased in May after three months of declines.Wall Street is getting more bullish on stocks, given the improving outlook for both earnings and economic growth. Over the past two weeks, three equity strategists tracked by Yahoo Finance have boosted their year-end targets for the S&P 500. The median target on Wall Street for the benchmark index now sits at 5,250, up from the median target of 4,850 on Dec 30, per Bloomberg data.Per the latest survey from Bank of America, expectations of interest rate cuts rather than earnings optimism have made investors the “most bullish” since November 2021. About 82% of global fund managers expect the first rate cut by the Fed in the second half, while 78% say a recession is unlikely in the next 12 months.However, uncertainty about the timing of rate cuts continued to weigh on investors’ sentiment lately.
 ETFs in FocusLet’s dig into the details of the abovementioned ETFs:S&P Kensho Cleantech ETF (CTEX – Free Report) – Up 19%The clean energy space got a boost from the bullishness over AI. Artificial intelligence is poised to accelerate and propel the energy transition, being both a heavy consumer and facilitator of clean energy. Soaring demand for data centers is powering the need for renewable electricity. S&P Kensho Cleantech ETF invests in companies involved in developing and building green technologies that could power the future in areas like hydro, solar, wind, and geothermal by tracking the S&P Kensho Cleantech Index. It holds 32 stocks in its basket, with each making up for no more than 6.2% share. S&P Kensho Cleantech ETF has the largest allocations in capital goods and semiconductors sectors.S&P Kensho Cleantech ETF has accumulated $3.5 million in its asset base and charges 58 bps in annual fees. It trades in an average daily volume of 500 shares and has a Zacks ETF Rank #4 (Sell).SonicShares Global Shipping ETF (BOAT – Free Report) – Up 18.4%Global shipping stocks surged amid global geopolitical tensions and solid corporate earnings, with many of them touching new peaks. SonicShares Global Shipping ETF provides pure-play exposure to the global maritime shipping industry by tracking the Solactive Global Shipping Index. The index consists of global shipping companies engaged in the maritime transportation of goods and raw materials, including consumer and industrial products, vehicles, dry bulk, crude oil, and liquefied natural gas.SonicShares Global Shipping ETF holds 49 stocks in its basket and has amassed $55 million in its asset base since. The fund charges 69 bps in annual fees and trades in an average daily volume of 19,000 shares.Themes Silver Miners ETF (AGMI – Free Report)Silver broke $30 per ounce for the first time in decades, bolstered by bets on Fed rate cuts, a projected fourth annual market deficit, increased industrial demand, rising geopolitical tension, and uncertainties ahead of general elections in major economies. The white metal is one of the best-performing major commodities so far this year, outperforming gold. Themes Silver Miners ETF led the way in May. It offers exposure to companies that derive their revenues from silver mining by tracking the STOXX Global Silver Miners Index.Themes Silver Miners ETF holds 24 stocks in its basket and charges 35 bps in annual fees. It has amassed $0.6 million in its asset base since its inception in May.Sprott Junior Uranium Miners ETF (URNJ – Free Report) – Up 13.1%Uranium stocks have been rising on increasing demand for uranium buoyed by AI’s insatiable energy needs and supply disruptions. Sprott Junior Uranium Miners ETF is the only pure-play ETF focused on small uranium miners selected for their potential for significant revenue and asset growth. It follows the Nasdaq Sprott Junior Uranium Miners Index, which is designed to track the performance of mid-, small- and micro-cap companies in uranium-mining-related businesses. It holds 33 stocks in its basket and charges 80 bps in annual fees.Sprott Junior Uranium Miners ETF has accumulated $399.1 million in its asset base and trades in an average daily volume of 179,000 shares.Strive U.S. Semiconductor ETF (SHOC – Free Report) – Up 13%Strive U.S. Semiconductor ETF got a boost, especially from Nvidia, which has been on a solid run with no signs of a slowdown. The flurry of continued AI investments and blockbuster earnings have pushed NVDA shares to a new milestone. The AI chipmaker, the world’s third-most valuable company, is now just $100 billion away in market value to overtake Apple (AAPL) in a major reshuffle of Wall Street’s biggest players. Notably, NVIDIA occupies the top position in SHOC with 31% of the assets..Strive U.S. Semiconductor ETF seeks broad market exposure to the U.S. semiconductor sector. It follows the Bloomberg US Listed Semiconductors Select Total Return Index and holds 32 stocks in its basket. The ETF has AUM of $68 million and charges 40 bps in annual fees. It trades in a volume of 13,000 shares per day on average and has a Zacks ETF Rank #2 (Buy).More By This Author:Nvidia In Rush To Overtake Apple: ETFs Set To Gain Further 5 Top-Ranked Stocks Powering Nasdaq’s Rally To The 17,000 Mark A Look At Retail ETFs Post Q1 Earnings