Image Source: PixabayAfter a dismal performance in the first four months, the renewable energy space showed a remarkable comeback in May driven by bullishness surrounding artificial intelligence (AI). As AI has become the biggest investment theme, the need for renewable electricity has increased for the data centers running AI applications.Given this, we have highlighted the five best-performing ETFs from the sector that led the market in May. These are Global X Hydrogen ETF (HYDR – Free Report), Defiance Next Gen H2 ETF (HDRO – Free Report), First Trust Nasdaq Clean Edge Green Energy Index Fund (QCLN – Free Report), ALPS Clean Energy ETF (ACES – Free Report) and Fidelity Clean Energy ETF (FRNW – Free Report). 
AI Powering Renewable Energy
 Renewable energy stocks have started riding the AI boom. Artificial intelligence is poised to accelerate and propel the energy transition, being both a heavy consumer and facilitator of clean energy. On average, a ChatGPT query needs nearly 10 times as much electricity to process as a Google search. Goldman Sachs expects AI to drive up data center power demand by 160% by 2030.Currently, data centers worldwide consume 1-2% of overall power but this percentage will likely rise to 3-4% by the end of the decade. Soaring demand for data centers will continue to power the need for renewable electricity.Per the latest International Energy Agency, by 2026, the AI industry is expected to consume at least 10 times more electricity than in 2023.Additionally, tech titans Alphabet (GOOGL) and Microsoft (MSFT), which have been doubling their AI investments, have pledged to expedite advanced clean electricity technology and achieve 24/7 carbon-free energy by the year 2030. 
Other Factors
 Sales of electric vehicles (EVs) have increased significantly in recent years, thereby driving the demand for electricity to power these vehicles. As electric vehicle users are already environmentally conscious, their electricity is produced using green, renewable sources such as wind, solar and hydropower.With advancements in clean technology and growing support from governments, the renewable energy sector is poised for significant growth.Here, we have profiled the abovementioned ETFs:Defiance Next Gen H2 ETF – Up 27.3%Defiance Next Gen H2 ETF tracks the BlueStar Global Hydrogen & Next Gen Fuel Cell Index. The rules-based index tracks the performance of a group of globally listed equities and of companies that generate at least 50% of their revenues from their involvement in the development of hydrogen-based energy sources, fuel cell technologies and industrial gases.Defiance Next Gen H2 ETF has accumulated $25.5 million on its asset base and charges 30 bps in annual fees. It trades in an average daily volume of 21,000 shares.Global X Hydrogen ETF – Up 26.5%Global X Hydrogen ETF seeks to invest in companies that stand to benefit from the advancement of the global hydrogen industry. This includes companies involved in hydrogen production, the integration of hydrogen into energy systems and the development/manufacturing of hydrogen fuel cells, electrolyzers and other technologies related to the utilization of hydrogen as an energy source. HYDR tracks the Solactive Global Hydrogen Index and holds 26 stocks in its basket.Global X Hydrogen ETF has amassed $51.6 million in its asset base and charges 50 bps in annual fees. It trades in average daily volume of 77,000 shares.First Trust Nasdaq Clean Edge Green Energy Index Fund – Up 16%First Trust Nasdaq Clean Edge Green Energy Index Fund offers exposure to companies engaged in the manufacturing, development, distribution and installation of emerging clean-energy technologies, including solar photovoltaics, wind power, advanced batteries, fuel cells and electric vehicles. It tracks the Nasdaq Clean Edge Green Energy Index and holds 56 stocks in its basket.First Trust Nasdaq Clean Edge Green Energy Index Fund manages assets worth $787.5 million and charges 59 bps in fees per year. The product trades in an average daily volume of 169,000 shares and has a Zacks ETF Rank #3 (Hold).ALPS Clean Energy ETF – Up 14.6%ALPS Clean Energy ETF offers exposure to a diverse set of U.S. and Canadian companies involved in the clean energy sector, including renewables and clean technology. It follows the CIBC Atlas Clean Energy Index and holds 40 stocks in its basket.ALPS Clean Energy ETF has amassed $215.6 million in its asset base and charges 55 bps in fees per year from investors. It trades in an average daily volume of 167,000 shares.Fidelity Clean Energy ETF – Up 13.9%Fidelity Clean Energy ETF tracks the Fidelity Clean Energy Index, which measures the performance of a global universe of companies across the market capitalization spectrum that distribute, produce or provide technology or equipment to support the production of energy from solar, wind, hydrogen and other renewable sources. It holds 64 stocks in its basket and charges 39 bps in fees per year from investors.Fidelity Clean Energy ETF has accumulated $28.8 million in its asset base while trading in a volume of 6,000 shares per day on average.More By This Author:ConocoPhillips To Buy Marathon Oil: Energy ETFs To Gain
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