This article was originally published on ETFTrends.com.

The ALPS O'Shares Global Internet Giants ETF (OGIG) jumped 8.4% last week, making it the top-performing ALPS fund as a handful of technology and e-commerce stocks delivered double-digit gains, according to ETF Database.

Key Takeaways:

OGIG surged 8.4% last week as Oracle and DoorDash rallied on AI infrastructure and autonomous delivery technology developments. Tech stocks made up 46% of the fund and returned 11.8%, led by Australian software companies Wisetech Global and Xero. Oracle gained 14.1% despite announcing 30,000 layoffs globally as investors focused on its power generation deal for AI data centers.

The fund's rally was driven in part by Oracle Corporation's (ORCL) 14.1% surge and DoorDash Inc.'s (DASH) 18.9% gain over the past week, according to VettaFi. The performance highlights how infrastructure bottlenecks and autonomous delivery technology are reshaping the competitive landscape for internet companies.

Oracle's stock climbed after the company formalized a massive agreement to deploy up to 2.8 gigawatts of solid oxide fuel cell systems from Bloom Energy Corp., addressing one of the AI boom's biggest constraints, CNBC reported. Instead of waiting years for utility companies to upgrade power grids, Oracle is building its own on-site power generation to spin up AI data centers faster than competitors.

See more: ALPS Electrification ETFs Target AI Energy Demand

The rally came as Oracle announced layoffs affecting around 30,000 roles globally, with about 10,000 in India, according to the Economic Times. The cuts affected roughly 20% of Oracle's India workforce, targeting tech roles with insufficient returns on AI investments.

DoorDash shares rallied after Barclays called out the company as a near-term beneficiary of autonomous food delivery technology, according to CNBC. The firm noted DoorDash is building in-house solutions that will position it ahead of peers in the space.

Tech Stocks Lead OGIG Rally

Technology stocks made up 46.2% of the fund's holdings and returned 11.8% over the past week, according to VettaFi. Australian software companies Wisetech Global (WTC) and Xero (XRO) gained 23.8% and 18%, respectively. AppLovin Corp. (APP) rose 17.6%, while Shopify Inc. (SHOP) climbed 17.5%.

Palantir Technologies Inc. (PLTR), which represents 4% of the fund's portfolio, gained 10.2% as defense spending remained in focus amid geopolitical tensions, according to CNBC. The stock has benefited from being one of the few software companies already generating contracted revenue from military and enterprise AI adoption.

Story Continues

Consumer discretionary stocks, which account for 23.6% of the fund, returned 6% for the week, according to VettaFi. The category includes Amazon.com Inc. (AMZN), the fund's largest holding at 6.3%, which gained 3.5%.

Reddit Inc. (RDDT) climbed 11.3%, while data analytics companies Datadog Inc. (DDOG) and Samsara Inc. (IOT) posted gains of 17.9% and 15.9%, respectively, according to VettaFi.

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VettaFi LLC (“VettaFi”) is the index provider for OGIG, for which it receives an index licensing fee. However, OGIG is not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of OGIG.

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