Brief

Chips, cloud, and the picks-and-shovels of the AI boom. Pure exposure to AI buildout.

Hyperscaler capex on AI infrastructure exceeded $200B in 2024 and is accelerating. NVIDIA controls 80%+ of the training GPU market. Microsoft, Google, and Amazon are the three biggest buyers, building out data centers at unprecedented scale. TSM fabricates nearly every advanced AI chip. This isn't a bet on which AI application wins; it's a bet on the infrastructure layer that all of them need. The risk: if AI spending slows or competition fragments the GPU market.