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From Chips to Apps? Rethinking the AI Trade Beyond NVDA, MU
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Rethinking the AI Trade with ITAN
At 5:06 · chapter starts 4:06
Wu introduces the Sparkline Intangible Value ETF (ITAN) and explains how its holdings have rotated from chip infrastructure to AI early adopters at the application layer.
Initially positioned with a heavy overweight to core hardware and AI infrastructure stocks, the fund has gradually rotated based on pricing and capital intensity dynamics.
The early phase of a tech cycle requires massive infrastructure spending, which greatly benefits hardware names like Cisco in the .com era or Nvidia today. Over time, leadership shifts to the application layer, where companies build valuable services on top of the established infrastructure.
