The Active AI ETF Hunting for the Next Nvidia - Morningstar

Morningstar analysis indicates that active AI ETFs are seeking the next NVIDIA-style investment opportunity. As artificial intelligence technology rapidly advances, investor enthusiasm for related sec... Read original →

The shift from NVIDIA-centric bets to full-stack AI exposure reflects the inevitable diffusion of AI’s technical红利. Surging demand for EDA tools and advanced packaging strains upstream capacity, while downstream algorithm firms increasingly design custom ASICs to reduce GPU dependency. U.S. export controls have inflated global supply chain redundancy costs by over 15%, forcing second-tier players to accelerate localization. AMD is countering NVIDIA’s ecosystem dominance with MI300X and ROCm, while Intel pushes Gaudi3 on cost-performance grounds. Over the next 12–24 months, winners won’t be generic fabless firms but those mastering Chiplet interconnect standards, silicon photonics, or in-memory computing—technologies that could slash AI compute costs by an order of magnitude. ETFs chasing top-line growth without assessing IP moats risk severe valuation corrections in the next semiconductor inventory cycle.