Global AI - Chip & Hardware Layer Theme

This smallcase gives exposure to the supply chain behind AI hardware - everything between a copper mine and a finished AI chip. The largest technology companies are spending hundreds of billions of dollars a year building AI infrastructure and most of that money ends up with a small group of suppliers: the most advanced chips are made at select foundries, using machines only a few companies in the world make. The portfolio spans three parts of that chain:

• Chip Design & Manufacturing: The companies that design AI chips, the foundries that manufacture them and the equipment makers whose machines make that possible. The largest and best known names in the sector and the broadest, steadiest part of the portfolio.
• Memory & Storage: Makers of high bandwidth memory, the specialised memory that sits beside every AI chip and feeds it data. Only a few companies can produce it and supply is booked out well in advance, making this the most concentrated segment here.
• Strategic Metals & Mining: Miners of the rare earths and copper that go into chips, servers and the power systems around them, produced in only a handful of countries.

Together, the three segments cover that chain end to end, from the metal in the ground to the chips and memory AI runs on - mixing broad, established businesses with narrower, more concentrated ones. Exposure is provided through select ETFs holding companies in each domain.