AI Landlords
AI agents run in the cloud, and the companies that own the data centers and the networking inside them take the margin.
1Y +15.0%
Since published +2.3%
Published
1Y ago Today
Holdings
Microsoft MSFT · Direct beneficiary 18%Rents AI compute through Azure and sells AI features across Office and GitHub.
Amazon.com AMZN · Direct beneficiary 17%The largest cloud provider, with its own AI chips to lower costs.
Alphabet GOOGL · Direct beneficiary 16%Google Cloud plus its own TPU chips give it one of the cheapest ways to run models.
Broadcom AVGO · Picks & shovels 14%Designs custom AI chips for the hyperscalers and sells data center networking chips.
Oracle ORCL · Direct beneficiary 12%Signing very large AI compute contracts and building data centers to serve them.
Arista Networks, Inc. ANET · Picks & shovels 12%High-speed switches that connect AI clusters.
Vertiv Holdings Co VRT · Picks & shovels 11%Power and liquid cooling systems needed for dense AI racks.