AI is not a sector it’s a capital rotation ladder from chips to apps (with ETFs for every layer)

I don’t really see AI as a single sector. To me, it’s more like a supply chain where money slowly rotates down the stack. It usually starts with compute, basically chips. That’s NVIDIA, AMD, Broadcom, Micron, names like that. This is the stage where sentiment is strongest and the market is mostly pricing in expectations. The ETFs here are usually SMH or SOXX. This is basically the first wave of the AI trade. Then the money tends to move into data centers. Stuff like SMCI, Dell, Equinix. At this