Market's driving question
who builds AI
who monetizes AI
Record AI-infrastructure inflows become a leadership rotation within the AI complex
record 2026 inflows
US semiconductor ETFs
the AI complex
leadership rotates within the complex
infrastructure leads
marginal investor
question
who builds AI
who monetizes AI
infrastructure · hardware
chipmakers · semis
valuations stretched
valuation stretch
SMH · SOXX
applications · software
cheap post-SaaSpocalypse
IGV · AIQ · BOTZ
flows follow price
inflows
dormant