Q1 · stake built
Q2 · rotation
Q2 · capital drains from APP into NVDA and CRWD
Quant rotation out of AI ad-tech into AI infrastructure and platform security
1 · three AI monetization layers
2 · Q2 divergence: records vs APP unwind
APP
AI-driven mobile advertising
unwinds ~58% off high
CRWD
AI-native security platform
record net-new ARR · FY27 guide raised
NVDA
AI infrastructure hardware
record revenue · ~$81.6B · Blackwell
source: APP drains
recipients: CRWD, NVDA
systematic rebalance
620 full exits
CRWD · largest new
NVDA +180.6% · $1.42B
APP · out of top book
APP → NVDA + CRWD
3
4 · net effect
marginal exposure migrates out of volatile consumer ad-tech
→ into AI infrastructure hardware and durable ARR security software
APP disposal not separately disclosed · consistent with 620 full exits