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Forget the AI Chipmakers. For 0.47% This Fund Owns the Companies Building the Data Centers
Key takeaways
- PAVE has returned 132% over five years versus 73% for SPY, outpacing the broader market while capturing reshoring and infrastructure tailwinds.
- Rate sensitivity is the real risk: the 10-year Treasury at 4.51% already pressures PAVE's construction and capex-heavy holdings.
- Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks.
Forget the AI Chipmakers. For 0.47% This Fund Owns the Companies Building the Data Centers David Beren Sat, June 27, 2026 at 8:23 PM GMT+7 5 min read SMH SPY NVDA 2330.TW AVGO Quick Read SMH owns zero physical infrastructure; PAVE fills that gap with 119 positions in power, steel, cooling, and rail companies building AI data centers.
PAVE has returned 132% over five years versus 73% for SPY, outpacing the broader market while capturing reshoring and infrastructure tailwinds.
Rate sensitivity is the real risk: the 10-year Treasury at 4.51% already pressures PAVE's construction and capex-heavy holdings.
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