Semiconductors
Thesis
AI capex lands first on chips, memory, and fabrication. Nvidia told investors it expects top-five hyperscaler capex of nearly $800B in 2026 and $1.3T in 2027.
Risks
Demand rests on a few customers whose spending is increasingly debt-funded, so one guidance cut hits every line. Chips are cyclical, export controls can reprice a name overnight, and valuations after the run leave little room for disappointment. Figures as of November 2026.
| Asset | Underlying | Instrument | Role | Side | Weight | 24h price | On the book | |
|---|---|---|---|---|---|---|---|---|
 AMD Robinhood | Advanced Micro Devices, Inc. AMD · Technology SOXX9.5%SMH5.6%SOXQ4.7% | B- Tokenized equity | core | Long | 18.00% | ▲+5.32% | +0.96% | |
 INTC Robinhood | Intel INTC · Technology SOXX8.3%SMH5.1%SOXQ4.2% | B- Tokenized equity | core | Long | 16.00% | ▲+0.68% | +0.11% | |
 NVDA Robinhood | Nvidia NVDA · Technology SOXX7.8%SMH17.5%SOXQ12.3% | B- Tokenized equity | core | Long | 15.00% | ▲+2.96% | +0.44% | |
 MU Robinhood | Micron MU · Technology SOXX7.7%SMH5.7%SOXQ7.8% | B- Tokenized equity | picks and shovels | Long | 15.00% | ▲+2.49% | +0.37% | |
 AVGO Robinhood | Broadcom AVGO · Technology SOXX7.3%SMH5.3%SOXQ9.3% | B- Tokenized equity | core | Long | 14.00% | ▲+3.19% | +0.45% | |
 MRVL Robinhood | Marvell MRVL · Technology SOXX4.6%SMH4.7%SOXQ4.6% | B- Tokenized equity | picks and shovels | Long | 9.00% | ▲+0.30% | +0.03% | |
AMAT AMAT Robinhood | Applied Materials AMAT · Technology SOXX3.4%SMH5.7%SOXQ3.5% | B- Tokenized equity | picks and shovels | Long | 7.00% | ▲+2.13% | +0.15% | |
 TSM Robinhood | TSMC TSM · Technology SOXX3.2%SMH9.3%SOXQ4.3% | B- Tokenized equity | picks and shovels | Long | 6.00% | ▲+1.93% | +0.12% |
iShares Semiconductor ETF
21 constituents we could add · 1 not in the registry · 0 unresolved keys
VanEck Semiconductor ETF
17 constituents we could add · 0 not in the registry · 0 unresolved keys
Invesco PHLX Semiconductor ETF
22 constituents we could add · 0 not in the registry · 0 unresolved keys