Owning the Toll Road. 🛣️
In the Gold Rush of 1849, most miners went broke. The hardware store owners became tycoons.
In the AI Rush of 2026, the dynamic is identical.
Everyone is trying to pick the winner between ChatGPT, Gemini, or Llama. That is a difficult, speculative game.
My strategy is to ignore the "Casino" and own the "House".
The Toll Road Thesis:
It does not matter which AI model wins.
If Google wins, they need GPUs ($NVDA).
If Meta wins, they need GPUs ($NVDA).
And everyone needs the silicon wafers from Taiwan ($TSM) and the lithography machines from Europe ($ASML).
We are positioned at the choke points of the digital economy. Every dollar spent on AI development—regardless of success or failure—must pass through our portfolio first.
Don't bet on the fastest car. Own the asphalt.
$NVDA $ASML $TSM $AVGO