Phil Rosen(@philrosenn):The AI supercycle has barely started, according to the VanEck manager behind $SMH, the $70 billion semiconductor fund that dominates the market. He expects semiconductors to become less and less cyclical of a business the next decade.

2026.09.18 21:18

The AI supercycle has barely started, according to the VanEck manager behind $SMH, the $70 billion semiconductor fund that dominates the market. He expects semiconductors to become less and less cyclical of a business the next decade.

Phil Rosen@philrosenn

2026.09.17 13:00

AI has turned $SMH into the most popular semiconductor ETF in the world. VanEck veteran Nick Frasse is the man behind the $70 billion fund. We sat down to unpack the high-conviction stocks that make up the AI economy, how to bet on bottlenecks, and his favorite opportunities in the AI trade right now. This is one of the best conversations you will hear from someone who knows semiconductor investing extremely well. TIMESTAMPS: 0:00 - SMH and semiconductor demand 1:16 - Bear case for chips 5:27 - Semis collaborate, not compete 10:16 - Are semis still cyclical? 13:53 - SMHX and fabless chipmakers 15:32 - Asset-light vs. asset-heavy 16:59 - AI buildout bottlenecks 19:49 - Data centers, robotics, and space 21:25 - Grid-to-rack supply chain 22:51 - Financing the AI buildout 24:41 - Is AI killing software? 27:44 - Hyperscalers turning asset-heavy 29:21 - Robotics 30:52 - @vaneck_us