$NVDA just reported another extraordinary quarter: $96.2B in revenue, up 106% year over year, with Data Center revenue up 117%. But the NVIDIA story didn’t begin with AI. NVIDIA has been in the ER30TR Index (the Entrepreneur 30 Index) since 2005, 21 years ago. The ERShares Entrepreneur Factor® identified the company when its split-adjusted share price was approximately $5. Today, NVIDIA is the second-largest position in $XOVR, at approximately 12% of the Fund, behind only our SpaceX exposure. Why does that matter? Transformative companies often emerge long before their biggest markets become obvious. Our VC Lens is designed to identify entrepreneurial companies early, continually re-underwrite the thesis as they evolve, and maintain conviction through multiple technology cycles. NVIDIA didn’t become an AI leader overnight. Its trajectory has been unfolding for decades. Disclosure: Holdings are subject to change. Investing involves risk, including possible loss of principal. Past performance does not guarantee future results.