Company Interview / Billy likes the three-way AI ETF trade

Key points:

Leung sees US earnings growth broadening beyond mega-cap tech AI-driven CapEx by $META, $GOOGL, $AMZN, $MSFT viewed as increasingly evident in cloud growth Semiconductors, including $AMD and $MU, seen as key bottleneck and long-term structural theme Global X ETFs highlighted: FANG-style mega-cap growth, AI value chain, and global semiconductor exposure

Billy Leung from Global X ETFs sets out a positive view on the durability and breadth of the US equity rally, arguing that earnings growth is now extending well beyond mega-cap technology. Leung highlights that, compared with the previous quarter when only tech posted 20%+ earnings growth, the latest S&P 500 results show multiple subsectors – including energy, materials, tech and industrials – achieving this pace, which in his view supports the case for a broader rally driven by artificial intelligence-related demand.

Leung sees ongoing heavy AI capital expenditure by companies such as Meta Platforms ($META), Alphabet ($GOOGL), Amazon ($AMZN) and Microsoft ($MSFT) as justified, pointing to accelerating cloud revenue growth, particularly at Google Cloud. He cites persistent demand, pricing power and supply constraints across the AI infrastructure stack, from GPUs to memory, as reasons why adjacent sectors such as semiconductors and software may continue to benefit. Specific standouts mentioned include Advanced Micro Devices ($AMD) and Micron Technology ($MU).

For investors, Leung points to three key ETF exposures: a FANG-style mega-cap growth strategy, a diversified Global X AI ETF covering 85 companies across the AI value chain, and a Global X semiconductor ETF, which he views as a play on a structural, not cyclical, semiconductor uptrend over the next 5–10 years.