ASX:CXL 19 February 2026

April 23, 2026, 11:59 AM EDT. VanEck spotlights semiconductor companies as pivotal players in the AI shift from experimentation to infrastructure. The asset manager emphasizes chipmakers over AI model builders, drawing parallels to the cloud boom where infrastructure providers secured lasting value. Central to VanEck's view is its Semiconductor ETF (SMH), targeting firms set to gain from ongoing AI capital expenditures. NVIDIA stands out, broadening from GPUs to full AI systems. Microsoft's extensive AI integration fuels enterprise chip demand. Risks include geopolitical tensions across Asian and European semiconductor issuers, currency swings, and supply chain vulnerabilities. Traders should closely watch data center expansions and quarterly spending forecasts as indicators of sector momentum.