{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"AI is Splitting the Market - The Hidden Winners Beyond NVIDIA with Ivana Delevska","description":"AI isn\u2019t just about Nvidia anymore \u2014 it\u2019s quietly rewiring the entire industrial economy, and most investors don\u2019t even realize where the real money will be made. In this episode of Raise Your Average, hosts Pierre Daillie and Mike Philbrick sit down with Ivana Delevska, Founder and CIO of Spear Advisors, to unpack how AI is splitting the market \u2014 creating massive dispersion between winners and losers \u2014 and why passive index exposure may no longer be enough. While most investors believe they\u2019re diversified through Nasdaq or S&amp;amp;P 500 index funds, Delevska explains that passive exposure is heavily concentrated in mega-cap hyperscalers. The real opportunity, she argues, lies deeper in the AI value chain \u2014 in networking, optical components, semiconductor capital equipment, electrification, cybersecurity infrastructure, and even space. This conversation goes beyond the hype cycle. Delevska outlines why AI CapEx \u2014 projected to reach $600B this year \u2014 is fundamentally different from past tech cycles. The sheer dollar magnitude is forcing multi-year infrastructure buildouts, creating 10-year visibility rather than the traditional 3\u20135 year tech cycle. Yet while hardware beneficiaries remain durable, SaaS and application-layer companies face real disruption risk as AI-native competitors rapidly reshape the software landscape. For investors, this isn\u2019t about abandoning mega-cap tech \u2014 it\u2019s about understanding dispersion. In an AI-driven world, alpha will increasingly come from identifying where capital is flowing, how physical constraints shape adoption, and which companies sit at the most critical points in the industrial tech stack. \ud83d\udd11 3 Key Takeaways 1\ufe0f\u20e3 Passive Exposure Isn\u2019t True AI Diversification Owning the Nasdaq or S&amp;amp;P 500 mostly means owning hyperscalers. The broader AI opportunity extends into semiconductor equipment, optical networking, power infrastructure, cybersecurity, and industrial tech \u2014 areas largely underrepresented in passive indices. 2\ufe0f\u20e3 AI CapEx Is Structurally Different This Time With hyperscalers spending ~$600B annually, the infrastructure buildout has 10-year visibility due to land, power, and supply constraints. This isn\u2019t a short tech cycle \u2014 it\u2019s a physical industrial transformation. 3\ufe0f\u20e3 Massive Dispersion = Massive Alpha Potential AI will create both winners and losers. Hardware suppliers and infrastructure players may benefit from durable demand, while legacy SaaS and application companies risk disruption. Stock selection and disciplined process matter more than ever. \u23f1\ufe0f Timestamped Chapters 00:00 \u2013 Introduction &amp;amp; Why This Conversation Matters 02:00 \u2013 $600B in AI CapEx: Where Is the Money Going? 04:00 \u2013 Why Industrial Tech Was Underinvested for 15 Years 07:00 \u2013 The Myth of Diversification in Passive AI Exposure 12:00 \u2013 Networking, Optical, Semi Cap Equipment: Hidden Winners 16:00 \u2013 SaaS Under Pressure: AI Disruption in Software 19:00 \u2013 Spear\u2019s Mental Model for Navigating the AI Stack 22:00 \u2013 Space, Electrification &amp;amp; Defense as AI Enablers 31:00 \u2013 The Physical World Bottleneck: S-Curves vs J-Curves 33:00 \u2013 Dispersion, Alpha &amp;amp; Why Active Management Matters 48:00 \u2013 Behavioral Mistakes Investors Make in Tech Cycles 51:00 \u2013 What Could Break the AI Thesis? 54:00 \u2013 Closing Thoughts &amp;amp; SPEAR ETF (SPRX) #AIInvesting #ArtificialIntelligence #StockMarket #TechStocks #Semiconductors #IndustrialTech #Cybersecurity #DataCenters #ActiveManagement #ETFInvesting #GrowthStocks #SPRX #LongTermInvesting #InvestmentStrategy #RaiseYourAverage Copyright \u00a9 AdvisorAnalyst.com ","author_name":"Insight is Capital\u2122 Podcast","author_url":"https:\/\/advisoranalyst.com\/insight-is-capital-podcast.html","html":"<iframe title=\"Libsyn Player\" style=\"border: none\" src=\"\/\/html5-player.libsyn.com\/embed\/episode\/id\/40687765\/height\/90\/theme\/custom\/thumbnail\/yes\/direction\/forward\/render-playlist\/no\/custom-color\/88AA3C\/\" height=\"90\" width=\"600\" scrolling=\"no\"  allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen><\/iframe>","thumbnail_url":"https:\/\/assets.libsyn.com\/secure\/content\/200315485"}