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Innovator Deepwater Frontier Tech ETF

LOUP
77.5500.36% ( +0.280 )
Closed: Oct 23, 16:00:00 (EDT)
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  • G
    Gene Munster

    Yesterday, PwC came out with their long-run global AI data center spend report. My take is that their estimates dramatically understate the staying power of data center (aka the brain of AI) growth.

    To put it in perspective, data center spend is still growing about 70%+ in the near term. PwC estimates annual growth between 2030 and 2050 will average 2.5%. That number feels too low. My best guess is that it probably approaches between 5–10% per year, as supported by PwC’s upside scenario of 6.5%. Those rates may look close on paper (2.5% vs. my midpoint of 7.5%), but they are not. Compounded over 20 years, 10% growth leaves annual spend about 4× what PwC’s midpoint is and about 2× their upside.

    Our Deepwater Frontier Tech ETF, $LOUP, is investing in some of these data center infrastructure companies that will aim to ride the growth of AI for decades.

    Source: Gene Munster

  • G
    Gene Munster

    $Meta Platforms(META.US) getting more into physical AI (aside from smart glasses). They just acquired Assured Robot Intelligence to build humanoid robots. No terms given. My guess is they paid sub $5B.

    Big Tech (TSLA, GOOG, AMZN) appears all-in on robotics,and they'll be purchasing gear from smaller companies to build that future. My Innovator Deepwater Frontier Tech ETF ($LOUP) has a focus on smaller, high-conviction companies enabling the AI and robotics transformation.

    To view LOUP’s holdings:

    Source: Gene Munster

  • G
    Gene Munster

    Melania Trump walking the red carpet with Figure 03 was the third step forward for bots this week. We also saw $Uber Tech(UBER.US) commit $1.25B to robotaxis and Google DeepMind sign its third robotics hardware partnership in six months.

    Bottom line: We believe investors shouldn't focus too much on the timing. They’re coming, and they will profoundly impact humanity, similar to the phone and the automobile.

    This is the kind of frontier tech we aim to invest in for the Deepwater Frontier Tech ETF (LOUP) ETF:

    Source: Gene Munster

  • G
    Gene Munster

    Vertiv beat December expectations and guided March revenue 6% above the Street. Investors’ central question remains: how long can this better-than-expected growth last?

    I believe it can continue for multiple years, as the inference build is just beginning and the required infrastructure appears many times larger than the current AI training buildout.

    $Vertiv(VRT.US) is a holding in our $LOUP Frontier Tech ETF.

    To view LOUP’s current holdings, visit

    Source: Gene Munster

  • G
    Gene Munster

    US News & World Report ranked $LOUP as a top 7 tech ETF. In our view, we're still early in AI, and we'll aim to be early on the next mega theme.

    Source: Gene Munster

  • G
    Gene Munster

    A data point suggesting we’re not at the top of the AI bubble:

    Earlier today, IBM announced it’s acquiring Confluent for $11B, a 34% premium to Friday’s close.

    That said, shares are still down 67% from their October 2021 all-time high ($93/share). It’s hard for me to imagine we’re at an AI peak when companies are being acquired for less than half of what they traded at before the AI trade even started.

    $Confluent(CFLT.US) is in our $LOUP ETF, which focuses on frontier tech companies below $500B in market cap.

    For those new to story: Confluent helps companies pipe all their data from different systems into one place so they can feed their AI models with accurate, real-time information.

    Source: Gene Munster

  • G
    Gene Munster

    Here’s a good note as we wrap up the trading week that suggests AI’s impact is broadening into cybersecurity. Rubrik, a $17B data-protection and cybersecurity company, is up 24% today. They reported EPS of $0.10 vs. the Street’s -$0.17 and revenue of $350M vs. $319M expected. They also raised their 2026 revenue outlook by 4%.

    $Rubrik(RBRK.US) is in our $LOUP ETF, which focuses on frontier tech companies below $500B in market cap.

    Source: Gene Munster

  • G
    Gene Munster

    I'm thrilled to announce that the Innovator Deepwater Frontier Tech ETF ($LOUP) has transitioned to an actively managed strategy.

    The fund targets companies at the frontier of tech innovation, with a focus on AI, fintech, AV/EVs, ambient computing, and robotics.

    Our goal is simple: remain nimble in fast-moving, disruptive sectors while building on our seven-year track record.

    Source: Gene Munster

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