Baron Technology ETF

NVIDIA Corporation (NVDA) is the world's dominant designer of graphics processing units and AI accelerators, supplying the compute infrastructure for large language model training and inference, autonomous vehicles, robotics, and scientific simulation through its CUDA software ecosystem.
NVIDIA Corporation (NVDA) benefits as computing demand doubles every one to two years, driven by electrification, digitization, and advancements in AI, yet supply growth has decelerated due to the slowdown in Moore's law. Its accelerated computing architecture enables continued growth in computing capacity through parallelization. We are at the tipping point of a new era in computing, with NVIDIA at its epicenter as generative AI adoption grows. With leading market share in gaming, data centers, and autonomous machines, we think it is well positioned for long-term growth.

Spotify Technology S.A. (SPOT) is the world's largest audio streaming platform, offering music, podcasts, and audiobooks to hundreds of millions of monthly active users globally, generating revenue through premium subscriptions and advertising.
Spotify Technology S.A. (SPOT), with over 290 million paying subscribers, has created a two-sided marketplace where creators can monetize their work and consumers can stream music. Longer term, we expect the company to grow to over 1 billion users (from 761 million today) and improve margins materially through advertising, its artist promotions marketplace, audiobooks, and improved cost discipline. We expect Spotify to continually improve its value proposition through additional features like video, and monetize this value through more optimized pricing tiers.

Space Exploration Technologies Corp. (SpaceX, SPCX) is a vertically integrated space, connectivity, and AI company. It builds reusable rockets like Starship and runs Starlink and Starlink Mobile (over 12 million subscribers, over 160 markets). It is a leading AI vendor with xAI, Cursor, and dense datacenters.
Space Exploration Technologies Corp. (SpaceX, SPCX) is a vertically integrated leader in space, global connectivity, and AI. Rocket reusability drives industry-leading launch cadence and costs, fueling Starlink’s expansion across broadband, enterprise, and government, and a growing mobile push. Starship should lower costs further and carry next-gen satellites. With xAI and Cursor, SpaceX sells frontier models and AI coding tools backed by in-house compute and chips. Longer term, orbital AI could offer solar-powered compute at unprecedented scale, an edge few can replicate. 

Taiwan Semiconductor Manufacturing Company Limited (TSM) is the world’s largest dedicated chip foundry, producing leading-edge logic and advanced packaging for customers like NVIDIA, Apple, AMD, and Broadcom across AI accelerators, smartphones, PCs, and autos, with fabs in Taiwan, Japan, China, and Arizona.
Taiwan Semiconductor Manufacturing Company Limited (TSM) is the dominant force in leading-edge foundry manufacturing, benefiting from economies of scale and a superior cost structure. Its track record of deploying new technology faster than competitors helps it maintain market share and pricing power, with gross margins above 60%. We believe AI accelerators and advanced packaging will drive mid-20% revenue growth through 2029, and its lead at N2 and A14 keeps customers locked in. Falling capital intensity should lift free cash flow and sustain roughly 30% returns on equity.

Lam Research Corporation (LRCX) is a global supplier of wafer fabrication equipment and services to the semiconductor industry, specializing in etch, deposition, and clean technologies. It serves chipmakers across memory, foundry, and logic manufacturing, with historically greater exposure to memory.
Lam Research Corporation (LRCX) is a market leader in deposition and etch, two critical steps in semiconductor manufacturing, with strength in plasma etch, thin-film deposition (metal and dielectric) platforms, photoresist strip systems, and single-wafer wet and plasma-based cleaning products. As semiconductor capital spending grows, Lam is positioned to outpace the market as its technologies enable increasingly complex manufacturing requirements, including logic node transitions and new transistor architectures, DRAM node scaling, and rising layer counts in 3D NAND.

Micron Technology, Inc. (MU) is a memory and storage semiconductor company supplying memory and storage solutions, including high-bandwidth memory, to cloud and data center, mobile and personal computing, and automotive and embedded customers.
Micron Technology, Inc. (MU) has performed well as the outlook for demand remains stronger and more durable than supply. Strong pricing has improved the near-term earnings outlook, and recently signed strategic long-term agreements will add predictable revenue streams. This will help dampen the cyclicality that has historically warranted Micron and the memory stocks a low earnings multiple. We maintain our conviction. It is uniquely positioned to design customized memories for the increasingly complex systems that power the next phase of AI models and applications.

Alphabet Inc. (GOOG) is the world's leading digital advertising company, operating Google Search, YouTube, and the Google Network, alongside a fast-growing cloud computing business and investments in artificial intelligence, autonomous vehicles, and other emerging technologies.
Alphabet Inc. (GOOG) should remain a major beneficiary of the shift in advertising from traditional media to online and mobile platforms. Its vast datasets improve products and support expansion into adjacent markets. Alphabet’s scale, distribution, and technical talent position it to benefit from AI across Search and Google Cloud. YouTube provides exposure to the shift toward connected TV, while Waymo remains a leader in autonomous driving.

Amazon.com, Inc. (AMZN) is the world's largest e-commerce marketplace and, through Amazon Web Services, the leading global cloud infrastructure provider, with additional businesses in digital advertising, subscription services, logistics, and artificial intelligence infrastructure.
Amazon.com, Inc. (AMZN) has around 45% of U.S. online retail sales, while its share of global retail sales is less than 5%. Amazon has many avenues for revenue growth, including consumer staples, international expansion, grocery, digital media offerings, private label, pharmacy and health care services, advertising, and a better shopping experience powered by generative AI. Amazon also represents an opportunity to invest in the secular growth of cloud computing and the adoption of enterprise AI through AWS—a large, fast-growing, and margin-accretive part of the business. 

Shopify Inc. (SHOP) is a leading commerce platform providing software, payments, fulfillment, and financial services to merchants of all sizes, enabling them to sell online, in-store, and across social and marketplace channels globally.
Shopify Inc. (SHOP) offers a scalable, end-to-end commerce platform that serves merchants of all sizes, including offline, international, and B2B businesses. Its aggregate scale, innovation, and ecosystem of partners allow merchants to run every part of their business on the Shopify platform. The company's access to real-time, transaction-level data across its merchants strengthens its competitive position, allowing it to share the benefits of scale directly with them. With less than 2% share of $25 trillion in global commerce (ex China), it has a long runway for growth.

Advanced Micro Devices, Inc. (AMD) is a fabless semiconductor company designing central processing units (CPUs), graphics processing units (GPUs), field-programmable gate arrays (FPGAs), systems-on-chip (SoCs), and other high-performance computing components.
Advanced Micro Devices, Inc. (AMD) is benefiting as agentic AI proves far more ecosystem-interactive than expected, deepening CPU penetration, from feeding GPUs to orchestrating agent fleets, routing across models, and coordinating with IT. This makes CPUs a secular growth story, and AMD, the world’s best CPU designer, its clearest beneficiary. AMD also executes well on GPUs, shipping its latest-generation MI400 accelerators in volume backed by multi-gigawatt commitments.