The artificial intelligence theme is entering a more granular phase, with investors increasingly looking beyond foundational large language models (LLMs) toward the physical infrastructure required for scale. The ROBO Global Artificial Intelligence ETF (THNQ ) has captured this shift effectively, posting a total return of 9.3% over the past month as of April 14, significantly outpacing the broader market.
Key Takeaways
- Performance is rotating from LLM developers toward the high-performance networking and optical interconnects required to solve data latency in hyperscale centers.
- The sharp rebound in Credo Technology (CRDO) underscores the market’s reward for vertical integration; the acquisition of DustPhotonics allows for a unified photonic stack that addresses critical power efficiency gaps.
- Raspberry Pi’s (RPBPF) 95% monthly surge signals a diversification of the AI trade.
Top Contributors to the ROBO Global Artificial Intelligence Index (THNQ)
| Holding | Average Weight in Index | 1-Month Return | Contribution |
|---|---|---|---|
| Nebius Group (NBIS) | 2.93% | 43.37% | 1.26% |
| Lumentum Holdings (LITE) | 3.27% | 36.99% | 1.18% |
| Credo Technology Group (CRDO) | 1.43% | 54.27% | 0.99% |
| Astera Labs (ALAB) | 1.92% | 41.80% | 0.85% |
| Raspberry Pi Holdings (RPBPF) | 0.96% | 95.46% | 0.75% |
Examining the Companies Driving Returns for THNQ
The holdings contributing the most to THNQ’s strong performance include Nebius, Lumentum, Credo Technology, Astera Lab, and Raspberry Pi.
Nebius stands as the top contributor, fueled by aggressive expansion in AI factories across Europe and the U.S. The company recently secured $2 billion in funding from Nvidia and is on track to deliver up to 1 gigawatt of capacity by year-end. This growth is directly tied to the significant token and inference compute demand, as enterprises move from training models to deploying them at scale.
Lumentum, Astera Labs, and Credo Technology are tied to AI datacenter networking efficiency. Astera’s smart fabric switches and Lumentum’s high-performance lasers are essential for maintaining bandwidth as clusters grow.
Notably, Credo has seen a sharp reversal. Despite falling for much of the year, the stock surged over 54% in the past month following its strategic $750 million acquisition of DustPhotonics on April 13. This move, combined with its 2025 acquisition of Hyperlume, allows Credo to vertically integrate its photonic stack, addressing critical photonic efficiency gaps.
While the previously mentioned names dominate the backend, Raspberry Pi highlights a different frontier. Surging over 95% in the past month, the stock is benefiting from the edge AI trend. The viral adoption of lightweight AI assistants has repositioned Raspberry Pi from a hobbyist tool to a legitimate contender in robotics and personal AI applications.
As the AI buildout continues to mature, THNQ’s exposure to these specialized infrastructure and edge players provides a nuanced approach for advisors looking to move beyond Magnificent Seven concentration.
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