Software and platforms
Thesis
AI spending is shifting from building capacity to monetizing it. The five largest cloud spenders are guiding roughly $780–800B of capex for 2026, and these platforms are where agent products and cloud revenue must show up to justify it.
Risks
Free cash flow is near zero or negative for most hyperscalers except Alphabet and Microsoft, and debt funding has risen from 9% of capex to 32%. If agent revenue lags, mega-cap multiples compress. SpaceX and Apple are only partly AI plays. Figures as of November 2026.
| Asset | Underlying | Instrument | Role | Side | Weight | 24h price | On the book | |
|---|---|---|---|---|---|---|---|---|
 PLTR Robinhood | Palantir PLTR · Technology AIQ4.3%QQQ2.0%XLK2.7% | B- Tokenized equity | core | Long | 17.00% | ▼-1.34% | -0.23% | |
 MSFT Robinhood | Microsoft MSFT · Technology AIQ3.8%QQQ6.2%XLK11.4% | B- Tokenized equity | core | Long | 15.00% | ▲+2.74% | +0.41% | |
 SPCX Robinhood | SpaceX SPCX · Industrials AIQ3.4%QQQ2.7% | B- Tokenized equity | infrastructure | Long | 13.00% | ▲+3.63% | +0.47% | |
 META Robinhood | Meta META · Technology AIQ2.8%QQQ3.0% | B- Tokenized equity | core | Long | 11.00% | ▲+2.85% | +0.31% | |
 AMZN Robinhood | Amazon AMZN · Consumer discretionary AIQ3.0%QQQ4.2% | B- Tokenized equity | beneficiary | Long | 11.00% | ▲+2.20% | +0.24% | |
 ORCL Robinhood | Oracle ORCL · Technology AIQ3.3%XLK1.3% | B- Tokenized equity | infrastructure | Long | 11.00% | ▲+6.60% | +0.73% | |
 AAPL Robinhood | Apple AAPL · Technology AIQ2.9%QQQ7.9%XLK14.6% | B- Tokenized equity | beneficiary | Long | 11.00% | ▼-1.93% | -0.21% | |
 GOOGL Robinhood | Alphabet GOOGL · Technology AIQ2.8%QQQ2.9% | B- Tokenized equity | core | Long | 11.00% | ▲+0.43% | +0.05% |
Global X Artificial Intelligence & Technology ETF
Of the stored slice, not the whole fund. 50 constituents we could add · 6 not in the registry · 16 unresolved keys
Invesco QQQ Trust
Of the stored slice, not the whole fund. 72 constituents we could add · 1 not in the registry · 0 unresolved keys
Technology Select Sector SPDR Fund
71 constituents we could add · 0 not in the registry · 1 unresolved keys