The rapid rise of artificial intelligence (or AI) has reshaped market dynamics more profoundly and more quickly than almost any technological shift in recent memory. What began in late 2022 as a breakthrough in accessible AI quickly evolved into a full-scale capital investment race among the world’s largest technology firms. This note explores why AI-related capital expenditures became such a powerful market force, how the funding landscape is now shifting, and what this evolution means for investors. As the AI story enters a more mature—and more selective—phase, understanding who can sustain the race will be essential for navigating the next chapter.

When most investors think about liquidity in ETFs, their eyes naturally drift to the order book that they see displayed when they enter a ticker symbol. The bid-ask spread, the depth of visible orders, and the volume figures get prominently displayed in trading platforms and help create an intuitive sense of liquidity. Yet this on-screen perspective can be deceptively narrow. True ETF liquidity extends far beyond what appears in the visible order book, and understanding this distinction is crucial for anyone buying or selling ETFs.