Baron Technology ETF

Taiwan Semiconductor Manufacturing Company Limited (TSM), known as TSMC, is the world's largest independent semiconductor foundry, manufacturing chips on behalf of other companies.
TSMC is the dominant force in leading-edge semiconductor foundry manufacturing, as it benefits from economies of scale and a superior cost structure. The company's successful track record of deploying new technology faster than competitors helps it maintain market share and pricing power. We believe TSMC’s investments in advanced nodes will strengthen its market leadership and support long-term profitability.

Lam Research Corporation (LRCX) is a leading global supplier of wafer fabrication equipment and services to the semiconductor industry. Lam's products and services support leading memory, foundry, and integrated device manufacturer customers across NAND, DRAM, and logic. 
Lam is a market leader in deposition and etch, two critical steps in semiconductor manufacturing, with particular 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 over time, Lam is positioned to outpace the broader 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.

Space Exploration Technologies Corp. (SpaceX) designs, manufactures, and launches rockets, satellites, and spacecrafts. Its ultimate goal is to make humanity multi-planetary. Products include reusable orbital launch offerings and a broadband service leveraging its satellite constellation, Starlink.
We believe SpaceX will continue to drive down the cost of space launches and capture market share with its unique, reliable, and improving reusable launch capabilities. As costs decline, we also expect demand for access to space to increase. By leveraging its launch cost leadership, vertical integration, and innovative design approach, SpaceX has an advantage in building and operating its rapidly expanding satellite-based broadband services, creating an even more attractive growth profile for the company.

Broadcom Inc. (AVGO) designs, develops, and supplies a wide range of semiconductor and infrastructure software solutions. Its semiconductor devices serve broadband, networking, wireless, storage, and industrial markets, while its software offerings focus on operational efficiency tools for large enterprises.
Broadcom’s semiconductor portfolio is reaching an inflection point, driven by its AI solutions in networking and custom compute. We expect Broadcom to capture a significant share of most of the custom AI chips market, a market opportunity of hundreds of billions, and to grow VMware at a high-teens rate over the next few years. The rest of Broadcom’s semiconductor business is recovering, and we expect other software segments to grow at a mid-single-digit rate. The company has best-in-class margins and cash flow, which it returns to shareholders.

Alphabet Inc. (GOOGL) is the parent of Google, the world's most dominant online search provider. Other services and products include display advertising, Android, Chrome, Google Cloud, Google Maps, Google Play, and YouTube. Its Other Bets segment consists of businesses such as Waymo, CapitalG, and Verily.
Alphabet is the largest beneficiary of the secular shift in advertising from traditional media to online and mobile platforms. The company has processed and indexed more data than any other firm, leveraging its extensive datasets to improve products and expand into adjacent markets. Alphabet’s scale, distribution, and talent position it to benefit from AI in both its core and cloud services businesses. YouTube provides exposure to the transition toward connected TV, while Waymo remains a leader in autonomous driving.

NVIDIA Corporation (NVDA) sells semiconductors, systems, and software for accelerated computing, gaming, and generative AI.
Computing demand has been doubling every one to two years, driven by electrification, digitization, and recent advancements in AI, yet supply growth has decelerated dramatically due to the slowdown in Moore's law. NVIDIA’s 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 NVIDIA is well positioned for long-term growth.

Micron Technology, Inc.

Spotify Technology S.A. (SPOT) is the world's leading music streaming service, with approximately 40% market share. The company monetizes through several tiers of subscriptions, advertising, and miscellaneous a la carte pricing. 
With over 290 million paying subscribers, Spotify 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 subscribers (from 751 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 like Super Premium.

Amazon.com, Inc. (AMZN) is an e-commerce pioneer, innovator, and market share leader with a relentless focus on providing value and convenience to its customers. Amazon also operates the industry-leading cloud infrastructure business Amazon Web Services (AWS). 
Amazon's market share of U.S. online retail sales is around 40%, 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. 

Coherent Corp. (COHR) develops, manufactures, and markets advanced materials, lasers, and optical systems designed to generate, modulate, amplify, direct, and detect photons–the fundamental particles of light.
Coherent is positioned to benefit from secular communications tailwinds driven by AI data center buildouts, growing data center interconnect demand, increasing optical penetration within server racks, advances in optical switching, and the migration of traditional telecom networks to pluggable transceivers. In addition to these structural drivers, the company’s operational initiatives—including margin expansion, debt reduction, and diversification of its global supply chain—continue to support its improving financial profile.

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