--- title: Where the Next Wave of Growth Is Taking Shape description: Explore the expanding growth opportunities driven by AI, semiconductors, and infrastructure, as the AdvisorShares Gerber Kawasaki ETF captures diverse technological transformations. image: https://insights.advisorshares.com/hubfs/image%20(8).jpg --- [Skip to content](https://insights.advisorshares.com/alpha-insights/where-the-next-wave-of-growth-is-taking-shape#main-content) [![AdvisorShares logo](https://insights.advisorshares.com/hs-fs/hubfs/_AS%20Logos%20-%20Images/as-logo-800x120.jpg?width=400&height=67&name=as-logo-800x120.jpg)](https://advisorshares.com/) Open main navigation Close main navigation [All posts](https://insights.advisorshares.com/alpha-insights/all) September 21, 2026 # Where the Next Wave of Growth Is Taking Shape ![Picture of AdvisorShares](https://insights.advisorshares.com/hs-fs/hubfs/_AS%20Logos%20-%20Images/AS%20icon2.png?width=50&name=AS%20icon2.png) By  [AdvisorShares](https://insights.advisorshares.com/alpha-insights/author/advisorshares)  ·  7 minute read Some of the most significant technology cycles begin in a relatively narrow corner of the market and expand from there. The internet moved from telecommunications infrastructure into commerce, media, advertising and finance. Smartphones created new markets in software, payments, entertainment and transportation. Cloud computing reshaped how businesses purchase and deploy technology.  A similar expansion is taking place today. Artificial intelligence remains one of the most visible forces behind the current technology cycle, but it is now part of a larger transformation involving semiconductors, advanced manufacturing, electricity infrastructure, cybersecurity, automation, defense and space. Innovation in healthcare, entertainment and other industries continues to create growth opportunities on entirely different timelines. For the [AdvisorShares Gerber Kawasaki ETF (Ticker: GK)](https://advisorshares.com/etfs/gk/), that expanding opportunity set is closely aligned with the fund’s multi-thematic approach. Rather than defining innovation by a single technology or sector, GK looks across the market for companies potentially positioned to participate in long-term structural change. ##### **The Computing Cycle Is Still Expanding** Semiconductors remain at the center of many of today’s fastest-growing technologies. AI has accelerated demand for advanced processors and for more specialized forms of memory. High-bandwidth memory, or HBM, has become particularly important because advanced computing systems need to move enormous amounts of data quickly between processors and memory. The International Energy Agency reported in 2026 that shortages of high-bandwidth memory had emerged as one constraint affecting the expansion of AI infrastructure.¹ Micron Technology, the largest holding in GK at 9.42% of the portfolio as of September 17, 2026, has described a similar change in its business. The company has pointed to more sophisticated AI reasoning and agent-based applications as drivers of greater memory and storage requirements within data centers.² [AdvisorShares Gerber Kawasaki ETF (GK) Top 10 Holdings](https://advisorshares.com/etfs/gk/#holdings) | **Stock Ticker** | **Security Description** | **Portfolio Weight** | | --- | --- | --- | | **MU** | **MICRON TECHNOLOGY INC** | **9.42%** | | **GOOG** | **ALPHABET INC-CL C** | **8.49%** | | **NVDA** | **NVIDIA CORP** | **7.85%** | | **LLY** | **ELI LILLY & CO** | **7.40%** | | **AAPL** | **APPLE INC** | **5.35%** | | **MSFT** | **MICROSOFT CORP** | **5.16%** | | **AVGO** | **BROADCOM INC** | **4.46%** | | **NFLX** | **NETFLIX INC** | **4.36%** | | **TT** | **TRANE TECHNOLOGIES PLC** | **4.08%** | | **GEV** | **GE VERNOVA INC** | **4.05%** | *\*As of 9/17/2026. Holdings and allocations are subject to risks and to change. For the Fund's current holdings click here: [GK.AdvisorShares.com](https://advisorshares.com/etfs/gk/#holdings)* GK’s technology exposure extends well beyond memory. NVIDIA and Broadcom sit in advanced computing and semiconductor infrastructure. ASML operates further upstream, supplying the lithography equipment used to manufacture the most complex chips. Together, these companies represent different layers of one computing ecosystem. As that ecosystem grows, more of the investment required to support it is moving beyond the traditional technology sector. ##### **Technology Is Becoming More Physical** The next stage of technology development depends on physical infrastructure. Data centers offer the clearest example. Every new facility requires processors and memory, but it also requires electricity generation, transmission capacity, cooling, electrical equipment, construction and a growing network of supporting systems. *The IEA estimates that global electricity consumption from data centers could rise from approximately 485 terawatt-hours in 2025 to 950 TWh by 2030, with consumption from AI-focused facilities growing faster still*.¹ That expansion is pulling technology spending into industries that historically would not have been considered part of a technology allocation. Within GK, GE Vernova and Quanta Services address the power side of that equation, one through generation and electrical equipment, the other through building and maintaining utility and energy infrastructure. Trane Technologies participates in cooling and thermal management. Bloom Energy, Sterling Infrastructure and Amphenol cover other parts of the power, construction and connectivity requirements that accompany greater electrification and computing demand. What connects these companies is not a shared industry. It is that technological growth now relies on infrastructure built across several industries at once. ![GK-Average-Weight-by-Category](https://insights.advisorshares.com/hubfs/GK-Average-Weight-by-Category.svg) ##### *Source: Morningstar Direct as of 9/17/2026.* ##### **From Digital Infrastructure to the Space Economy** The convergence extends beyond terrestrial infrastructure. Space now connects to communications, national security, data and navigation. *A World Economic Forum and McKinsey & Company report estimates that the global space economy could grow from approximately $630 billion in 2023 to $1.8 trillion by 2035.*³ That forecast extends well beyond rockets and satellites. Space-enabled technologies support communications, positioning and navigation, Earth observation, transportation, supply chains and defense.³ Here again, the line around what counts as a technology company becomes harder to draw. GK holds Kratos Defense & Security Solutions, whose operations span advanced defense technologies, unmanned systems, satellite communications and space-related infrastructure. In 2026, Kratos was selected to support the U.S. Space Force’s ground architecture for a resilient missile-warning and missile-tracking satellite program.⁴ The company illustrates how defense, software, autonomous systems, communications and space overlap: technologies developed for one market can support applications in several others. Defense spending provides an additional backdrop. NATO reported that European Allies and Canada increased core defense spending by nearly 20% in real terms during 2025, while longer-term commitments are directing additional capital toward military capabilities and supporting infrastructure.⁵ ##### **One Technology Cycle, Several Growth Markets** AI intersects with semiconductors. Semiconductors depend on advanced manufacturing. Data centers create additional demand for electricity, cooling and construction. Greater reliance on digital infrastructure raises cybersecurity requirements. Defense systems incorporate software, autonomy, sensors and communications technology, while space infrastructure supports an expanding range of applications on Earth. Each market has its own economics, competitive landscape and development cycle, and traditional sector labels do not always capture the relationships between them. A company supplying electricity to a data center may belong to the same investment cycle as the semiconductor company supplying its processors. A defense technology company may also participate in satellite communications. A healthcare company may depend heavily on data and advanced computing while remaining classified as healthcare. GK seeks growth companies positioned to potentially benefit from transformative changes in society, looking across disruptive technologies, changing consumer behavior, demographic trends, geopolitical developments and product and service innovation.⁶ Portfolio Manager Ross Gerber invests across established innovators, emerging growth companies and industries undergoing structural change, then adjusts those exposures as fundamentals, valuations and market conditions evolve.⁶ Active management carries its own risk, security selection may lag a passive allocation, but it allows the portfolio to respond as the relationships between these markets shift. ##### **Growth Is Not Limited to the Technology Sector** Not every structural growth opportunity in GK originates with computing. Healthcare provides one example. Eli Lilly and Quest Diagnostics offer exposure to an industry being reshaped by advances in drug development, diagnostics and changing approaches to healthcare delivery. Consumer technology and entertainment are developing along another path, through Netflix, Take-Two Interactive, Disney and Genius Sports in streaming, gaming, sports and digital entertainment. Cybersecurity forms a further layer of the digital economy, represented in the portfolio by CrowdStrike, while Axon Enterprise sits at the intersection of public safety, connected devices, software and data. *![GK-YTD-Contribution-by-Category](https://insights.advisorshares.com/hubfs/GK-YTD-Contribution-by-Category.svg)* ##### *Source: Morningstar Direct. January 1, 2026 through September 17th, 2026. As of 9/17/2026.* *Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 1.877.843.3831 or visit the Fund’s website at GK.AdvisorShares.com* These businesses answer to different product cycles and competitive forces. A semiconductor cycle can slow while healthcare innovation continues. Infrastructure spending may accelerate while consumer technology evolves on its own timeline. Defense and space investment can respond to geopolitical priorities with little relationship to consumer spending or pharmaceutical development. That potential diversification of growth themes is what distinguishes a multi-thematic strategy from an allocation built around one technology or industry. *Diversification does not ensure a profit or guarantee against loss.*  ##### **Where a Multi-Thematic Approach May Fit** Many clients already hold large technology companies through broad-market allocations. Combining several single-theme funds can produce overlapping exposure that is harder to measure at the portfolio level. GK consolidates multiple growth themes into one actively managed portfolio, which is one approach among several to that problem. The fund may serve as a growth-oriented equity holding or as a multi-thematic allocation within a broader portfolio. Its active structure gives Ross Gerber discretion to evaluate opportunities across industries, change position sizes and reallocate capital as technologies, businesses and markets evolve. The current technology cycle is closely associated with artificial intelligence, but the transformation around it reaches further. The infrastructure supporting advanced computing is expanding. Energy systems are adapting to new sources of demand. Defense is becoming more technology-intensive. Space is developing into a larger commercial and strategic ecosystem. Healthcare and entertainment continue to be reshaped by innovation of their own. The next generation of potential growth may not fit inside a single sector, or a single theme. GK is designed for that possibility. Learn more about the [AdvisorShares Gerber Kawasaki ETF (Ticker: GK](https://advisorshares.com/etfs/gk/)). --- | *— **For Institutional Investor Use Only. Not for Public Distribution** —* | | --- | | ***Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus and summary prospectus, a copy of which may be obtained by visiting the Fund’s website at www.AdvisorShares.com. Please read the prospectus carefully before you invest.** Foreside Fund Services, LLC, distributor.* *An investment in the Funds is subject to risk, including the possible loss of principal amount invested. The risks associated with each Fund include the risks associated with the underlying ETFs, which can result in higher volatility, and are detailed in each Fund’s prospectus and on each Fund’s webpage.* *Investing involves risk including possible loss of principal. The Sub-Advisor’s judgment about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these factors may affect the return on your investment. When models and data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. In addition, the use of predictive models has inherent risk. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. The prices of growth stocks are based largely on projections of the issuer’s future earnings and revenues. If a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically.* *The value of stocks of technology companies tend to be more volatile than the overall market and are vulnerable to rapid changes in technology, rapid product obsolescence, the loss of patent, copyright and trademark protections and government regulation and competition. The expansion of online gambling (both regulated and unregulated), including the award of additional licenses or expansion or relocation of existing gambling companies, and competition from other leisure and entertainment activities, could impact these companies’ finances. Companies within the biotech industry invest heavily in research and development, which may not lead to commercially successful products.* *Companies involved in the cannabis industry face competition, may have limited access to banks, limited resources due to litigation and are dependent on receiving necessary permits and authorizations to engage in medical cannabis research or to cultivate, possess or distribute cannabis. The possession and use of cannabis, even for medical purposes, is illegal under federal and certain states’ laws, which may negatively impact the value of the Fund’s investments.* *Diversification does not guarantee favorable returns. While the fund invests across multiple thematic trends it is considered a “non-diversified fund” under federal law, the Fund may invest a greater percentage of its assets in a particular issuer and hold a smaller number of portfolios securities* *For the Fund's current holdings click here: [GK.AdvisorShares.com](https://advisorshares.com/etfs/gk/#holdings)* *Sources:*  1. *International Energy Agency, Key Questions on Energy and AI, 2026. The IEA estimates data-center electricity consumption will increase from approximately 485 TWh in 2025 to 950 TWh in 2030 and discusses constraints across power infrastructure, grid connections, advanced chips and high-bandwidth memory.* 2. *Micron Technology, Fiscal Third Quarter 2026 Results and prepared remarks, June 24, 2026.* 3. *World Economic Forum and McKinsey & Company, Space: The $1.8 Trillion Opportunity for Global Economic Growth, April 8, 2024. The report estimates the global space economy could grow from approximately $630 billion in 2023 to $1.8 trillion by 2035.* 4. *Kratos Defense & Security Solutions, Kratos Receives $446.8 Million Space Systems Command Contract for Resilient Missile Warning and Missile Tracking Ground Management & Integration, April 8, 2026.* 5. *NATO, Defence Investment Update: Record Spending in Europe and Canada, July 7, 2026.* 6. *AdvisorShares, AdvisorShares Gerber Kawasaki ETF (GK) fund materials and GK: 2nd Quarter 2026 Portfolio Review. Holdings are subject to change and should not be considered a recommendation to buy or sell any security.* *AIL-1003601-2026-09-18* | [Share this page on Facebook](https://twitter.com/intent/tweet?url=https://insights.advisorshares.com/alpha-insights/where-the-next-wave-of-growth-is-taking-shape) ## Related posts [![](https://insights.advisorshares.com/hubfs/Screenshot%202026-03-29%20234856.png)](https://insights.advisorshares.com/alpha-insights/qix-highlights) [QPX](https://insights.advisorshares.com/alpha-insights/tag/qpx) ### [QIX™ Highlights](https://insights.advisorshares.com/alpha-insights/qix-highlights) [![](https://insights.advisorshares.com/hubfs/Stock%20Images/HVAC.jpg)](https://insights.advisorshares.com/alpha-insights/things-are-heating-up-in-hvac) [HVAC](https://insights.advisorshares.com/alpha-insights/tag/hvac) ### [Things Are Heating Up In HVAC](https://insights.advisorshares.com/alpha-insights/things-are-heating-up-in-hvac) [![](https://insights.advisorshares.com/hubfs/Blog/Video%20Highlights.png)](https://insights.advisorshares.com/alpha-insights/video-highlights) [Video Highlights](https://insights.advisorshares.com/alpha-insights/tag/video-highlights) ### [Video Highlights](https://insights.advisorshares.com/alpha-insights/video-highlights) --- [![AdvisorShares logo](https://insights.advisorshares.com/hs-fs/hubfs/_AS%20Logos%20-%20Images/as-logo-800x120.jpg?width=400&height=67&name=as-logo-800x120.jpg "AdvisorShares logo")](https://advisorshares.com) [Follow us on LinkedIn](https://www.linkedin.com/company/advisorshares/) [Follow us on X](https://x.com/AdvisorShares) [Follow us on Instagram](https://www.instagram.com/advisorshares/) [Follow us on YouTube](https://www.youtube.com/@AdvisorShares) AdvisorShares Investments, LLC 4800 Montgomery Lane Bethesda, Maryland 20814 1.877.843.3831 [Home](https://advisorshares.com/) [About](https://advisorshares.com/about/) [ETFs](https://advisorshares.com/etfs/) [Events](https://advisorshares.com/events/) [Contact Us](https://advisorshares.com/contact-us/) [Privacy](https://advisorshares.com/privacy-policy/)  |  Copyright © 2026, AdvisorShares Investments  |  Foreside Fund Services, LLC, distributor ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "AdvisorShares", "url" : "https://insights.advisorshares.com/alpha-insights/author/advisorshares" }, "dateModified" : "2026-09-21T23:04:06.754Z", "datePublished" : "2026-09-21T23:03:03.000Z", "headline" : "Where the Next Wave of Growth Is Taking Shape", "image" : [ "https://insights.advisorshares.com/hubfs/image%20(8).jpg" ], "mainEntityOfPage" : { "@id" : "https://insights.advisorshares.com/alpha-insights/where-the-next-wave-of-growth-is-taking-shape", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://insights.advisorshares.com/hubfs/_AS%20Logos%20-%20Images/as-logo-800x120.jpg" }, "name" : "AdvisorShares" } } ``` ```json { "@context" : "http://schema.org", "@type" : "Article", "author" : { "@type" : "Person", "name" : [ "AdvisorShares" ], "url" : "https://insights.advisorshares.com/alpha-insights/author/advisorshares" }, "datePublished" : "2026-09-21T23:03:03+0000", "description" : "Explore the expanding growth opportunities driven by AI, semiconductors, and infrastructure, as the AdvisorShares Gerber Kawasaki ETF captures diverse technological transformations.", "headline" : "Where the Next Wave of Growth Is Taking Shape", "image" : "https://46537736.fs1.hubspotusercontent-na1.net/hubfs/46537736/image%20%288%29.jpg", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://46537736.fs1.hubspotusercontent-na1.net/hubfs/46537736/_AS%20Logos%20-%20Images/as-logo-800x120.jpg" }, "name" : "AdvisorShares Investments" }, "url" : "https://insights.advisorshares.com/alpha-insights/where-the-next-wave-of-growth-is-taking-shape" } ```