The artificial intelligence (AI) ETF trade is increasingly broadening beyond semiconductor giants and hyperscalers. Investors are now broadening their focus beyond traditional AI semiconductor plays like Nvidia Corp (NASDAQ:NVDA) to companies that directly monetize surging AI demand through cloud infrastructure and compute services.

That shift came into sharper focus Wednesday after shares of Nebius Group (NASDAQ:NBIS) jumped more than 14% in early trading following explosive quarterly results fueled by soaring AI spending.

The move builds on a broader market rotation that has recently favored “AI monetizers” over pure “AI builders.” For the past few weeks, investors have been piling into Alphabet, Inc (NASDAQ:GOOGL) after it posted strong AI-driven cloud growth, pushing the Google parent to almost topple Nvidia’s crown of the world’s most valuable company. This testifies that Wall Street is increasingly rewarding firms capable of converting massive AI investments into scalable revenue streams rather than simply supplying chips and hardware.

The shift of sentiment is now spilling into ETFs tied to cloud computing, software, internet platforms and diversified AI exposure, indicating what some analysts are calling the “second wave” of the AI trade.

Read Also: Nvidia Dominated The First AI ETF Boom — Alphabet May Shape The Next

Nebius’ latest earnings added another layer to that narrative. The neocloud company reported first-quarter revenue of $399 million, up 684% year over year and above analyst estimates of $388.6 million.

In a shareholder letter, CEO Arkady Volozh said AI compute demand continues to “vastly exceed capacity” as enterprises move from experimentation to real-world deployment. Nebius also announced plans for a new AI factory in Pennsylvania after securing up to 1.2 gigawatts of power and land capacity, underscoring how the AI race is increasingly becoming tied to data-center expansion and electricity infrastructure.

Nebius’ rally could renew attention on ETFs positioned around the broader AI infrastructure ecosystem rather than just mega-cap semiconductor leaders like NVIDIA.

Funds such as Global X Robotics and Artificial Intelligence ETF (NASDAQ:BOTZ), Global X Artificial Intelligence & Technology ETF (NASDAQ:AIQ) and ROBO Global Artificial Intelligence ETF (NYSE:THNQ) offer diversified exposure to AI software, automation and infrastructure companies. While many of these funds may not yet have meaningful exposure to Nebius itself, the company’s sharp growth raises a broader institutional question: whether ETFs are underexposed to emerging AI infrastructure winners outside the mega-cap universe.