Forget the mega-caps: the real AI money is flowing somewhere else
Ellerston Capital bets on AI infrastructure as the bottleneck shifts to physical assets, where overlooked small-caps provide the raw power and data center scaffolding that fuels the entire revolution.
Markets are fixated on the AI mega-caps. But Ellerston Capital’s Nick Markiewicz believes that the real opportunity sits further down the market capitalisation spectrum; in the smaller companies quietly building the physical scaffolding the AI revolution depends on.