EXCLUSIVE: God Bless America ETF Exec Says Nvidia Wins No Matter Who Leads AI Race: 'Pioneers Die With Arrows in Their Backs'

Nvidia Corp. (NASDAQ:NVDA) reports earnings after the bell Wednesday, with Wall Street expecting quarterly revenue of about $92.2 billion, nearly double a year earlier.

But for Adam Curran, portfolio manager of the Yorkville-advised Truth Social God Bless America ETF (NYSE:YALL), the Nvidia thesis is broader than any single quarter. He argues it doesn’t depend on today’s AI leaders staying on top.

“The reason we own it is because I’m of the thought that pioneers die with arrows in their backs,” Curran told Benzinga.

Curran argues Nvidia is less exposed to which AI model or application ultimately wins because demand for computing infrastructure cuts across the industry.

Nvidia Doesn’t Need to Pick the AI Winner

Curran calls Nvidia “the one and only, in my opinion, picks and shovels play for AI,” a nod to the merchants who profited during the gold rush no matter which prospector struck it rich.

AI is already disrupting software and other industries, he argues, and a changing of the guard could do the same to the model makers themselves.

Curran has backed that view in the portfolio. Nvidia is currently the fund’s largest holding at 7.14%, worth roughly $6.4 million as of Aug. 26.

Prediction market traders are similarly bullish on Nvidia’s staying power.

Polymarket gives the chipmaker a 72% chance of ending 2026 as the world’s largest company by market capitalization, well ahead of Apple at about 16% and Alphabet at 12%, with more than $6.2 million traded on the market.

Broadcom Can Win Too, MARA Is the Wild Card

Curran’s next AI beneficiary is Broadcom Inc. (NASDAQ:AVGO), another major YALL holding at 5.27%. But he doesn’t see Broadcom as a hedge against Nvidia losing ground.

“Those two just kind of both thrive in a healthy environment, and there’s just so much darn demand out there,” he said.

His less obvious pick is MARA Holdings Inc. (NASDAQ:MARA). Curran argues Bitcoin miners’ existing infrastructure and machinery could be repurposed for AI and data-center workloads if they scale back crypto mining.

MARA is already moving that way. The company announced a partnership with Starwood Capital in February to convert and expand select power-rich sites for hyperscale and AI customers, targeting about 1 gigawatt of near-term IT capacity with a pathway beyond 2.5 gigawatts.

What Could Break the Trade?

The risk, in Curran’s view, isn’t Nvidia failing to sell chips. Eventually, the companies buying all that hardware have to show the spending generates returns.

“If they’re not getting any sort of return on that investment, that’s going to be when people start running for the exits,” he said.

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