Mirae Asset Global Investments is launching the "TIGER Google Value Chain ETF," an exchange-traded fund that invests simultaneously in Google and optical infrastructure companies. It is Korea's first product allowing investment across Google's entire artificial intelligence (AI) ecosystem, moving beyond the existing Nvidia-centered AI investment trend.
Mirae Asset Global Investments held a "TIGER Google Value Chain ETF New Listing Webinar" on Tuesday, unveiling the structure and investment strategy of the product, which is scheduled for new listing on Wednesday. The asset manager assessed that Google is the only Big Tech company to have built an "end-to-end AI ecosystem." It operates the entire process in-house, starting with its custom-designed chip (ASIC), the Tensor Processing Unit (TPU), and extending to tray and rack infrastructure, optical networking, data center clustering, and AI service platforms.
The company particularly emphasized that Google's AI monetization capabilities are already translating into earnings. According to Mirae Asset Global Investments, Google's first-quarter revenue this year rose 21.8% year-on-year, while net profit surged 81.2%, significantly exceeding the market consensus.
Google's technological independence was also presented as a key investment point. Mirae Asset Global Investments explained that Google used only its own TPU infrastructure, without any Nvidia graphics processing units (GPUs), in training and inference for its latest AI model, "Gemini 3.0 Pro." The cost of building TPU-based infrastructure was also analyzed to be about one-third that of Nvidia's.
A distinctive feature of this ETF is that it includes not only Google itself but also optical communications companies that have emerged as critical infrastructure in the AI era. Mirae Asset Global Investments noted that the bottleneck in the AI industry is shifting from "securing accelerators" to "data connection speed," driving a rapid expansion in demand for optical communications technology.
Google and Broadcom will account for more than 40% of the ETF's holdings. Broadcom has been a key partner co-designing TPUs with Google from the first to the seventh generation. Other core companies in optical communications and data centers are also included, such as Lumentum, InnoLight, Ciena, and Marvell Technology. Samsung Electronics (005930.KS) is also included with about a 3% weighting as a high-bandwidth memory (HBM) supplier.
"The real winners in the AI era will not be companies that have a single chip or a single model, but those that have the entire ecosystem," said Jung Eui-hyun, head of the ETF management division at Mirae Asset Global Investments. "When Google grows, it creates a structure in which Broadcom, optical infrastructure companies, and memory companies all grow together."
