The "buy anything with AI in the name" phase seems to be over. While the industry is still growing, you have to be more selective now. Infrastructure remains a strong area. Nvidia reported $57 billion in revenue for the recent quarter, a 62% increase. Data centers are expanding, which benefits component makers like Credo and Astera Labs. This also puts focus on energy and grid infrastructure ETFs like GRID since these facilities need massive power. Software is a mixed bag. Palantir grew government sales 52%, but BigBear.ai saw revenue drop 20%. It highlights the need for a competitive moat. Long term, the focus is shifting toward quantum computing to handle AGI. IBM expects to have a fault-tolerant machine by 2029, while Nvidia is working on integrating quantum with classical systems.