From Artificial Intelligence to Space Infrastructure: The Winners of the New Technology Cycle

Today, global capital markets are turning to this very infrastructure. A broad value chain, ranging from semiconductors to data centers, robotic systems to satellite networks, forms the physical foundation of the artificial intelligence era. The critical question for investors is now: Which companies are building the infrastructure that makes this transformation possible?

Artificial intelligence has been the dominant theme in technology investments in recent years. However, it is now much clearer that this revolution is not limited to software companies. The physical infrastructure required for the production, processing, storage, and delivery of data to every corner of the world has become an integral part of this transformation. 

Today, global capital markets are turning to this very infrastructure. A broad value chain, ranging from semiconductors to data centers, robotic systems to satellite networks, forms the physical foundation of the artificial intelligence era. The critical question for investors is now: Which companies are building the infrastructure that makes this transformation possible?

Why is the Space Economy Coming to the Forefront Now?

For many years, space technologies were predominantly associated with public projects and defense investments. With the rapid commercialization in recent times, the picture has changed radically.
Today, the biggest growth engine for the sector is bandwidth. While the computational needs of artificial intelligence models are increasing exponentially, the fiber infrastructure on Earth is struggling to meet this demand. Low-orbit satellite networks come into play at this point: systems like Starlink and Amazon Kuiper aim to bridge the connection bottleneck between ground-based data centers and edge devices. The global commercialization of artificial intelligence largely depends on the development of this connectivity layer. Satellite communications, positioning technologies, surveillance systems, and defense applications are other components of this growth. Space infrastructure is no longer a speculative future theme; it is one of the supporting layers of daily economic activity and digital transformation.

RUT's Approach: Considering Technology as an Ecosystem

BV Portfolio Robotics and Space Technologies Variable Fund (RUT) bases its investment strategy not on a single technology heading, but on transformative areas that feed into each other. The ecosystem the fund focuses on consists of three main layers: computing infrastructure (semiconductors, GPU systems), connectivity infrastructure (satellite networks, launch technologies), and defense and energy systems. Companies operating at the intersection of these three layers not only benefit from the current economic transformation — but also shape the infrastructure of the future. Robotic systems, automation technologies, artificial intelligence applications, and space technologies form different links in this framework. RUT's investment approach aims to seize long-term opportunities by considering these links together.

A New Step in the Portfolio: SpaceX

In line with the maturation of the space economy and the increasing strategic importance of next-generation communication infrastructures, an investment in SpaceX has been included in the fund's portfolio.
This choice should be read as part of a much broader investment thesis than a bet on a single company story. SpaceX occupies a central position in the connectivity layer of the ecosystem we have defined above: Starlink's global network is the most mature example of low-latency satellite connectivity today. The company has also drastically reduced launch costs, lowering the threshold for access to the entire space economy.
In the investment world, lasting value often emerges not from short-term trends, but from long-term infrastructure transformations. This new cycle, shaped at the intersection of artificial intelligence, robotics, and space technologies, points precisely to such a transformation. RUT continues to offer its investors a position within this growth by investing in the companies that are building this transformation.