ALPHA - AI -Update - May 2026

AI

May 15, 2026

Chad Larson

MLD ALPHA-AI | Performance Update · May 15, 2026

01 / Performance

Ahead of the market. And ahead of the theme.

Year-to-date through May 15, ALPHA-AI returned 26.34%, more than three times the broad U.S. market and more than double a widely-followed AI-related ETF.

MLD ALPHA-AI

AI Infrastructure Strategy

26.34%

Leading YTD

S&P 500

Total Return Index

8.22%

Broad market comparator

Global X Robotics & AI

BOTZ · ETF

9.98%

AI-theme comparator

Year-to-date total return · Jan 1 – May 15, 2026

MLD ALPHA-AI

AI Infrastructure

+26.34%

Global X Robotics & AI

BOTZ

+9.98%

S&P 500

Total Return

+8.22%

Bars scaled to relative YTD total return. ALPHA-AI performance to be verified against internal reporting before publication. S&P 500 sourced from Slickcharts; BOTZ from Yahoo Finance & FinanceCharts, as of May 15, 2026.

02 / The Thesis

You've seen this story before. You just weren't in it early enough.

Different cycles, same pattern: the infrastructure becomes visible, the spending becomes committed, and the opportunity starts compounding before most investors are fully positioned.

1990s

Microsoft

The platform layer of the personal computing era, owned before the software economy fully formed.

Infrastructure became visible

2000s

Cisco

The plumbing of the internet buildout: the routers and switches that carried everything that came after.

Spending became committed

2010s

Apple

Positioned before mobile became the platform that reorganized entire industries.

The opportunity compounded

Early 2020s

NVIDIA

Before accelerated compute became central to artificial intelligence, and the buildout began in earnest.

Most investors arrived late

Now →

AI Physical Infrastructure

The applications change weekly. The physical requirements don't. AI needs compute, power, energy infrastructure, data centers, cooling, transmission, and critical materials to scale. That is where ALPHA-AI is positioned.

The same transition, in progress

03 / Positioning

Four pillars. One buildout.

The portfolio is built across the physical buildout behind AI, not concentrated in one company or one narrow layer of the stack.

Pillar 01

Compute

The semiconductors and accelerated-compute supply chain that AI workloads run on, across the global stack.

Pillar 02

Power

Generation and grid capacity: the electricity that data centers consume at a scale the system has never delivered before.

Pillar 03

Energy Infrastructure

The transmission, cooling, and physical systems that move and manage energy where compute concentrates.

Pillar 04

Critical Materials

The scarce inputs: metals, minerals, and strategic materials required to manufacture and connect AI at global scale.

04 / Recent Activity

Managing the position, not chasing the headline.

Trimmed into strength

NVIDIA & AMD

Reduced into strength to manage concentration after a strong run.

Added balance

SGOV Treasuries

Introduced for portfolio balance and dry powder.

Rotated into

Taiwan Semiconductor

Broadening exposure across the global semiconductor supply chain.

The objective

Manage concentration, improve balance, and stay aligned with the long-term AI capital cycle. The goal is not to chase the next headline. It is to own the companies and sectors that may be required as AI moves from concept to large-scale deployment.

05 / The Setup

Our conviction is unchanged

We believe the AI buildout remains in the early stages of a major capital cycle.

The infrastructure required to power, cool, manufacture, and connect AI at global scale is still being built. That creates an opportunity across select public companies tied directly to the buildout. The performance to date is encouraging. The larger opportunity is the continued buildout ahead.

The buildout is just getting started.

If you'd like to understand how ALPHA-AI is positioned for the next phase of the capital cycle, we'd welcome the conversation.

MLD Wealth · 520 3rd Avenue SW, Suite 2400, Calgary, AB T2P 0R3

+1.403.691.7815

mywealthmanagement.ca