Artificial intelligence (AI) continues to be a prime catalyst for large-cap ETFs tilted toward growth. Companies integral to meeting the hardware demands of AI infrastructure buildout may be Broadcom, Palantir, and Nvidia. All three are core holdings currently in the VictoryShares Free Cash Flow Growth ETF (GFLW).
According to Fortune Business Insights, the global AI infrastructure market could hit $356 billion by the year 2032. The growth potency is further highlighted by big tech’s willingness to spend on AI development — $155 billion in 2025.
Big tech’s spending on AI may present a tremendous growth opportunity. It opens up a pathway toward growth-focused ETFs that can capture companies within this infrastructure buildout.
Meeting the Hardware Demands of AI
AI applications require robust hardware infrastructure, including networking equipment and specialized chips. Companies that develop these components are key contributors to the AI ecosystem.
Broadcom (3.52% allocation in GFLW) designs and supplies semiconductors and networking solutions that help support AI data flow and connectivity. Its technology is widely used in data centers and communications networks that enable large-scale AI processing.
Nvidia (4.04% allocation in GFLW) develops graphics processing units (GPUs) and related platforms that serve as foundational components for AI workloads. Its products are used by enterprises and governments globally for training and deploying AI models.
Both Broadcom and Nvidia are prominent examples of how companies can play different yet complementary roles in building the infrastructure that supports AI technologies.
Palantir’s Sought-After Software
Unlike Broadcom and Nvidia, which focus on hardware, Palantir (2.56% allocation in GFLW) develops software platforms that help organizations manage data and apply AI to operational decision-making.
Palantir’s technology is designed to integrate large data sets, enabling clients across the public and private sectors to better analyze information and support complex operations. The company works with several U.S. government agencies, including within the defense sector, as well as commercial enterprises seeking to adopt AI-driven analytics.
Free Cash Flow Trio
Broadcom, Nvidia, and Palantir each represent companies that have demonstrated consistent cash generation and disciplined capital management. Beyond their contributions to AI infrastructure and application development, they also share a focus on maintaining financial flexibility through effective free cash flow utilization.
All three companies are held within GFLW, providing diversified exposure to firms participating across different stages of the AI value chain—from hardware and connectivity to data analytics and applied software.
GFLW tracks the Victory Free Cash Flow Growth Index (the Index). As such, the ETF tilts toward large-cap companies with the potential to compound FCF generation over time. The Index doesn’t just fixate on the past. It looks at FCF from a forward-looking lens as well. Can the company continue increasing its FCF in the future? It eschews looking solely at the trailing FCF, which only takes into account past results. Again, the focus is on the future.
With its discerning filter, Broadcom, Nvidia, and Palantir have demonstrated themselves worthy of inclusion in the Index.
As of 9/30/2025, Broadcom (AVGO) was held at a 3.53% weight, PLTR was held at a 2.56% weight, and NVDA was held at a 4.04% weight within GFLW.
Holdings are subject to change and should not be construed as investment advice or a recommendation to buy, sell, or hold any security.
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