Wall Street has a new acronym for its favorite growth stocks and AI bets, MANGOS. The name refers to Meta, Anthropic, Nvidia, Google, OpenAI and SpaceX, which many investors see as the next wave of the artificial intelligence revolution.
The buzz intensified after SpaceX’s much-discussed listing, which for the first time gave public-market investors direct access to one of the world’s most coveted technology companies. Along with OpenAI and Anthropic, the two leading names in large language models and generative AI, the group has drawn intense attention from traders looking for the next major leadership cohort after FAANG and the Magnificent Seven.
The concept behind MANGOS is that the next generation of AI stocks may include private, fast-growing companies that ordinary investors cannot buy directly. That idea has already spilled into the ETF market. Several firms have filed to launch funds focused on MANGOS, including the Corgi MANGOS ETF, which would invest at least 80% of its assets in the group, and two additional MANGO Plus funds proposed by Yorkville America Investment Trust.
But there is a major complication, OpenAI and Anthropic are still private. To gain exposure, the proposed funds plan to rely on derivatives, futures and other complex structures, which can create imperfect tracking, added costs, liquidity and valuation risks, and a more complicated product for investors. Some funds also plan to include chip and hardware names such as AMD, Broadcom, Micron, Intel and Dell, on the view that they are part of the AI supply chain.
Not everyone is convinced. ETF commentator Dave Nadig said the idea is mainly a marketing exercise, arguing there is no clear investment case for grouping private firms like OpenAI and Anthropic with public giants such as Meta, Alphabet and Nvidia. He said MANGOS does not represent a defined sector, shared business model or obvious financial link, only companies that are drawing heavy investor attention and strong momentum.
