Pando or|and ANATM

Long-Term Investment Outlook: ANATM Portfolio (Tesla, Apple, Nvidia) and Pando Holdings ETFs

Industry Trends Shaping the Next Decade

Emerging technologies like artificial intelligence (AI), Web3 (decentralized blockchain-based web), and electrification are expected to grow explosively in the next 10+ years. The global AI market is forecast to soar to around $800+ billion by 2030, sustaining annual growth ~30%. Similarly, the Web3/Blockchain sector (encompassing cryptocurrencies, decentralized finance, NFTs, etc.) could expand from a few billion dollars today to tens of billions by 2030 – one analysis projects a 43.7% CAGR, reaching $81.5 billion by 2030. Meanwhile, the electric vehicle (EV) revolution is accelerating: EVs made up roughly 13% of new car sales in 2023 and could reach 50% or more of global auto sales by 2030. These trends are deeply interrelated – AI drives innovation in industries from finance to transportation; Web3 aims to reshape digital platforms; and electrification plus autonomy (powered by AI) is transforming mobility.

Notably, Tesla, Apple, and Nvidia each operate at the nexus of these high-growth arenas. Tesla leads in EVs and is leveraging AI for self-driving. Apple integrates advanced chips and software (with AI features) into consumer devices and is venturing into AR/VR – effectively straddling AI, IoT, and potential metaverse trends. Nvidia supplies the critical GPUs that enable AI computation and has presence in both data centers and crypto (its chips were used in crypto mining and now in blockchain datacenters). Investing in these companies is essentially investing in the backbone of the AI and digital transformation wave. Below we evaluate each company’s long-term outlook, followed by an analysis of Pando Holdings’ thematic ETFs (Innovation and Blockchain) which bundle many emerging-tech stocks.

Tesla: Electrification, Autonomy, and Energy

Tesla leverages advanced robotics in manufacturing (above, Model S frame on an automated assembly line) to scale output efficiently. As the EV market grows exponentially, Tesla has a strong foothold – it delivered over 1.3 million vehicles in 2022 and continues to expand capacity. Global EV adoption is on track to reach ~45-55% of new car sales by 2030, which provides a massive runway for Tesla’s unit growth. The company’s Gigafactories and vertical integration give it cost advantages and the ability to ramp production quickly to meet rising demand. Tesla also benefits from an expansive charging network and a powerful brand that together reinforce its market position. In terms of revenue mix, Tesla is branching beyond cars into energy storage (Powerwall, Megapack) and solar – sectors that could see high demand as the world pivots to clean energy. These additional business lines complement the EV division and could contribute more to Tesla’s growth over the next decade.

A major part of Tesla’s long-term thesis is its pursuit of autonomous driving and AI. CEO Elon Musk has emphasized that robotaxis (self-driving electric taxis) could be a “main source of growth” and are “incredibly profound” for the company’s future. Tesla has shifted focus toward developing full self-driving (FSD) technology and even a humanoid AI robot (Optimus) for the long run. If Tesla achieves a reliable robotaxi network, it could unlock high-margin recurring revenue (ride-hailing services) and justify holding the stock for its AI upside. This essentially transforms Tesla from a mere car manufacturer into an autonomous mobility and AI company. In the next 10-20 years, Tesla’s fleet data and AI expertise may also enable other services (like insurance or logistics), leveraging the network effect of millions of Teslas on the road training its algorithms.

Risks and challenges: While Tesla’s growth prospects are strong, it faces real challenges over a 10+ year horizon. Competition in EVs is intensifying – legacy automakers (GM, VW, Ford, etc.) and new players (especially Chinese EV makers like BYD, NIO) are launching many electric models. This could pressure Tesla’s market share and margins, as seen in 2023 when Tesla had to cut prices to spur demand. In fact, Tesla’s vehicle sales growth slowed to +38% in 2023, undershooting its past 50% CAGR target, and the company warned of slower delivery growth going forward amid economic and competitive headwinds. Achieving full autonomy has also proven difficult; repeated delays and regulatory scrutiny (safety investigations into Autopilot) add uncertainty. If robotaxi deployment takes longer than expected, Tesla might not realize that part of the bullish thesis in the near term. Additionally, profitability in the auto business can be cyclical – Tesla enjoyed fat margins in recent years, but as EVs become a mainstream commodity, margins could tighten (Tesla’s operating margin already fell in 2023 with price cuts). Lastly, Elon Musk’s bold management style can introduce volatility (frequent strategy pivots, distracting ventures, or corporate governance questions). These factors mean Tesla’s stock will likely be volatile even if the 10-year trajectory is upward.

Long-term outlook: Overall, Tesla aligns strongly with long-range growth trends. The world’s commitment to sustainable transport (many countries plan to phase out gasoline cars by ~2035) underpins demand for EVs. Tesla’s competitive advantages – strong brand, early mover scale, proprietary battery tech, and software prowess – position it to capture a sizable portion of that EV demand. Its bet on in-house AI (FSD computer, Dojo supercomputer) could yield a leadership position in vehicle autonomy, which few others have at scale. Over a 10-year+ view, Tesla could evolve into a diversified clean energy and AI-driven tech company, not just a car maker. Investors should be prepared for bumps in the road (e.g. periodic slowdowns or stock corrections), but if one’s strategy is long-term growth, Tesla appears worth holding. As Gene Munster noted in a 2025 tech investing outlook, companies like Tesla can be viewed as “defining the future” and thus justify a long-term allocation despite interim volatility (supporting commentary).

Apple: Resilience Today, Innovation for Tomorrow

Apple Park, Apple’s ring-shaped headquarters in Cupertino, symbolizes the company’s massive scale and commitment to innovation (the campus is powered by 100% renewable energy, with solar panels seen on the roof). Apple has a track record of sustained growth and adaptability, making it a solid long-term holding. Over the past decade, it grew from the iPod and Mac maker into a dominant force in smartphones (the iPhone), wearables (Apple Watch, AirPods), and services (App Store, Apple Music, etc.). This robust ecosystem yields recurring revenue and customer lock-in – over a billion iPhone users create a network effect for Apple’s services and accessories. Looking ahead 10–20 years, Apple’s strategy is to keep innovating within its ecosystem and expand into new product categories that could be game-changers.

Innovation pipeline: Apple invests heavily in R&D (nearly $30 billion in 2023 alone) to secure its future. One major frontier is Augmented Reality (AR) and Virtual Reality (VR). Apple’s CEO Tim Cook has repeatedly said he is “excited about AR” and that it will “pervade your life” because it has profound uses for consumers and businesses​

businessinsider.com. In 2023, Apple unveiled the Vision Pro AR/VR headset – a first step into “spatial computing.” If AR glasses or mixed-reality devices become mainstream in the coming decade, Apple is well-positioned to lead this market (much as it did with smartphones). This aligns with broader metaverse and Web3 trends, though Apple’s approach is characteristically a walled-garden (focused on user experience and privacy, rather than open decentralization).

Another area of future growth is Apple’s custom silicon and AI. Apple’s in-house chips (M1/M2 for Macs, A-series for iPhones) give it a performance edge and the flexibility to embed AI capabilities (e.g. advanced image processing, on-device machine learning). While Apple has been quieter on generative AI than peers, it is undoubtedly incorporating AI into its products (Siri improvements, personal health insights on Apple Watch, etc.). We may see Apple develop more AI-driven services (perhaps an “Apple GPT” assistant or AI-enhanced apps) to keep its ecosystem on the cutting edge. There are also persistent rumors of an Apple Car (an electric autonomous vehicle project) – if Apple ever launches a car or mobility service, that could open a huge new revenue stream, though on a 10-year horizon it’s still speculative. At minimum, Apple’s deep integration of hardware, software, and services means it can capitalize on trends like IoT (Internet of Things) and smart home, further embedding its products in consumers’ lives.

Market position and advantages: Apple’s greatest strength is its brand and loyal customer base. It commands premium pricing and industry-leading profitability – e.g. it garners a majority of global smartphone profits despite not having the largest unit share. Its ecosystem creates high switching costs (iMessage lock-in, App Store content, accessory compatibility). This gives Apple a formidable moat against competitors. Even in emerging markets where cheaper Androids dominate, the aspirational appeal of Apple can gradually win share as incomes rise. Furthermore, Apple’s massive cash generation (over $90B annual profit in recent years) enables aggressive stock buybacks and dividends, which reward long-term shareholders and provide downside support. Few companies have the financial firepower to both innovate at Apple’s scale and return capital; this balance makes Apple somewhat unique as a growth-and-income play over long periods.

Risks and challenges: While Apple is comparatively stable, there are still headwinds to consider for a 10+ year investment. Market saturation is one – the smartphone market is mature globally, and replacement cycles are lengthening. If Apple cannot find the “next big thing” beyond the iPhone, its growth could stagnate. The company’s ability to keep raising prices or unit sales may be tested as competition in devices (e.g. Samsung, emerging Chinese brands) improves their quality at lower prices. Regulatory risks are rising too: antitrust scrutiny of Big Tech puts Apple’s App Store policies in the spotlight. For example, regulators in the EU and US are considering forcing Apple to allow third-party app stores or payment systems, which could cut into the hefty 30% commissions Apple earns on many app transactions. Any such change would impact Apple’s high-margin Services segment. Additionally, Apple must navigate supply chain and geopolitical risks – it’s working to diversify production out of China to avoid disruptions (as seen in 2020–2022) and potential US-China tensions. Over a very long term, one must also consider leadership transition; Tim Cook has led Apple successfully since 2011, and eventually a new CEO will take the helm – continuity of Apple’s culture and vision will be important.

Despite these challenges, Apple has shown an ability to adapt and thrive. It transitioned from iPods to iPhones, then expanded into wearables and services; it has maintained remarkable customer satisfaction and brand loyalty through it all. Its heavy R&D spending and secretive product development hint that it is actively working on the next breakthrough (whether AR devices, health/medical tech, or automotive). For a long-term investor, Apple provides a blend of steady growth and optionality on future innovations. Recommendation: Apple’s stock aligns with a long-term growth strategy – it may not be as explosive as a pure AI startup, but it offers compounding returns with lower volatility, underpinned by one of the world’s strongest tech franchises. Holding Apple for the next decade is a bet that the company will continue to innovate (and it has the cash and talent to do so) and that its ecosystem will keep expanding, yielding further revenue streams. In summary, Apple remains a worthy long-term hold, balancing the ANATM portfolio with a stable, mega-cap anchor in future tech.

Nvidia: Powering the AI (and Web3) Era

Nvidia has emerged as a central enabler of AI and high-performance computing, making it a compelling 10+ year investment. The company dominates the market for graphics processing units (GPUs) which are the workhorses for AI model training, machine learning, and advanced simulations. As AI adoption soars, demand for Nvidia’s cutting-edge chips has exploded. In 2024, Nvidia’s data-center GPU business surged – the data center GPU market reached $125 billion, with Nvidia commanding an estimated 92% share of that market. This near-monopoly in AI hardware is due to Nvidia’s multi-year head start in developing AI-optimized architectures and software (the CUDA platform) that developers rely on. In fact, for modern generative AI (like large language models powering ChatGPT), Nvidia’s high-end GPUs (A100, H100, etc.) are essentially indispensable; cloud giants and enterprises are racing to deploy thousands of them, creating a virtuous cycle for Nvidia’s sales.

Growth trajectory: Nvidia’s recent financial performance underscores its role in the AI boom. The company’s revenue more than doubled from 2022 to 2023 (from ~$27B to $61B), and quarterly sales continue to hit records on the back of AI chip orders. It has experienced multiple consecutive quarters of year-over-year growth above 100%, a rarity for a company of its size. Looking ahead, the proliferation of AI across industries (cloud services, healthcare, automotive, finance, etc.) means strong secular demand for accelerated computing. Nvidia is not standing still – it’s launching new GPU generations (the upcoming “Blackwell” architecture), developing specialized AI systems (like the DGX Cloud and supercomputers), and expanding into networking (high-speed interconnects) and AI software solutions. This end-to-end approach (hardware + software ecosystem) fortifies Nvidia’s moat. Over the next 10 years, we can expect Nvidia to tap into new markets like automotive AI (its DRIVE platforms for self-driving cars), edge AI/IoT, and perhaps AR/VR and metaverse infrastructure (Nvidia’s Omniverse platform is aimed at 3D simulation and could benefit if virtual worlds/Web3 take off). There is also a feedback loop where AI itself helps design better chips – Nvidia can leverage AI in chip design to maintain its performance lead.

Competitive position: Nvidia’s competitive advantage is extremely strong right now. Its closest GPU rival, AMD, is trying to catch up in AI accelerators but still has a smaller ecosystem. Other competitors include Google (with TPUs for internal use and limited external sale) and some startups (Graphcore, etc.), but none have dented Nvidia’s dominance yet. Nvidia benefits from the network effect of its developer community – millions of engineers have built AI models using CUDA libraries optimized for Nvidia GPUs, making it hard to switch to alternatives. It also has a first-mover advantage in offering turnkey AI systems and cloud services in partnership with providers like Oracle, Microsoft, etc. That said, competition is a longer-term risk: if AI remains a massive profit pool, more players (including potentially Intel or new silicon startups) will try to grab market share. Nvidia will need to continuously innovate to stay ahead in price/performance. So far, it has executed well, as evidenced by top cloud customers (Microsoft, Meta, Amazon) signaling plans to “plow ahead” with heavy data-center spending on Nvidia hardware.

Risks and challenges: Nvidia’s future is tightly coupled with the AI investment cycle, which could see periods of fluctuation. One risk is that after a period of frenzied spending on AI infrastructure, some slowdown could occur (for example, if end-user AI applications don’t monetize as quickly as hoped, cloud providers might moderate their capex). There was a brief scare in early 2025 when a low-cost open-source AI model out of China (DeepSeek) led investors to question if super-expensive GPUs were always necessary – Nvidia’s stock tumbled on that news, showing its sensitivity to sentiment. In addition, geopolitical risks loom: U.S. export controls now restrict sales of Nvidia’s highest-end chips to China, cutting off a major market (Nvidia has resorted to offering slightly pared-down versions like the H800 for China). If U.S.-China tensions worsen, Nvidia could lose access to Chinese customers or manufacturing partners (TSMC in Taiwan makes its chips). Another challenge is valuation – Nvidia’s stock price has already priced in significant growth (often trading at a high price/earnings multiple). If growth decelerates to a more normal rate in a few years, there could be stock volatility or corrections. From a technology standpoint, one long-term risk is potential disruption by new computing paradigms (like quantum computing or specialized AI chips) – however, those are more than a decade away from impacting Nvidia’s core business, and Nvidia itself is investing in adjacent technologies to hedge its bets.

Despite these caveats, Nvidia’s role as the “arms supplier” of the AI revolution makes it a strong long-term candidate. AI demand over the next 10-20 years (from chatbots to autonomous machines) should keep increasing, and Nvidia has shown adaptability by shifting from PC graphics to AI/cloud, and even to crypto when that was booming. (Notably, Nvidia GPUs were widely used for cryptocurrency mining in the last cycle; while crypto mining demand has cooled, Nvidia’s new focus is selling to data centers and enterprise AI, which is a more durable market.) The company’s gross margins are high (~70%+) and it has solid cash reserves, giving it resilience. It is even starting to return cash via dividends and buybacks, though modestly. For an investor with a long horizon, owning Nvidia is a way to indirectly own a broad slice of the AI economy’s growth. Recommendation: Nvidia appears well worth holding for the long term. It aligns perfectly with the AI mega-trend and has significant competitive advantages. One should be ready for potential swings (the stock could run up or pull back depending on short-term AI hype cycles), but the 10-year story remains intact: as long as AI algorithms need powerful computing, Nvidia will be in high demand. In summary, the company’s strategic positioning and innovation pipeline support a long-term hold in a growth portfolio.

Pando Holdings ETFs (3056.HK & 3112.HK): Thematic Exposure to Innovation and Blockchain

Pando Holdings has launched two exchange-traded funds (ETFs) in Hong Kong that target the themes discussed above – innovation technology and blockchain. These ETFs provide a basket approach to investing in future growth sectors, which can be attractive for long-term investors seeking diversification within a theme. The two products are:

• Pando Innovation ETF (3056.HK) – This actively-managed fund invests in companies involved in cutting-edge tech sectors: “AI, semiconductor chips, and autonomous driving,” among others​

  pandofinance.com.hk. Essentially, it picks a portfolio of firms with strong fundamentals and management in areas like artificial intelligence, electric vehicles, robotics, fintech, and more. Holding this ETF is a way to get broad exposure to “Industry 4.0” trends without having to stock-pick each winner. For example, its holdings might include companies like Tesla or Nvidia (EV/AI leaders), other chipmakers, software innovators, etc., across the U.S. and Asia. The ETF launched in late 2022, so it’s relatively new, but its strategy is aligned with high-growth tech themes.

• Pando Blockchain ETF (3112.HK) – This fund focuses on companies that “utilize or benefit from blockchain technology”, including those with established business models in the crypto/blockchain space. That could include cryptocurrency miners, crypto exchange or wallet providers, blockchain infrastructure firms, or even semiconductor companies heavily tied to crypto mining. By design, it emphasizes firms with mature operations or large-scale mining, aiming to avoid very speculative micro-caps. In essence, it’s a way to play the Web3 and crypto trend via equities. If one expects blockchain tech and digital assets to become mainstream over the next decade, this ETF bundles many players in that ecosystem.

Long-term growth potential: Both ETFs align with secular trends that are expected to grow over 10-20 years. The Innovation ETF’s scope (AI, chips, automation, etc.) overlaps significantly with the growth drivers discussed for Tesla, Apple, Nvidia – and beyond. It could capture upside from whichever tech innovations take off (be it quantum computing, next-gen mobility, or AI healthcare). The Blockchain ETF taps into the Web3 revolution, which, despite volatility, has a long-term growth trajectory as more finance and commerce potentially migrate to decentralized platforms. The global Web 3.0 market is projected to grow almost 45% annually this decade, reflecting the high upside if blockchain-based applications gain mass adoption. If cryptocurrencies and blockchain networks see wider use (e.g. central bank digital currencies, enterprise blockchain for supply chains, or just a resurgence of crypto markets), companies in this ETF could benefit enormously. As such, both funds are thematically in the right place for future trends. They also provide international diversification – for example, Pando’s funds can include U.S. and Asian tech stocks, giving exposure beyond one market.

Risks and considerations: While the themes are promising, thematic ETFs come with particular risks. These funds are concentrated in specific sectors, so they lack broad diversification. They will be more volatile and cyclical than a general market index. For instance, the Innovation ETF might hold a lot of high-growth stocks that suffer big drawdowns if interest rates rise or if we hit a tech bear market. The Blockchain ETF especially can be volatile, since it’s tied to crypto sentiment. Many blockchain-oriented companies have a “relatively short operating history” and face “unpredictable changes in growth rates and competition,” as the fund’s prospectus warns. Regulatory risk is also a major factor – crypto-related businesses operate in an evolving regulatory landscape (e.g. government crackdowns on exchanges or mining could hurt these stocks). The ETF itself notes that digital assets are largely unregulated and that new laws could adversely impact the companies it holds. Investors in the blockchain ETF should be prepared for sharp swings; for example, a plunge in Bitcoin’s price could drag down crypto mining stocks significantly, and vice versa.

Furthermore, since Pando’s ETFs are actively managed, their performance will depend on the skill of the managers in picking the right stocks. This adds an element of active risk (though also the chance to outperform a passive index). For the long term, one should assess the expense ratio (the Blockchain ETF’s expense is about 0.99%, and the Innovation ETF around 0.75%) and ensure that aligns with expected returns.

On the positive side, the active management means the fund can adapt over time – e.g. rotating into new promising companies or trimming positions that become overvalued. The Pando Innovation ETF can shift between various innovation sub-themes (AI, e-commerce, metaverse, etc.) as opportunities arise, which could be beneficial in navigating a fast-changing tech landscape. The Pando Blockchain ETF provides some risk mitigation by focusing on larger, more established blockchain companies, which might handle downturns better than small startups.

Investment potential: If you believe in the transformative potential of AI and Web3 but prefer a diversified approach, these ETFs could be worth holding for the long run. They allow an investor to participate in these trends without having to constantly research individual stocks (Pando’s team does that work). Over a 10+ year span, it’s reasonable to expect the innovation and blockchain sectors to be much larger than they are today, which would likely be reflected in higher ETF net asset values – albeit with bumps on the way. A key factor is time horizon: these are best for an investor who can buy and hold through volatility, since short-term swings in tech sentiment could be extreme. For example, the blockchain ETF might surge in a crypto bull market and then retrace significantly in a crypto winter; a long-term holder would need conviction to not sell at the bottom.

In summary, Pando’s thematic ETFs are aligned with long-term growth sectors, but they carry higher risk. They can complement a long-term portfolio if the investor already has core stable holdings and is looking to boost exposure to high-growth tech. Essentially, they are a long-term bet on innovation. If that matches the investor’s strategy, then holding them for a decade could yield strong returns – but one must be vigilant about the unique risks (and perhaps limit their position size accordingly).

Investment Recommendation: Hold for the Long Term?

Bringing it all together, the ANATM portfolio – Apple, Nvidia, and Tesla – along with Pando’s Innovation and Blockchain ETFs, are positioned in sectors that are likely to define the next 10-20 years. Each of the three stocks has a distinct role in the tech ecosystem: Tesla in sustainable transport and AI-driven autonomy, Apple in consumer tech and emerging AR/health innovations, and Nvidia as the backbone of AI computation (and a play on data economy). They also each have formidable competitive moats and proven adaptability, which is crucial for long-term success. While no investment is without risk, the secular trends (climate push, digitalization, AI everywhere) provide a tailwind to these companies that is hard to bet against. As evidence of their prominence, these three have often been cited among the “Magnificent Seven” tech stocks leading the market and are considered core holdings by many institutional investors.

For a patient investor with a 10+ year horizon, these stocks appear worth holding. One should be ready to endure volatility – for instance, Tesla’s and Nvidia’s stocks can swing widely on hype or fear – but over a lengthy period, the growth trajectory is supported by fundamental industry expansion. It’s wise to periodically review each company’s progress (to ensure they continue to innovate and hold competitive edge), but these firms have so far shown an ability to navigate technological shifts (Tesla spurring EV adoption, Apple reinventing itself multiple times, Nvidia expanding from graphics into AI). Barring unforeseen disruption, they are likely to remain leaders in their fields a decade from now.

The Pando Innovation ETF aligns with a long-term growth strategy as well, effectively outsourcing the selection of winners in nascent tech sectors to a professional team. It could be a good “buy and hold” for exposure to many innovation-driven companies at once. The Blockchain ETF is a more specialized bet – potentially high-reward if Web3 fulfills its promise, but also higher risk. If one strongly believes in blockchain tech’s future but doesn’t want to pick individual crypto stocks (or hold actual cryptocurrencies), this ETF is a convenient vehicle. Just be mindful that the road for blockchain adoption has been and will likely continue to be volatile and cyclical.

In conclusion, holding Tesla, Apple, and Nvidia for the next 10+ years is justified by the robust industry trends and each company’s strategic positioning. They give an investor exposure to AI, electrification, and digital consumption – three pillars of future growth. Augmenting that with Pando’s thematic ETFs can further boost exposure to emerging technologies in a diversified way. These investments complement each other: the individual stocks are mega-cap anchors, while the ETFs provide broader thematic coverage (including smaller up-and-comers). Together, they create a portfolio oriented toward the future of technology. An investor adopting this portfolio should maintain a long-term mindset, as short-term market swings or rotation out of tech can impact performance. But if the question is “Are these worth holding for over a decade?”, the detailed analysis above supports an affirmative answer – yes, provided you believe in the continued advancement of AI, Web3, and related innovations, the ANATM trio and Pando’s ETFs are positioned to ride those waves and potentially deliver substantial long-term returns.