Nvidia and Meta Drive Canadian Cloud ETFs to Weekly Highs
Canadian cloud computing ETFs gained up to 8.95% last week as Nvidia confirmed full Vera Rubin production and Meta signalled a potential entry into cloud infrastructure.
Canadian cloud computing ETFs posted strong weekly gains, outperforming the broader Canadian information technology ETF universe, as two major corporate developments reinforced the investment case for cloud infrastructure: Nvidia’s confirmation that its next-generation Vera Rubin chip is in full production, and Meta CEO Mark Zuckerberg’s public signal that entering the cloud computing market is “definitely on the table.”
Nvidia’s Vera Rubin in Full Production
At the GTC Taipei conference, Nvidia CEO Jensen Huang confirmed that the Vera Rubin chip — the company’s next-generation AI accelerator — has entered full production, equipped with HBM4 memory from SK Hynix, Samsung Electronics and Micron. The announcement reinforced expectations that AI infrastructure spending will continue to accelerate, with large cloud providers remaining among the primary buyers of Nvidia’s hardware. Demand for computing capacity continues to exceed supply, sustaining the capital expenditure cycle across hyperscalers and enterprises alike.
Meta Opens the Door to Cloud
Speaking at Meta’s annual shareholder meeting, Zuckerberg confirmed the company is considering selling cloud infrastructure and services externally — a move that would make Meta the fourth U.S. hyperscaler to do so, alongside Amazon, Microsoft and Google. The rationale is straightforward: Meta raised its 2026 AI capital expenditure guidance to between $125 billion and $145 billion, and Zuckerberg acknowledged that if the company ends up overbuilding data centre capacity, renting out compute to third parties is a natural outlet. He noted that external demand is already present, with companies regularly approaching Meta to purchase API access or compute resources.
Meta also announced it will begin testing monthly AI subscription services — priced at $7.99 or $19.99 per month — initially in Singapore, Guatemala and Bolivia, marking the first time the company will charge users directly for AI features. The move signals a broader shift toward monetising AI infrastructure investment, a theme that underpins the long-term growth case for cloud computing as a sector.
Canadian Cloud ETF Performance
The Canadian cloud computing ETF group gained 8.84% for the week and 19.78% year-to-date, outpacing the 15-fund Canadian information technology ETF group, which returned 3.66% for the week and 14.62% year-to-date. Combined AuM across the cloud group stands at CAD 22.3 million.
Evolve Cloud Computing Index Fund (DATA), the CAD-hedged fund in the group, led with an 8.95% weekly gain and a 21.64% year-to-date return — the strongest performer on both measures. The fund recorded minimal weekly inflows of CAD 234, and carries negative year-to-date flows of -CAD 1.04 million, suggesting investors have been taking profits despite the strong performance.
First Trust Cloud Computing ETF (SKYY) gained 8.45% for the week and 11.56% year-to-date. The fund attracted CAD 352,249 in weekly inflows — the largest in the group — and CAD 331,495 year-to-date, indicating continued net buying from investors adding exposure to the theme.
Group Data
Fund Data
Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.
