Exchange Traded Concepts and xETFs have launched NECK, an actively managed ETF on NYSE Arca built around one idea: in the AI build-out, whoever controls the scarcest input has the leverage. “The AI buildout can only move as quickly as its scarcest inputs allow,” says Johnny Wu, founder and CEO of xETFs. “Those constraints will not remain fixed.” What it targets NECK is meant to look past the obvious AI names to the pressure points, meaning companies where supply lags demand, pricing power is shifting, or the position is hard to copy.