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A major ETF firm provider is betting the artificial intelligence boom is just starting.

Roundhill Investments launched the Generative AI & Technology ETF (CHAT) less than 20 days ago. It's the first-ever exchange-traded fund designed to track companies involved in generative AI and other related technologies.

"These companies, we believe, are not just a fad. They're powering something that could be as ubiquitous as the internet itself," the firm's chief strategy officer, Dave Mazza, told "ETF Edge" this week. "We're not talking about hopes and dreams [or] some theme or fad that could happen 30 years in the future which may change the world."

Mazza notes the fund includes not just pure play AI companies like C3.ai but also large-cap tech companies such as Microsoft and AI chipmaker Nvidia.

Nvidia is the fund's top holding at 8%, according to the company website. Its shares are up almost 42% over the past two months. Since the beginning of the year, Nvidia stock has soared 169%.

"This [AI] is an area that's going to get a lot of attention," said Mazza.

His bullish forecast comes amid concerns AI is a price bubble that will pop and take down the Big Tech rally.

In a recent interview on CNBC's "Fast Money," Richard Bernstein Advisors' Dan Suzuki a Big Tech bear since June 2021 compared the AI rally to the dot-com bubble in the late 1990s.

"People jump from narrative to narrative," the firm's deputy chief investment officer said on Wednesday. "I love the technology. I think the applications will be huge. That doesn't mean it's a good investment."

The CHAT ETF is up more than 8% since it started trading on May 18.

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Not just a fad: Firm launches fund designed to capitalize on A.I. boom - CNBC