From the early backers of Nvidia to those that have recently jumped on the bandwagon, Wall Street is betting the AI rally has further to run.
Already a subscriber?William Low can pinpoint the moment he realised that investment firm – Nikko Asset Management – was missing out on the start of something huge for the market.
From that point, Low began re-shuffling the global equities fund to bolster its exposure to artificial intelligence, and to what he describe as the “picks and shovels” of the sector. So they bought chip design software manufacturer Synopsys in June, added Nvidia in August, bought Meta in October followed by chipmaker Broadcom at the end of the year.While the fund, branded in Australia as the Yarra Global Share Fund, has undershot the MSCI All Countries World Index by 3.
In contrast to Nikko’s late arrival on the AI scene, US investment giant T. Rowe Price bought Nvidia’s shares during the pandemic in 2021 amid the boom in cryptocurrency, data centres and gaming.T. Rowe’s $US8.9 billion global growth strategy then sold its holding in the US summer of 2021 due to Nvidia’s “extreme valuation”. Less than a year later, the team visited Silicon Valley for the launch of ChatGPT in November 2022, and met Nvidia’s chief executive Jensen Huang.
Citi this week doubled down on its “significantly long” position in global technology stocks, and remains overweight to the US, Taiwanese, Korean and Japanese equity markets due to their heavy exposure to the sector. BlackRock also this week reiterated its “overweight” exposure to US stocks and the AI theme, noting that recent central bank activity has given markets the “thumbs up” to stay upbeat.and solid corporate earnings supporting “cheery” sentiment which keeps the firm pro-risk over the next six to 12 months.
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