ACR Alpine Capital Research LLC on NVIDIA Corp
Thesis
NVIDIA is a major portfolio holding within the Compute Infrastructure theme. The strategy believes the constraint in digital infrastructure has shifted from connectivity toward computation as AI demand scales. AI-related investment is approaching $1 trillion annually and hyperscaler capital spending is expected to continue increasing substantially. The fund views this as a structural capital cycle spanning semiconductors, compute, power, cooling and related infrastructure rather than a short-term technology spending event.
“Taiwan Semiconductor, Applied Materials, Analog Devices, NVIDIA, Astera Labs and Seagate contributed meaningfully as part of our Compute Infrastructure theme.”