Artisan Focus Fund on NVIDIA Corporation
Thesis
NVIDIA is a major holding within Artisan's Compute Infrastructure theme. Artisan believes hyperscaler capital expenditures are on a path from roughly $146 billion in 2021 toward nearly $900 billion by 2027, while global AI-related investment is approaching $1 trillion annually. That scale of spending supports continued demand for the advanced compute infrastructure at the center of NVIDIA's opportunity.
“Global AI-related investment is approaching $1 trillion annually and continues to grow.”
Key risks
- Large capital formation cycles can include periods of excessive or uneconomic investment
- Rapid technological change can alter competitive positions