Artisan Focus Fund on NVIDIA Corporation
Thesis
NVIDIA is one of the portfolio's named Compute Infrastructure holdings and was a meaningful Q2 contributor. Artisan believes AI has evolved into a multi-trillion-dollar capital cycle in which computation, rather than connectivity, is the key constraint. Hyperscaler capital spending and global AI infrastructure investment are still rising sharply, broadening the opportunity across semiconductors, compute, power and cooling. NVIDIA's exposure is therefore tied to a structural expansion in the physical infrastructure required for next-generation computing.
“Taiwan Semiconductor, Applied Materials, Analog Devices, NVIDIA, Astera Labs and Seagate contributed meaningfully as part of our Compute Infrastructure theme.”