Artisan Partners Limited Partnership - Antero Peak Strategy on NVIDIA Corp
Thesis
NVIDIA is a major holding within the Compute Infrastructure theme. The strategy believes AI has become a multi-trillion-dollar capital cycle in which increasing token demand and rapidly expanding data-center capacity require substantially more computation. Aggregate hyperscaler capital expenditures are expected to approach $900 billion by 2027 and global AI-related investment is nearing $1 trillion annually. The fund believes this spending represents a structural infrastructure buildout extending across semiconductors, compute, power and cooling rather than a short-lived technology spending cycle.
“AI became a multi-trillion-dollar capital cycle.”