Minotaur Global Opportunities Fund / Minotaur Capital Management Pty Ltd on NVIDIA Corporation

Minotaur began buying Nvidia again in the second half of July as part of its re-entry into AI infrastructure after the June de-concentration. The fund argues that the sharp July weakness was concentrated in memory rather than AI broadly, while demand from major AI spenders remained strong where companies could demonstrate returns on their investment. The broader investment case therefore rests on AI-compute demand remaining intact even as the market becomes more selective about which companies can earn attractive returns on heavy capex. With much of the selling attributed to deleveraging rather than a change in the underlying evidence, Minotaur viewed the reset as an opportunity to rebuild exposure.