Nomura Global Growth Fund on KLA Corp.
Thesis
KLA was a notable outperformer and a leading contributor for the fund. The investment benefited from upward earnings revisions as AI spending and capacity shortages created a strong tailwind for semiconductor-capital equipment companies. The fund sees AI infrastructure as a multiyear capital-expenditure cycle that should continue to support technology businesses.
“AI spending and capacity shortages provided a strong tailwind for semi-cap equipment names, memory-chip names, and foundry stocks.”
Key risks
- Relatively high valuations and market extremes