Nomura Large Cap Growth Fund on Advanced Micro Devices Inc.
Thesis
Advanced Micro Devices was one of the fund's strongest contributors during the quarter. Strong AI inference demand pulled through AMD server CPUs and reinforced the fund's view that the company is gaining share in data-center compute. The position benefits from continued expansion in AI workloads beyond training and into inference. The broader portfolio outlook nevertheless recognizes that AI spending could enter a digestion period after aggressive infrastructure investment.
“strong AI inference demand pulled through AMD server central processing units”
Key risks
- A slowdown or digestion period in AI infrastructure spending could weaken demand.