AustralianSuper digs down on AI 'picks and shovels' to ride out global AI upheaval
NVDA•Australia's A$430 billion AustralianSuper said it will maintain a focus on AI chips and hyperscale data centres as the sector faces market turbulence. Its balanced portfolio holds about A$3.05 billion in Nvidia and about A$2.3 billion each in Microsoft and Alphabet.
1. Infrastructure focus
AustralianSuper said it will stick to the AI industry's "picks and shovels" as it navigates turbulence in global technology stocks. Mark Hargraves, who leads the fund's international equities and private equity business, said chipmakers and hyperscaler data centres would weather the current storm in the AI sector.
2. Major AI holdings
Recent filings show AustralianSuper's balanced portfolio holds about A$3.05 billion of Nvidia stock and about A$2.3 billion each in Microsoft and Alphabet. The fund also has stakes in SK Hynix, SpaceX, Meta, Broadcom and Micron, and holds more Nvidia shares through other fund options.
3. Volatility and demand
Hargraves said AI and AI-related stocks account for about 40% of the global equities market, and described the industry's pace of change as faster than previous investment cycles. He said volatility reflects that speed, while the fund sees continuing demand for chips and data-centre computing. AustralianSuper was a pre-IPO investor in Anthropic, but Hargraves declined to comment on its intentions regarding the company's planned share sale.
