Hedge fund L1 Capital has been watching from the sidelines for years as chip giant Nvidia generated a windfall for rival money managers. The artificial intelligence darling frequently appeared on L1’s list of potential investments, but was never officially added to its international fund – until now.
David Steinthal, portfolio manager and L1’s chief investment officer, pounced on a slight pullback in Nvidia shares last month, brushing off concerns about the stock’s near-record valuation and a bubble forming in the US technology sector. The stock has surged 1240 per cent over the past five years.
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