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September was a quieter month in terms of corporate reports, but we still saw a large flow of news in the technology sector – and the month was strong for portfolio performance.
The dominant theme remains artificial intelligence (AI), where we saw more commitments around large-scale AI data center expansions, which is benefiting many of our portfolio companies. Of particular note was Oracle's results, which signaled a very large and long-term commitment from OpenAI to build capacity. Nvidia's investment in OpenAI also confirms a long-term focus on expanding AI infrastructure.
On the user side, new models for image and video generation, as well as increasingly advanced encoding models, continue to drive the already very tight balance between supply and demand for GPUs.
In terms of company fundamentals, we continued to see strong performance among our AI-exposed holdings. TSMC – which reported its second quarter in July – reported strong sales in August as well. More generally, Taiwanese sales figures for July showed continued strength, suggesting a strong build-up of Nvidia’s latest systems. TSMC was the largest contributor to returns in September, with strong contributions also from Broadcom and Micron, both of which reported strong results.
The fund rose by 8.7% in September (calculated in SEK).