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SE 
August saw a continuation of a positive reporting period for the second quarter for our portfolio companies, with the figures pointing to strong demand that far exceeded supply: Nvidia surprised the market with a growth forecast of 70 % for the financial year 2028 (calendar year 2027), as demand is significantly greater than their production capacity; we saw positive results from AMD, Arista Networks and SanDisk – companies in which we hold a stake – all of which attested to strong demand; and we also received positive updates regarding ARR (annual recurring revenue) from both OpenAI and Anthropic, where combined revenue continues to grow at a rapid pace.
If we summarise the Q2 reports, we see higher GPU rental prices, plans for increased capital expenditure (capex), significant gross margins and a high return on investment (ROI) for inference, while a large number of companies are securing long-term supply agreements. All of this helps to dispel concerns that demand is about to slow down. This is good news for the entire ecosystem – other players in computing power, memory and networking (where we have exposure through the portfolio) as well as semiconductor manufacturing equipment suppliers (so-called semicap companies) further up the value chain.
The fund rose by 1.3 % in August and has risen by 7.6 % since the start of the year.