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After a turbulent April, where customs news dominated, May was – fortunately for us – significantly more focused on company fundamentals.
In May, the majority of our holdings reported their first-quarter results, and we saw continued strong momentum, especially for companies exposed to the ongoing expansion of AI infrastructure. In addition to the fundamental results, we closely followed the companies' investment forecasts (capex), with several indicating a significant increase compared to last year.
Meta raised its capex forecast further, with a clear focus on AI infrastructure. Microsoft, Amazon and Google maintained their already high forecasts, and several of our portfolio companies will benefit directly from this. Nvidia reported at the end of May. Despite some impact from China-related restrictions this year, this is more than offset by stronger-than-expected demand for the company’s newest AI chip, and demand for Nvidia’s products still clearly exceeds what the company can deliver. During the year, so-called “reasoning models” have become the new standard in AI, and these require significantly more computational capacity for inference than the older chatbot models. This is clearly visible both in the short-term demand for computing power and in the number of more use cases that are now enabled for AI – something that is crucial for long-term demand and adoption.
The portfolio rose 10.1% % in May (SEK), with strong performance for our AI-exposed semiconductor companies – driven by strong earnings and data points indicating continued high demand.