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December was also marked by volatility in technology markets. Price movements at the beginning of the month appeared to be driven by risk aversion linked to AI funding and project delays, rather than fundamental weaknesses.
The US decision to allow Nvidia's H200 chip to be sold to China is positive for Nvidia and AMD (both holdings). Broadcom (a top position) reported strong results and gave a very clear picture of its AI semiconductor business, including custom chips and networking silicon for AI data centers. Anthropic increased its orders from $10 billion to $21 billion, and Broadcom announced a fifth customer for fiscal 2026. The company now has a $73 billion order backlog for delivery within 18 months, supporting upwardly revised revenue forecasts for 2026 and 2027. Broadcom remains a leader in custom ASIC solutions and networking.
Taiwan's November data showed strong momentum in the AI supply chain. TSMC reported a 25 % year-over-year increase in sales (29 % in USD), clearly beating its Q4 forecast. Packaging capacity (CoWoS) is expected to increase significantly through 2026 to meet demand for Nvidia GPUs and Google TPUs. Taiwan's AI server ODMs reached record levels in November, with 86 % growth year-over-year, driven by shipments of Nvidia Blackwell and Blackwell Ultra servers.
December also saw the launch of GPT 5.2, with positive reviews around coding and reasoning capabilities. Demand for tokens continues to increase as new applications are developed.
Thyra portfolio fell 1.3 % in December but ended the year up 8,0 %.