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 \u2013 companies in which we hold a stake \u2013 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. <\/p>\n\n\n\n
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 \u2013 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. <\/p>\n\n\n\n
The fund rose by 1.3 % in August and has risen by 7.6 % since the start of the year.<\/p>\n\n\n\n