NEW YORK (Reuters) – Australia-listed investment firm GQG Partners added more shares of Nvidia Corp in the second quarter, ending June with $5.9 billion invested in the chipmaker, according to regulatory filings on Friday.
Shares in Nvidia are up roughly 180% year to date and reached $1 trillion in market capitalization, amid excitement over advancements in artificial intelligence.
In the beginning of June, Chief Investment Officer Rajiv Jain told Reuters he had been meaningfully increasing the firm’s position in Nvidia, as he believed the stock had room for more gains.
GQG held 13.9 million shares of Nvidia at the end of June, or 5.7 million more than it did on March 31.
The firm also built a new position in Amazon.com Inc of roughly $2 billion, besides increasing existing positions in some of the other so-called “magnificent seven” megacap stocks”: Alphabet Inc, Apple Inc and Microsoft Corp.
Fort Lauderdale, Florida-based GQG, manages $108 billion in assets.
(Reporting by Carolina Mandl in New York, editing by Deepa Babington)