NEW YORK (Reuters) – Australian-listed investment firm GQG Partners added more shares in Nvidia Corp in the second quarter, ending June with a $5.9 billion investment in the chipmaker, according to regulatory filings on Friday.
Shares in Nvidia are up nearly 180% year-to-date and have reached $1 trillion in market capitalization, amid excitement over developments in artificial intelligence.
At the beginning of June, chief investment officer Rajeev Jain told Reuters that he had significantly strengthened the company’s position in Nvidia, because he believed the stock had room for further gains.
GQG had 13.9 million shares of Nvidia at the end of June, or 5.7 million more than it did on March 31.
The company has also built a new position in Amazon.com Inc. for about $2 billion, along with increasing existing positions in some of the so-called big “Big Seven” stocks: Alphabet Inc, Apple Inc, Microsoft Corp.
Headquartered in Fort Lauderdale, Florida, GQG manages $108 billion in assets.
(Reporting by Carolina Mandel in New York; Editing by Deba Babington)