Tech Portfolio Overview - LO - NVDA concern? - 2024/12/26

Portfolio Overview

12/26

We are seeing slight changes to the market sentiment as Nvidia related chain gets weaker due to concern of ASIC and shrinking size of LLM from Chinese players. We don't think ASIC will compete with NVDA in 2025, and it's more of 2026 story given Trainium 3 is only in mass production from 2H26, and Trainium 2 is behind B200 (let alone B300).

On initial AUM of $150M, current Cash level $23M, Return since inception 5.7%

Portfolio Changes

We added new name Teradyne. In 2025, Teradyne will benefit from longer testing in AI ASIC and general OSAT capex recovery, a laggard to Advantest finally catching up.

We also trimmed some stocks - Please subscribe to see portfolio changes!