All themes
Artificial intelligence
133 managers wrote about this in 273 letters. Every passage below is copied verbatim from the letter it came from.
Share of letters mentioning it
- 2026 Q180% of 54
- 2026 Q264% of 296
- 2026 Q374% of 53
- AcatisAug 2026
Using artificial intelligence, this fund aims to outperform the benchmark.
Read the letter → Rather than questioning the long-term potential of artificial intelligence, markets increasingly began to ask when the unprecedented levels of investment would translate into sustainable earnings and free cash flow.
Read the letter →- Guinness Greater China FundAug 2026
The global AI trade unwound as investors reassessed AI monetisation, elevated capital expenditure and free cash flow generation among hyperscalers.
Read the letter → - Guinness Sustainable Energy FundAug 2026
However, it was also clear coming into 2025 that surging US electricity demand (as a result of the growth of artificial intelligence querying and data centres as well as the wider trend of electrification) was a critical issue.
Read the letter → Europe was no exception, with those companies exposed to the AI theme and in particular semiconductor companies bearing the brunt of the sell-off.
Read the letter →- Guinness Global Real Assets FundAug 2026
National Grid, the UK utility, agreed through its commercial arm National Grid Ventures (NGV) to invest USD1.75bn for a 35% stake in Joulent LLC, forming a strategic partnership to develop contracted power and electrical infrastructure solutions for large-load electricity demand in the US, driven by data centres and AI.
Read the letter → - Guinness Global Innovators FundJul 2026
Alongside the easing geopolitical backdrop, the quarter saw a powerful rotation back into the artificial intelligence trade.
Read the letter → The first half of 2026 was defined by repeated shifts in market leadership as investors navigated a sequence of geopolitical shocks and evolving views on the AI capital spending cycle.
Read the letter →- ACATISJul 2026
The fund does not follow trends but anticipates them: Nvidia has been in the portfolio since 2016, and Palantir since 2022 - long before artificial intelligence became the dominant market topic.
Read the letter → - Troy Asset Management Global Equity StrategyJul 2026
We’re not in Kansas anymore It doesn’t take Dorothy’s Toto to know that advances in Artificial Intelligence (AI) are by far the biggest driver of shareholder returns this year, both to the upside (for hardware) and the downside (for software).
Read the letter → - Guinness Greater China FundJul 2026
Onshore AI-related names have rallied strongly, but in many cases valuations now reflect very optimistic assumptions for future growth, with some names factoring in growth expectations last seen near the 2021 market peak.
Read the letter → - CDT Capital VNAVJul 2026
In our June Memo – The AI Bubble Reckoning, we highlighted our concerns around an increasingly likely AI reckoning that could manifest itself in several ways.
Read the letter → The company, along with Samsung and the Korean government, also unveiled a chipmaking expansion plan, worth a combined $600bn, as the AI boom tightens global chip supply.
Read the letter →- CDT Capital VNAV StrategyJul 2026
In our June Memo – The AI Bubble Reckoning, we highlighted our concerns around an increasingly likely AI reckoning that could manifest itself in several ways.
Read the letter → The primary alternative provider in this sector is TSMC, which commands the vast majority of advanced nodes globally, with estimates indicating a market share of 80% to 90% for high-volume, cutting-edge artificial intelligence silicon.
Read the letter →AI enthusiasm also continued to grow, as US hyperscalers continued to raise guidance for the year’s capital expenditure, supporting the trend for infrastructure and data centre build-outs.
Read the letter →- Guinness Multi-Asset FundsJul 2026
Global equity markets were dominated by the AI investment cycle, as US hyperscalers raised 2026 capex guidance to $700 billion.
Read the letter → The Fund’s underperformance was driven by stock selection at the margin, notably LSEG, which fell on renewed AI disintermediation concerns despite resilient volume growth, and Partners Group, which fell after capping redemptions on its flagship fund.
Read the letter →- REQJul 2026
While geopolitical developments can influence short-term market sentiment, the direct fundamental impact on our portfolio companies has so far been limited – while some of our companies like Halma, Diploma and Amphenol have been beneficiaries of AI development.
Read the letter → Generation Investment Management Global Equity Quarterly Investor Letter July 2026 In this quarterly letter, we review a challenging period shaped by AI-driven market concentration and discuss why we see a compelling opportunity for long-term investors ahead.
Read the letter →- Loomis SaylesJul 2026
Artificial intelligence (AI) and related data center buildouts are boosting activity beyond the technology sector to industrials and utilities.
Read the letter → Secondly, a wave of initial public offering (IPO) activity reinforced AI as the market's defining narrative.
Read the letter →- Amati Global Innovation FundJul 2026
Although there was no notable slowdown in capital investment in the AI sector, background noise of improving, lower-cost Chinese models and a shift in sentiment following the weak performance of SpaceX post-IPO, all helped to add some caution to a previously euphoric sector.
Read the letter → These losses reflect weakness in the Information Technology (IT) sector, which fell 13% as shares of AI-related semiconductor and hardware companies declined, including ASML in the Netherlands, TSMC in Taiwan, and South Korean index heavyweights SK hynix and Samsung Electronics.
Read the letter →In July, AI and semiconductor-related stocks came under pressure, despite having been a major driver of market performance earlier in the year.
Read the letter →- Guinness Global Real Assets FundJul 2026
PORTFOLIO CHANGES PORTFOLIO COMPANY NEWS 4 Guinness Global Real Assets July 2026 Equinix, the global digital infrastructure company, has had a busy month across AI infrastructure, expansion, and network partnerships.
Read the letter → The Information Technology (IT) sector fell more than 13% as shares of AI-related semiconductor and hardware companies declined—including ASML in the Netherlands, Infineon Technologies in Germany, and Disco Corp and Lasertec in Japan.
Read the letter →- GMO Equity Dislocation StrategyJul 2026
MID-YEAR UPDATE: EQUITY DISLOCATION STRATEGY Profiting from AI Disruption July 2026 It has been an eventful six months, and we are delighted that the Equity Dislocation Strategy has risen to the occasion.
Read the letter → - Jacob Funds ManagementJul 2026
We also started to see investors take a more discriminating view on the winners and losers from AI.
Read the letter → Since peaking in mid-June, Korean memory stocks have sold off sharply as investors reassessed lofty expectations for AI-related demand and memory pricing.
Read the letter →The Information Technology (IT) sector fell as shares of AI-related companies declined, including semiconductor equipment companies ASML in the Netherlands and Applied Materials in the US, semiconductor business AMD in the US, and memory chip manufacturers Kioxia Holdings in Japan and Micron Technology in the US.
Read the letter →Global growth remained resilient, supported by robust corporate earnings and a further acceleration in AI- related capital expenditure.
Read the letter →- Spheria Opportunities FundJul 2026
Small caps underperformed both domestically and internationally, and AI-trade names retreated as the market grew increasingly skeptical that the sector's substantial capex spend will generate commensurate returns.
Read the letter → - Guinness China RMB Income FundJul 2026
High- tech manufacturing, green energy infrastructure, and robust exports of AI-related hardware will continue to serve as the economy's primary growth engines.
Read the letter → Bravida Holding AB – Nordic mechanical, electrical, and plumbing contractor (1.6% of NAV) Europe's AI infrastructure buildout is creating a multi-year opportunity for contractors with the technical capability to deliver hyperscale data centres.
Read the letter →- Merion Road Small Cap FundJul 2026
I recognize that we have trailed recent returns of the S&P, though I believe it would be foolish to adjust portfolio positioning based on whatever sector is in vogue – namely AI infrastructure.
Read the letter → AI-related capital expenditures are driving earnings with far-reaching multi-sector implications.
Read the letter →- Longriver Partners FundJul 2026
FROM TOKENS TO WORK I never planned to write an annual update on artificial intelligence, but here I am again.
Read the letter → What made it unusual was the combination of strong market returns and weak returns across Upslope’s long portfolio, as investors broadly avoided boring, cash-flowing, non-AI stocks.
Read the letter →- Aoris International FundJun 2026
Quarterly Report June 2026 Aoris International Fund | Quarterly Report9 Quarterly Report June 2026 Aoris International Fund | Quarterly Report10 Introduction Artificial intelligence, or AI, has become a defining topic for investors.
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Showing the 40 most recent of 273 letters.