Rationale for Adding Back NVIDIA (NVDA)

NZS Growth Equity Strategy said it added NVIDIA back to the portfolio late in Q2 2026 after previously exiting in Q3 2025. The fund’s rationale is that NVIDIA’s valuation has declined enough to compensate for concerns that its GPU could lose AI-compute market share, while recent growth suggests the GPU is still taking share. The article also frames NVIDIA within a broader AI-led market rally, noting strong Q2 2026 equity performance and continued investor focus on AI infrastructure demand. For NVDA, the piece is mildly supportive: the stock had lagged the AI semiconductor surge, but the manager views the pullback as an attractive re-entry point rather than a structural break in the story.