Hedge Fund Sees 61% Gain From AI-Related Bets
In brief
- Hedge fund manager Val Zlatev made 61% gain this year by betting on companies that make memory chips and storage devices used in artificial intelligence.
- His fund made 9.4% in June and his biggest winners include Sandisk Corp and Micron Technology Inc.
- These companies make products that power AI models.
- Demand for their products is high because AI models need a lot of data to work.
- The gains show how hedge funds can make money from the growing demand for AI technology.
- Next year may bring even more gains for funds that bet on AI-related companies.
Terms in this brief
- memory chips
- Small electronic components that temporarily store data and instructions for computers and other devices. They are crucial for AI systems as they allow quick access to information needed for processing tasks.
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