NVDA - Mawer Investment Management Q2 2024 Quarterly Update

2024-07-11 09:50:00 ET

Summary

• During the last quarter several equity markets reached new highs driven by a narrow segment of the market, notably technology-focused companies.
• Consumer weakness has been a growing concern as the eroding of purchasing power from high inflation has the potential to impact spending.
• The juxtaposition of the current macroeconomic and geopolitical backdrop with many equity markets at or close to all-time highs is increasingly puzzling.
• There’s a risk of over-exuberance in markets extrapolating today’s pace of AI-related demand, with many companies lacking the data or infrastructure to deploy generative AI widely within their organizations.

Market Overview

The second quarter of 2024 saw a continuation of the key themes from the first quarter, as strength in public equity markets was led largely by artificial intelligence related companies. Even the utilities sector enjoyed an AI-related boost given expectations that more data centres should lead to increased electricity demand....

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