Nvidia-less fund hits 113% return as AI rally broadens beyond chip giant

The article challenges a widespread assumption among investors: that exposure to Nvidia was mandatory to profit from the AI boom. By highlighting a semiconductor fund that does not hold Nvidia yet still delivered a 113% return, the piece suggests that the AI investment landscape is broader than a single dominant player. This framing matters because it resets expectations for investors who felt they had missed out by not owning Nvidia early. The 12-month timeframe anchors the comparison to a specific recent period of AI-driven market activity, implying that even as Nvidia dominated headlines and led chip-sector gains, other semiconductor and related technology positions benefited meaningfully from the same AI tailwinds. The article does not specify which stocks or sectors the fund held, but its conclusion is clear: the AI trade was not a zero-sum game where Nvidia's gains came at the expense of all alternatives.