AustralianSuper, Australia’s largest pension fund, is maintaining its exposure to AI infrastructure, including semiconductor manufacturers and hyperscale data centres, despite growing concerns over technology valuations and market volatility, according to a report by Reuters.
The AUD430bn fund believes demand for computing infrastructure will remain resilient as AI adoption accelerates. Mark Hargraves, head of international equities and private equity, reportedly said the fund is prioritising the sector’s underlying infrastructure while adjusting its investments as opportunities evolve.
AustralianSuper’s largest AI-linked holdings include approximately AUD3.05bn in Nvidia and AUD2.3bn each in Microsoft and Alphabet, alongside investments in SK Hynix, SpaceX, Meta, Broadcom and Micron. The fund is also a pre-IPO investor in AI developer Anthropic.
Hargraves reportedly acknowledged that rapid technological change was contributing to market volatility but said long-term demand for chips and data centres remained intact. He added that Anthropic’s anticipated IPO could provide investors with greater transparency into the financial outlook for large language model developers.
