Revolut registered as New Zealand’s 27th bank
The registration permits Revolut to offer banking services in New Zealand, where it has operated as a financial services provider since July 2023.
AustralianSuper maintains AI focus on chips and data centers
The A$430 billion pension fund holds about A$3.05 billion in Nvidia shares in its balanced portfolio, alongside stakes in other AI-linked companies.
AustralianSuper intends to keep its artificial intelligence investments focused on chipmakers and data center operators as technology shares face turbulence, an executive said. The Australian pension fund manages A$430 billion.
Mark Hargraves, who leads the fund's international equities and private equity business, said in an October 28 interview that AustralianSuper believed those businesses could withstand the AI sector's current difficulties. He linked the approach to large language models' need for computing capacity, supplied by chips and the data centers operated by hyperscalers.
Recent filings show the fund's balanced portfolio owns about A$3.05 billion of Nvidia stock, with additional holdings in other fund options. AustralianSuper also has about A$2.3 billion each invested in Microsoft and Alphabet, alongside stakes in SK Hynix, SpaceX, Meta, Broadcom and Micron.
Hargraves put AI and related stocks at about 40% of global equities. He said the theme had developed faster than any other major investment trend he had encountered in more than 30 years in equities, requiring continual reassessment as opportunities changed.
AustralianSuper invested in Anthropic before its planned IPO, Hargraves said, but he declined to discuss whether the fund would participate in the upcoming share sale. He said the listing would provide more visibility into financial forecasts for large language models.