NXT has boomed over the last 18 months in line with the increasing demand for data centres as AI dominates the market. However, having witnessed Nvidia’s recent sharp 16% pullback, it’s becoming increasingly apparent that a huge amount of good news is already built into the space. While we wouldn’t be abandoning stocks like NXT, we do like GQG’s decision to trim its AI exposure. We are considering whether our Goodman Group (GMG) holding has become too large after its charge higher in FY24.
- We can see NXT making new highs in the coming months, but it’s starting to “look tired” around $18.
NEXTDC Ltd (NXT) $17.65
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