GMG has corrected over 20% following its huge $4bn capital raise last month at $33.50. The share price has slid lower post-raise, with many pundits now postulating they may need to return to the market in the coming year (s) to keep in step with the rapidly expanding data centre landscape. However, we should also remember it’s been a tough few weeks for AI in general as investors locked in some profits—some major AI ETFs have fallen ~15% over the last fortnight. Interestingly, GMG struggled to add to early gains on Monday, finishing close to the day’s low, leaving us comfortable being patient about averaging our position.
- We can still see GMG testing $30 in the coming weeks/months, where we may increase our position – MM holds GMG in our Active Growth Portfolio.
MM is long and bullish GMG
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