We have discussed GMG a number of times through 2024, but as it makes fresh all-time highs of ~$35, it has reached our initial target area. We are not keen to “lose this position”, but it will be tempting to take some off the table if it pushes up towards $40. Last night’s aggressive move by Nvidia illustrates the AI theme still has plenty of legs, although we question if it is time to move down the chain for exposure to this new phenomenon, e.g. the huge amounts of energy which will be required to power AI.
- We like GMG but wouldn’t be surprised to see it re-test $30 at some stage in 2024 – MM is long GMG in our Active Growth Portfolio.
MM is bullish on GMG medium-term
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