In 1993, NVIDIA had roughly 90 days of cash left after its first chip flopped. Jensen Huang and co-founders Chris Malachowsky and Curtis Priem scrapped the original architecture and pivoted towards building a graphics chip designed specifically for PC gaming. That near-death decision eventually turned the struggling company into one of the greatest wealth creators in public market history.

Equity markets experienced a sharp drawdown, with software stocks at the epicentre. Results from ServiceNow, SAP and Microsoft were fundamentally solid, but growth rates came in marginally below expectations (around 1%). More importantly, however, they showed no near-term acceleration. In the current market environment, this lack of acceleration proved sufficient to trigger a software-wide sell-off, with large-cap names falling more than 10% and correlations across the sector spiking sharply.

L’innovazione è il motore degli utili e gli utili guidano i prezzi delle azioni. Questa convinzione semplice ma potente è alla base della nostra strategia DPAM Equities NEWGEMS Sustainable sin dal suo lancio. In questo documento spieghiamo perché riteniamo che il nostro approccio multi-tematico sia pronto a cogliere le opportunità della prossima fase di crescita globale.