Growth funds roar back as semiconductor stocks go “parabolic.”

Australia’s top technology investors have recovered from a difficult start to the year as booming demand for chips that power artificial intelligence fuels an explosive rally in semiconductor stocks that delivered record returns for growth-oriented funds in April.

Investors have piled into technology stocks amid signs that giant AI vendors are continuing to increase spending. The top four lenders – Amazon, Microsoft, Alphabet and Meta – are expected to invest nearly $700 billion ($982 billion) in capital spending this year.

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