London-listed tech trusts suffer further losses after Nvidia fallout

London-listed technology investment trusts fell further as investors reacted to turmoil around Nvidia chief executive Jensen Huang and broader doubts about the durability of the AI boom. Their losses show how concentrated bets on US technology and chipmakers can leave funds exposed when sentiment shifts.

Nvidia shares fell 2.3 per cent at Friday’s open, after dropping as much as 14.3 per cent on Thursday; the Nasdaq was down 0.3 per cent. Over the past month, Manchester & London Investment Trust lost nearly a fifth of its value, while Allianz Technology Trust and Polar Capital Technology Trust fell 13.2 per cent and 13.3 per cent respectively. Manchester & London has 92.6 per cent of its equity exposure in North America, and more than 40 per cent of Polar Capital’s portfolio is in semiconductor stocks. By contrast, Finsbury Growth & Income rose 3.1 per cent over the week, and Onward Opportunities gained 1.9 per cent.