GQG Partners has shifted three of its four main funds to overweight technology and semiconductors, reversing Rajiv Jain’s 2025 decision to reduce exposure to Nvidia, Alphabet, Amazon and Microsoft. The change followed $15.1 billion in outflows during the first half of 2026, as funds under management fell from $172.4 billion to $156 billion. Jain, GQG’s chairman and chief investment officer, said the firm’s view changed after Nvidia’s earnings multiple declined from about 35 times in 2025 to approximately 16-17 times by mid-2026 and research indicated that AI infrastructure demand could remain durable. GQG financed the shift by reducing utilities and healthcare holdings, while its emerging-market funds remain underweight technology, indicating a selective preference for developed-market technology leaders.