AustralianSuper, Australia’s largest pension fund with A$430 billion ($301.7 billion) in assets, plans to maintain its focus on the infrastructure supporting artificial intelligence rather than making broad bets across the sector. Mark Hargraves, head of the fund’s international equities and private equity business, said chipmakers and hyperscaler data centres should be better placed to withstand turbulence in global technology stocks. The Melbourne-based fund has about A$3.05 billion invested in Nvidia in its balanced portfolio, about A$2.3 billion each in Microsoft and Alphabet, and additional stakes in SK Hynix, SpaceX, Meta, Broadcom and Micron. Hargraves said AI and AI-related stocks represent about 40% of the global equities market, with the sector’s rapid development contributing to heightened volatility and forcing investors to reassess exposures. AustralianSuper was also a pre-IPO investor in Anthropic, but Hargraves declined to discuss its intentions regarding an upcoming share sale that would value the U.S. company at $1.5 trillion to $2 trillion. He said the IPO would provide investors with greater insight into the financial forecasts of large language models.