[UniSuper, an Australian pension fund, plans to buy technology stocks on bargain, ignoring AI foam concerns] According to BlockBeats, on July 8th, UniSuper, one of Australia's largest pension funds, is seeking to buy in during a pullback in US tech stocks, ignoring concerns about high valuations and betting that artificial intelligence will drive profit growth in the coming years. John Pierce, the Chief Investment Officer of the fund, stated that the fund is structurally over allocated to US technology stocks as it is at the "sweet spot" of the AI spending cycle and will increase its holdings even if the sector experiences a 10% pullback. This bullish stance highlights the growing divergence among investors regarding the long-term prospects of the US super cap technology stocks, which are falling back from their historic highs set last month. Pierce said, "Everyone is talking about the foam, but the valuation does not reflect this. We know that they have invested a lot in capital expenditure, but they are companies with sound fundamentals and good growth prospects, so we are very willing to continue to be long." UniSuper, with a size of A $166 billion (about US $115 billion), has maintained an over allocation to US technology stocks for several months. International stocks account for approximately 35% of its default investment strategy, with Nvidia, Microsoft, and Apple being its largest holdings. [Original link]