Nomura Asset Management's Yasuyuki Fukuda: AI Stocks Not in a Bubble

Japan's largest tech fund, Nomura Asset Management, believes AI stocks are not in a bubble and have room to rise further. The AI market is "just entering its second act," said Yasuyuki Fukuda, chief portfolio manager. The fund has outperformed amid the boom, with a total return of 49% this year. Fukuda sees a more sustainable infrastructure investment driven by cash-heavy tech giants like Meta and Google, and predicts a next wave of growth driven by investment in data centers and other cloud computing infrastructure.