Billionaire Leo KoGuan, who emerged in recent years as one of the largest individual shareholders of Tesla (TSLA), said he bought 1M shares of Nvidia (NVDA) on Tuesday.
“I am convinced AI is NOT a bubble — it is only the beginning,” KoGuan wrote in a post on X on Wednesday. KoGuan added in a message to Bloomberg News that he plans to buy another 1M Nvidia shares soon “to show support to a nervous market.”
Nvidia (NVDA) closed at $180.05 in New York on Tuesday and has declined 7.4% over the past week, suggesting KoGuan spent roughly $180M on the purchase.
KoGuan, who has an estimated net worth of $12.8B, is still mostly invested in Tesla (TSLA) and treasury bills, despite becoming increasingly skeptical of Elon Musk and Tesla, including its decision to award the chief executive officer a pay package potentially worth as much as $1T. The billionaire held 27.7M shares in the automaker as of May 2024 and said in late 2024 he would start paring his stake.
“I do think Tesla’s energy, cybercap and Teslabot are NOT fully priced in,” he wrote on the social media platform. “So that, daring investors could still buy Tesla today for the future fortune. Tesla is the leading embodied AI on earth.”
NVDA shares were up +0.7% premarket on Wednesday, while TSLA was +0.38%.