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Investments in SOFAZ's most invested IT giants Apple and NVIDIA sharply increased

25 October 2024 12:41 (UTC +04:00)

Over the past year, the value of the listed shares of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) has increased by 31%, or $3.2 billion, reaching $13.5 billion. In the same period last year, this figure amounted to $10.3 billion, SOFAZ told APA-Economics.

SOFAZ's investments in Apple Inc. grew by $134 million in the third quarter of this year compared to the same period last year, reaching $574 million. In other words, Apple's share in SOFAZ's stock portfolio rose from 4.3% to 4.9%.

Since the first half of 2023, the share of NVIDIA, the largest U.S. producer of chips and graphic processors for gaming consoles, in the Fund's portfolio has began to increase. The value of SOFAZ's shares in the global company surged from $175 million in the third quarter of this year to $505 million. This means that investments in NVIDIA have tripled or increased by $330 million over the past year. With this result, the IT giant surpassed Google and Amazon.