The South African fund manager who oversees $47 billion in assets has reduced holdings in AI chip stocks and instead increased investments in the Indian stock market.

South African asset management company Coronation Asset Management Ltd., with assets under management of $47 billion, has reduced its investment in chip manufacturers and increased its allocation to the Indian market, as market expectations for artificial intelligence concept stocks have risen to levels that are nearly impossible to surpass. The company's $3.1 billion Emerging Markets Fund has decreased its combined holdings in SK Hynix and TSMC from about 8% at the end of December last year to about 5% in the second quarter.