Hedge funds with a tech focus gained in May, fueled by the current frenzy over AI which has pushed tech stocks to skyrocket once again, reports an article in Bloomberg. Among the hedge funds that saw gains is Tiger Global, which climbed 6.5% in May for a 15.5% year-to-date return, and Whale Rock Capital Management, which jumped 14.4% in May for a year-to-date total of 23%.

Nvidia’s massive gain of 36% in May—with a year-to-date advance of 159%—was the main driver for Whale Rock, while Tiger Global’s top two holdings were Microsoft and Meta at the end of the first quarter. All three of those stocks, as well as Tesla, Amazon, Netflix, and Adobe, were some of the top performers in the S&P 500 in May, pushing the index to gain 15.5%, though the other three-quarters in the index declined. Spokespeople for all the firms mentioned in the article declined Bloomberg’s invitation to comment. But in spite of the hedge funds’ gains for last month, most of them have still not been able to climb back up after major losses in 2022, as well as 2021 for some, according to the article.