Temasek Holdings
Temasek Holdings (Private) Ltd, Singapore; CEO Dilhan Pillay Sandrasegara. Singapore's state-owned active investor, run more like a high-conviction fund than an index tracker.
Temasek runs its US 13F as a high-conviction thematic book, and the AI/semi/compute thesis is explicit in the top holdings: Nvidia (~5.4%), Broadcom (~3.6%), Alphabet and Microsoft sit alongside its BlackRock/Visa/Mastercard financial-platform core. Beyond listed equity, Temasek is a co-buyer (with Nvidia, BlackRock, Microsoft) in the ~$40B+ Aligned/AI data-center mega-deal and a backer of PsiQuantum (quantum compute, with Nvidia's NVentures). It is the deep-tech / frontier-compute end of the Singapore pair — more willing than GIC to own the listed AI-semi names directly.
Top holdings
~$5.1B. Largest US holding; financial-infrastructure core (also AI-infra co-investor)
~$2.0B. Payments platform
~$1.6B. Core AI-semi conviction position
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Our take
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