Allianz Technology (ATT) delivered a “very strong” 44.6% underlying return in the first half of the year, with the £2.2bn investment trust beating its Dow Jones World Technology index benchmark’s 25.8%. Interim results showed shareholders’ total return was 42.7% from positions linked to the artificial intelligence (AI) infrastructure boom, as the share price discount widened slightly to 9% in response to £97m of share buybacks. A 12% fall last month underlined what chair Tim Scholefield called “significant” risk around AI-driven hardware, semiconductors, datacentres, software and services companies, warning that “excitement alone is not an investment case.” The San Francisco-based Voya investment team noted the tech market broadened, with “mega cap” stocks between $250bn and $1trn rallying 90% in the first half, while “large cap” stocks of $30bn to $250bn advanced 44%; “super mega cap” “Mag 7” stocks over $1trn, accounting for 60% of the benchmark, gained only 7%. Best stocks included overweight positions in US chipmakers Micron Technology and SanDisk, with Micron shares surging 188% this year to value the company at nearly $1trn, and SanDisk up 411% to $180 despite giving up nearly half its gains in July. New additions included Samsung