Investors eye GPUs as alternative asset, survey finds

Research published by Nuway Capital and KPMG Ireland found that 75% of investors surveyed are optimistic about GPU assets as an alternative asset class. The findings are based on a survey of 120 investors and wealth managers across ten markets.

The study found that technology-related assets were the most widely held theme in alternative portfolios, with 72% of respondents reporting having invested in or advised on technology assets in the past three years. That put technology slightly ahead of real estate at 71% and private equity or venture capital at 61%.

Within that broader shift, interest in GPUs appears to be driven more by financial considerations than by enthusiasm for the technology itself. Some 70% of respondents cited high potential for value growth as their main reason for investing in GPUs, while 54% cited portfolio diversification. Interest in technology and innovation was selected by 47%, long-term wealth preservation by 46% and inflation hedging by 37%.

The data suggest investors are assessing GPUs much the same way as other infrastructure-linked alternative assets. While current allocations remain limited, planned future allocations indicate wider adoption across alternative portfolios.

Many respondents still reported no current exposure to GPU-related assets. Even so, the survey identified an expected increase in allocations within the 11% to 20% band, which the authors said mirrors the early development of other infrastructure-style alternative investments as market access and benchmarks become more established.

"Investors are no longer approaching GPUs purely as a technology play. They are applying the same rigorous criteria used to evaluate infrastructure or private credit: durability of demand, cycle resilience and potential for differentiated returns. That shift in framing is significant; we are seeing the institutionalisation of compute as a tangible asset," Colin Bosher, Founder of Nuway Capital, said.

Access routes

The report also pointed to a changing market structure in GPU investing, with partnerships emerging that bring together capital providers, hardware supply, data centre infrastructure, and energy resources into more coordinated investment models.

Among the examples cited was the AI Infrastructure Partnership involving BlackRock, Microsoft and NVIDIA. The research argued that such arrangements could lower barriers to entry and provide more standardised routes for investors seeking exposure to GPUs.

"The trajectory is clear. Investors are no longer questioning if GPUs matter; they are asking how to access the opportunity at scale. As the product landscape matures and institutional frameworks develop around this asset class, we expect allocations to follow the same path as other infrastructure-adjacent alternatives," said Chris Brown, Partner and Head of KPMG Strategy in Ireland.

Maturity gap

Despite the positive sentiment, the survey highlighted obstacles to wider adoption. More than half of respondents (58%) said they had difficulty managing or understanding GPU assets and bonds. A further 43% said they lacked trust in the asset class in its current form.

These responses point to a knowledge-and-confidence gap that could slow adoption even as interest grows. The findings suggest investors want more familiar structures and stronger institutional involvement before making larger commitments.

When asked what would help drive greater uptake, 68% of respondents said more structured products such as ETFs and funds would make a difference. Another 67% said collaboration with established financial institutions would help, while 58% pointed to clearer alignment with AI and machine learning trends.

The survey also found demand for better market research, stronger benchmarking tools and greater attention to environmental, social and governance compliance. This suggests that while GPUs are attracting interest as an investable asset, parts of the market still lack the transparency and standardisation many investors expect in more established segments.

That tension between strong interest and limited familiarity may shape the next phase of growth. For now, the clearest signal from the research is that investors increasingly view GPUs through the lens of returns and diversification rather than as a narrow bet on technology, even as 58% still report difficulties managing or understanding GPU assets and bonds.