What is Zlatev's strategy?

Zlatev focuses on 'picks and shovels' companies that support AI infrastructure, rather than the big tech firms themselves.

What return did Zlatev's fund achieve?

Zlatev's fund achieved a 61% return this year.

Millennium-Backed Trader Gains 61% With Bets on AI Backbone

Q: Which companies did Zlatev invest in?

Zlatev invested in companies like Applied Materials (AMAT) and Micron Technology (MU), which provide equipment and chips for AI.

Hedge fund manager Val Zlatev is making record profits with a 61% gain for his Millennium Management-backed fund by betting on companies that supply the 'picks and shovels' for the AI boom, such as Applied Materials and Micron.

July 6, 2026

2 min read

Source: Bloomberg

Key Numbers

gain

61%

As Wall Street debates whether the billions poured into artificial intelligence will pay off, hedge fund manager Val Zlatev is achieving record profits for his Millennium Management-backed fund by betting on the picks and shovels used to power the AI rush.

Performance Details

Zlatev's fund has gained 61% this year, driven by investments in companies like Applied Materials (AMAT) and Micron Technology (MU), which are critical in providing the chips and equipment needed to run AI systems.

Context

While many investors focus on tech giants like Nvidia, Zlatev is investing in companies that provide the infrastructure for AI, a strategy that has proven successful amid rising demand for manufacturing equipment and memory chips.

What This Means for Investors

These results highlight the importance of looking at the entire AI supply chain, not just the most well-known companies. Companies supplying the 'picks and shovels' may offer attractive investment opportunities as AI demand continues to grow.

Frequently Asked Questions

Val Zlatev is a hedge fund manager backed by Millennium Management, who achieved a record 61% gain by investing in AI infrastructure companies.

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This article was rewritten in Wrqti's editorial style based on information from the original source above. Content is informational only — not investment advice.