A South African asset manager overseeing $47 billion has trimmed its investments in semiconductor manufacturers and increased its allocation to the Indian market, as market expectations for artificial intelligence (AI)-themed stocks have reached levels that appear nearly impossible to exceed.

The firm, Coronation Asset Management Ltd., reduced the combined weighting of SK Hynix Inc. and Taiwan Semiconductor Manufacturing Company Ltd. in its $3.1 billion global emerging markets fund to approximately 5% in the second quarter, down from around 8% at the end of December.