The Return-on-Capital Question Looming Over NVIDIA Corporation’s (NVDA) AI Investments

Hayden Capital, an investment management firm, released its second-quarter 2026 investment letter. The letter can be downloaded here. In the second quarter, the portfolio gained 6. 9%, compared to the S&P 500’s 15. 2%.

Overall, approximately 34% of the portfolio is in Asia, 43% in North America, and the rest spread across other regions.