“I don’t think you can create culture and develop core values during great times. I think it’s when the company faces adversity of extraordinary proportions, when there’s no reason for the company to survive, when you’re looking at incredible odds – that’s when culture is developed, character is developed.”
Jensen HuangJensen Huang is a Taiwanese-American billionaire. He graduated from Oregon State before completing a master’s degree from Stanford in 1992 – both degrees in electrical engineering. After graduating, he began working for LSI Logic and then Advanced Micro Devices, two semiconductor companies. In 2019, HBR ranked him No. 1 on its list of the world’s 100 best-performing CEOs. In 2017, he was named Fortune’s Businessperson of the Year. In 1993, he founded NVIDIA with Chris Malachowsky and Curtis Priem to solve the problem of 3D graphics for the PC. The company’s invention of the GPU in 1999 introduced real-time programmable shading, which defines modern computer graphics, and later revolutionized parallel computing. Huang currently serves as the CEO, president, and member of the board of directors.
NVIDIA’s invention of the GPU in 1999 sparked the growth of the PC gaming market, reinvented modern computer graphics, and revolutionized parallel computing. It is the technology that generates graphics on computer screens. GPU computing went on to ignite modern AI with the GPU acting as the brain of computers, robots, and autonomous cars that perceive and understand the world.
NVIDIA is placed at the intersection of changes that touch every aspect of modern life. As a computing company, NVIDIA works on extremely hard computing problems that have a great impact on the world. They aim to advance and democratize full stack computing for the age of AI. His original product for NVIDIA failed but today NVIDIA owns 70% of the GPU industry. NVIDIA has a track record of expanding into new technology markets and thriving in them. The company has built different revenue streams based on their different product offerings. They consistently develop new products that disrupt the market and have excellent product innovation.
Since the end of Q1 2026, XOVR's SpaceX exposure reflected more than $183 million of unrealized appreciation, measured from March 30, 2026 through June 15, 2026, including appreciation associated with SpaceX's IPO and the commencement of public trading on the NASDAQ. Over the same period, XOVR appreciated by approximately 30.71%, with appreciation in its SpaceX exposure contributing significantly to the Fund's performance.
XOVR's NAV increased on June 12 after SpaceX completed its IPO and began trading publicly on the NASDAQ. XOVR shares traded at a discount to NAV due to secondary-market trading dynamics while the Fund's Shareholder Protection Plan was in effect.
After trading at a 1.7% premium on June 11, XOVR closed at a secondary-market price of $19.96 on June 12 while NAV rose to $20.26, or +2.6%. The June 12 discount reflected IPO-day secondary-market pricing while the Shareholder Protection Plan was in effect; following the IPO date, price-to-NAV alignment appeared to improve.
The Shareholder Protection Plan was implemented to help protect existing long-term shareholders and mitigate the impact of unusually large short-term, event-driven flows around the SpaceX IPO. For details on NAV vs. market price, SpaceX exposure appreciation, and the Fund's Shareholder Protection Plan, please read the FAQ. The XOVR Shareholder Protection Plan was designed to prioritize existing long-term shareholders ahead of short-term, event-driven trading flows, including institutional trading activity around the SpaceX IPO.