Scottish Mortgage Investment Trust PLC (LSE:SMT) rose 1.8% on Thursday morning, making the Baillie Gifford-managed trust one of the few bright spots in a FTSE 100 dragged lower by mining shares.
The move follows a strong session for technology stocks in New York, where the Nasdaq Composite added 0.54% and the Nasdaq 100 rose almost 1%.
US consumer price inflation eased for a second consecutive month in July, to 3.4%, matching forecasts.
Core inflation, which strips out food and energy, cooled to 2.5%, the softest reading in five months.
That has trimmed the implied odds of a Federal Reserve rate rise in September to just above 40%, from close to 50% a week ago, and pulled the two-year Treasury yield down three basis points to 4.20%.
Lower yields matter disproportionately for the kind of long-duration growth companies Scottish Mortgage owns, because more of their value sits in profits expected years into the future.
The AI infrastructure trade did the rest of the work.
CoreWeave, the cloud computing group, jumped after reporting 112% revenue growth and a backlog of more than $100 billion.
Super Micro Computer surged after quarterly earnings more than doubled analyst estimates, dragging chip names along with it.
Nvidia, a top ten holding in the Scottish Mortgage portfolio, rose 2.7% and added roughly $145 billion in market value.
The trust also holds Taiwan Semiconductor Manufacturing, ASML, Amazon, Meta and Shopify among its largest listed positions.
Its biggest single exposure, however, is unlisted: two classes of preference shares in SpaceX account for more than a tenth of the portfolio.
Scottish Mortgage has continued to buy back its own stock through the summer, repurchasing 310,000 shares at 1,361.95p earlier this month, part of a long-running effort to narrow the discount to net asset value.
