Source : THE AGE NEWS
Billionaire James Packer has shifted his investment focus from gaming back to artificial intelligence, with his stake in computer chip manufacturer Nvidia now worth almost $US300 million ($422 million).
Filings with the United States Securities and Exchange Commission made last week by a Cayman Islands-based holding company controlled by Packer show that the former Crown owner increased his holdings in Nvidia to 1.5 million shares in the March quarter of 2026.
That stake rose in value to $US296 million ($417 million) in the quarter ending June 30, a 14 per cent increase in value. Nvidia, which manufactures specialised computer chips used by artificial intelligence companies, has soared thanks to the boom in that technology. With a market capitalisation of $US5.45 trillion ($7.67 trillion), it is the world’s most valuable public company, a crown it briefly lost to Apple last month.
Packer has consistently shuffled his American portfolio through a tangled thicket of companies linked to his private investment vehicle, Consolidated Press Holdings, making it difficult to track its true value. However, recent filings show he has made a major bet on the technology.
Palidye Holdings (Caymans) Ltd, which holds the Nvidia shares, and also has a $US121 million stake in Facebook owner Meta Platforms and a $US115 million position in Microsoft. Palidye reports to the SEC on behalf of Consolidated Press International Ltd, another of Packer’s companies. Under the US regulator’s rules, a single investment manager can file quarterly reports on behalf of another where the two entities share investment discretion or have a parent-subsidiary relationship.
Palidye’s total portfolio is currently valued at $US558 million. The company also has shares in Reddit, Afterpay owner Block, and e-commerce platform Shopify.
Packer’s latest investments also reflect a shift in focus away from gaming and back towards artificial intelligence over the past year. A year ago, his company, Consolidated Press International Holdings, sold down its stake in Nvidia and bought 2.7 per cent of Las Vegas-based pokie machine manufacturer Light & Wonder, which is planning to move its listing from Wall Street’s Nasdaq to the ASX. He also bought a $US121 share in Flutter, the parent company of online bookmaker Sportsbet.
Those purchases were Packer’s first foray back into gambling since he sold his shares in casino operator Crown Resorts to American private equity giant Blackstone for $3.3 billion in 2022. Packer’s exit from gaming came after a bruising series of state-based inquiries following allegations of money laundering at Crown casinos.
But recent filings indicate a pivot from gaming back to technology. The Light & Wonder stake, worth $US243 million as of last September, has been sold, as have his shares in Flutter. Palidye, the Caymans-based company, also sold a $US21 million stake in US sports betting company Penn Entertainment. It also bought shares in Las Vegas casino giant Wynn Resorts that was worth as much as $US147 million last year, which has since been sold.
In 2019, Wynn sought to engineer a takeover of Crown which would have given Packer a 10 per cent stake in the company. But Wynn pulled out of the deal after discussions were prematurely leaked to the media.
Consolidated Press International made just two small purchases in the last quarter, buying circa $US1 million stakes in school bus manufacturer Blue Bird Corporation and nuclear energy start-up Deep Fission Inc.
In several interviews, Packer has chalked down some of his recent investment strategy to the influence of Canadian-born Daniel Nadler, a billionaire artificial intelligence entrepreneur and poet.
“In truth, the only reason I’ve had some wins recently is because I’ve taken his [Nadler’s] advice,” he told The Daily Telegraph in 2024.
Packer’s representatives were contacted for comment.
In May, Consolidated Press Holdings settled a Federal Court lawsuit brought by former general counsel Catherine Davies, who departed last year after more than a decade. Packer was not a party to the lawsuit.
Last week, the billionaire tied the knot for the third time, marrying Canadian model Kylie Lim on the Italian island of Sardinia.
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Kishor Napier-Raman is a senior business writer for The Sydney Morning Herald and The Age. Previously he worked as a CBD columnist and reporter in the federal parliamentary press gallery.Connect via X or email.
