By Anders Melin

(Bloomberg) -- Billionaire Leo KoGuan, who emerged a few years ago as one of the biggest individual shareholders of Tesla Inc., said he bought 1 million shares of Nvidia Corp. on Tuesday.

“I am convinced AI is NOT a bubble, it is only the beginning,” KoGuan posted on X on Wednesday.

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“Plan to buy 1 million more NVDA soon. To show support to nervous market,” he followed up in a message to Bloomberg News.

Nvidia closed at $180.05 on Tuesday in New York, meaning the 71-year-old billionaire would’ve paid roughly $180 million. He has a $12.8 billion fortune, according to the Bloomberg Billionaires Index.

Even though he’s become increasingly skeptical of Elon Musk and Tesla, including its decision to award the chief executive officer a pay package potentially worth as much as $1 trillion, KoGuan said he is “still mostly in Tesla” and treasury bills. He’s declined to specify how much he’s pared his Tesla stake over the years.

“I do think Tesla’s energy, cybercap and Teslabot are NOT fully priced in,” he wrote on the social media platform. “So that, daring investors could still buy Tesla today for the future fortune. Tesla is the leading embodied AI on earth.”

Born in Indonesia, educated in New York and residing in Singapore, KoGuan made his initial fortune from SHI International Corp., a Somerset, New Jersey-based enterprise software company he ran with his ex-wife. He has said he began buying Tesla in 2019 and quickly built a massive holding using stock options, increasing his stake multiple times.

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