Some of the earliest local backers of hot technology stock Nvidia say the company’s steep rally has more to run despite shares more than doubling over the last 12 months, fuelled by a surge in demand for chips that can back artificial intelligence.

Qiao Ma, a portfolio manager at Melbourne-based Munro Partners – one early investor – said Nvidia’s rise was “nowhere close to being over”. “I have high conviction that the real impact of AI is being grossly underestimated by the market right now,” she said.