Tiger Global Management is among a number of technology-focused stock hedge funds that racked up further gains in May on the back of a surge in the value of AI-related businesses, with the fund up 6.5% over the month, according to a report by Bloomberg.

The report cites unnamed sources familiar with the matter as revealing that Chris Coleman's firm is now up 15.5% so far this year as it looks to recover from last year's losses. Alex Sacerdote’s Whale Rock Capital Management meanwhile, returned 14.4% in its public equity portfolio in May, bringing its year-to-date return to 23%.

Market appetite for so-called "generative artificial intelligence" has helped boost technology shares with Whale Rock and many other hedge funds benefitting from a surge in the value of companies such as Nvidia, which climbed 36% in May alone and is up 159% YTD.