Goldman Sachs' $127 million Hedge Industry VIP exchange traded fund (GVIP), which scans 13F filings to build a portfolio of popular hedge fund picks, is up more than 16% so far this year, ahead of the S&P 500's 10% return over the same period, according to a report by Bloomberg.

GVIP’s 2023 three largest holdings are largely behind its outperformance, and they're all AI-related chipmakers: Nvidia Corp, Broadcom Inc, and Advanced Micro Devices Inc. 

All three have surged over the past month on the hype around so-called generative AI. While GVIP has historically lagged the S&P 500 since its inception in late 2016, its performance year-to-date suggests that hedge funds may have been ahead of the curve in all the AI excitement, according to Bloomberg.