One of Britain’s best-known tech investors has warned of a “disconcerting” rise in artificial intelligence valuations, saying Nvidia’s planned $100bn investment in OpenAI brought uncomfortable echoes of the dotcom bubble.

James Anderson’s early bets on Nvidia, Tesla and Amazon turned Edinburgh-based Baillie Gifford into an unlikely star of tech investing. He returned to full-time investing in 2023 with the backing of Italy’s billionaire Agnelli family, and now runs the $1.1bn Lingotto Innovation Strategy with New York-based Morgan Samet.

Until recently, Nvidia was its biggest holding but that position has been overtaken by the Chinese battery maker CATL. Lingotto trimmed its position in the Silicon Valley chipmaker earlier in the year, while CATL’s stock has surged after it listed in Hong Kong in May.