NVDA - Billionaires Are Selling Nvidia and Buying These Undervalued ETFs Instead
2024-06-30 04:25:00 ET
Nvidia (NASDAQ: NVDA) has seen the value of its shares skyrocket over the past two years as the biggest chip supplier in the race for artificial intelligence (AI) supremacy.
Several hedge fund managers spotted the potential for Nvidia in AI early and made considerable bets on the semiconductor stock . Stan Druckenmiller accumulated a sizable position in the stock in late 2022 and early 2023 as OpenAI's ChatGPT took the world by storm. At one point, Nvidia stock accounted for 16% of his portfolio. David Tepper , owner of the NFL's Carolina Panthers, likewise built a huge position in the stock in the first half of 2023.
But billionaires, as a group, have started selling off their Nvidia shares. That's in large part due to the incredible run the stock has been on. It's up over 160% this year already, and it was briefly the most valuable company in the world.
For further details see:
Billionaires Are Selling Nvidia and Buying These Undervalued ETFs Instead