Nordic fund giant DNB Asset Management, which managed nearly $90 billion in assets at the end of 2023, sold off a sizeable portion of its Nvidia stake following the chipmaker’s stunning performance in 2024, a new regulatory filing showed. According to documents filed with the U.S. Securities and Exchange Commission, the company reduced the number of Nvidia shares by 9% in the second quarter to about 9.3 million shares, reducing its stake to a value of $1.1 billion. As of the end of June, large-cap AI stocks remained DNB’s third-largest holding. The sale follows a jaw-dropping rally in Nvidia’s stock price, pushing its market value to more than $3 trillion. The company led by Jen-Hsun Huang makes highly regarded graphics processing units for artificial intelligence and has seen its stock price rise about 160% this year. Still, Nvidia’s rally has shown signs of exhaustion recently as the 2024 bull run expands into unpopular areas of the market. The chipmaker’s shares are down about 9% from their all-time high reached on June 20. Most of the European giant’s top 10 holdings are the so-called Big Seven, including Microsoft, Alphabet, Nvidia, Amazon, Apple and Meta Platforms. Barron’s first reported the change in DNB’s holdings.
A major European asset manager reduced its holdings in Nvidia after a sharp rise in the stock price | Real Time Headlines
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