NVIDIA Corporation (NASDAQ: NVDA) stock fell during intraday trading Thursday after Wells Fargo cut its stake in Signature Picks portfolio, citing risk management.
Wells Fargo announced Thursday that it has reduced its overweight position in Nvidia from 6.8% to 5% in its Signature Picks equity portfolio. The bank cited risk management reasons for trimming its stake in the semiconductor giant.
Signature Picks represents Wells Fargo’s portfolio of diverse stocks, highlighting its top investment ideas from the research department.
The portfolio adjustment follows a period of volatility for Nvidia, during which its shares experienced consecutive declines, temporarily affecting its valuation ranking. However, Nvidia saw a rebound recently, with shares surging nearly 7% on Tuesday. This recovery helped Nvidia regain a $3 trillion valuation, easing concerns among investors about its role in the ongoing AI boom.
Despite recent fluctuations, Nvidia remains the top-performing stock in the tech-focused Nasdaq 100 index, boasting a year-to-date increase of over 155%.
Currently, Nvidia holds a market capitalization of $3.11 trillion, positioning it as the third most valuable company, trailing Apple ($3.27 trillion) and Microsoft ($3.36 trillion).
NVIDIA (NASDAQ: NVDA) Stock Movement
On Thursday, NVDA stock declined 1.91%, closing at $123.99, marking a 5.19% decrease for the week. The trading volume was 252,571,696 shares, significantly lower than the average daily volume of 433.09 million.
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