**Nvidia Stock Climbs as Fidelity and T. Rowe Price Reduce Holdings**
*By George Glover*
*Updated Sept 10, 2024, 10:10 AM EDT / Original Sept 10, 2024, 4:48 AM EDT*
Nvidia (NVDA) stock, despite a recent dip, has shown signs of recovery. After a stellar performance in the first half of 2024, shares of the semiconductor giant have declined by 12% over the past three months. Concerns among investors about a potential slowdown in demand for Nvidia's artificial intelligence chips, coupled with disappointing sales forecasts and broader economic uncertainty, have contributed to the downturn. The seasonal weakness of stocks in September has further amplified negative sentiment.
Amidst this turbulence, several major investment firms have been reducing their Nvidia positions. According to a report from *Investors Business Daily*, Fidelity has offloaded 232 million shares this year, representing 19% of its Nvidia holdings. The value of that position would be around $24.7 billion as of Monday's close. The precise timing of Fidelity's sales, however, remains unclear.
Other investment giants, including GQG Partners, T. Rowe Price, and Baillie Gifford, have each sold over 50 million Nvidia shares in 2024. Additionally, Citadel Advisors reduced its stake by a notable 93%. Even Nvidia's CEO, Jensen Huang, has sold some shares, though his sales amounted to just 0.5% of his holdings. Huang still retains a significant 3.5% stake, valued at approximately $91 billion.
On Tuesday, Nvidia shares saw a modest uptick, rising 1.3% to $107.88, while the S&P 500 index also gained 0.3%.
0 Comments