Reported 8 months ago
A major tech ETF, the Technology Select Sector SPDR Fund, is set to increase its exposure to Nvidia by purchasing $10 billion worth of shares. This move comes as Nvidia recently became the world's most valuable company, surpassing Microsoft. The fund is adjusting its holdings in line with pending changes to the S&P Dow Jones Technology Select Sector index, with Nvidia and Microsoft expected to share the top spot in both the fund and the index, while Apple will become the runner-up. The reshuffle aims to address the fund's underperformance as Nvidia's shares surged 173% this year, with Apple's exposure decreasing to 4.5% in the fund after the rebalancing.
Source: YAHOO