Wells Fargo cuts Nvidia position. Here's why
Wells Fargo said Thursday it has made adjustments to its Signature Picks equity portfolio, reducing its overweight position in Nvidia (NASDAQ:Signature Picks is Wells Fargo’s diverse portfolio of stocks representing the bank’s research department’s top investment ideas.
The move comes after Nvidia shares recovered following a series of consecutive declines that caused the company's valuation to drop from the top spot to third place. NVDA stock jumped nearly 7% Tuesday, reclaiming the $3 trillion valuation tag and alleviating investor concerns that its critical role in the ongoing AI boom may be fading.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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