A popular tech ETF that counts Microsoft, Apple and Nvidia as top holdings is about to rebalance. The move comes as Nvidia's share price continues to smash records.
Nvidia, Microsoft and Apple all jockeyed this week for the title of world’s most valuable company as investors bet big on the future of AI. The moves coincide as one of the biggest tech exchange-traded funds, State Street’s Technology Select Sector SPDR with assets near $80 billion, prepares for a monster rebalance. "It is an anomalous event where you have three securities, a market capitalization greater than $3 trillion, all at the same time, all within one sector. That is unprecedented.
Nvidia has seen its shares skyrocket nearly 160% this year as it continues to lead the race for AI chips. Last quarter, it posted a record $26 billion in revenue, a 262% jump from the year-ago period. The company also completed its 10-for-1 stock split, which began trading on June 10, and it also boosted its quarterly dividend payout 150% to 10 cents per share. Constellation Research founder R "Ray" Wang is betting shares will top $200 this year.
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