DNB Asset Management, a Nordic fund giant managing nearly $90 billion as of the end of 2023, dumped a sizable portion of its Nvidia stake after the chipmaker’s stunning 2024 run, according to a new regulatory filing. The firm decreased its Nvidia share count by 9% in the second quarter to about 9.3 million shares, reducing its holding to a stake worth $1.1 billion, according to a filing with the U.S. Securities and Exchange Commission. The big artificial intelligence play was still DNB’s third biggest holding at the end of June. The sale came after Nvidia’s jaw-dropping rally that pushed its market valuation above $3 trillion. The Jensen Huang-led company, which produces prized AI graphics processing units, has gained roughly 160% this year. Still, the rally in Nvidia has recently shown has signs of exhaustion as 2024’s bull run broadened out to the unloved pockets of the market. Shares of the chipmaker have dipped about 9% from their all-time high reached on June 20. DNB, with about 100 investment funds, had around $88 billion in assets under management as of 2023, according to the firm’s website. The European giant had most of its top 10 holdings in the so-called Magnificent Seven stocks, including Microsoft , Alphabet , Nvidia, Amazon , Apple and Meta Platforms. Barron’s first reported on the changes in DNB’s holdings.
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