Goldman Sachs Data: Mutual Funds Significantly Underweight NVIDIA and AI Stocks
Nashnova编辑部
Goldman Sachs positioning data shows U.S. large-cap mutual funds are underweight Nvidia by roughly 100 basis points — the widest gap among all tracked AI names — meaning these funds face the greatest forced-buying pressure if the AI rally continues.
Why are fund managers collectively sidestepping Nvidia?
Nvidia is the largest AI-chip company by market cap, yet active mutual funds hold it roughly 100 basis points below benchmark weight.
This means → managers are not unaware of Nvidia's gains; they are deliberately underweight — likely on valuation, concentration, or drawdown concerns.
In plain terms = everyone knows Nvidia leads the AI trade, but most professional stock-pickers have chosen to watch rather than follow.
Who else is being shunned?
Google is underweight by about 70 bps, AMD by 60 bps, Microsoft by 50 bps, and Meta by 30 bps.
This reflects a pattern: the closer a stock sits to the core AI compute chain — chips, model-training platforms — the wider the underweight.
In plain terms = it is not just Nvidia; the entire AI lead group is being systematically under-owned by active managers.
Who is the exception — what are fund managers actually buying?
Micron is one of the few AI-linked names that funds overweight, by roughly 40 bps; Seagate also sees a small overweight of about 15 bps.
This means → managers are not bearish on AI itself; they have shifted chips from "compute core" toward storage and peripheral hardware — lower valuations, smaller swings.
In plain terms = the bet is "AI will keep running, but we will ride the cheaper names, not the most expensive ones."
What does this positioning gap mean for the market?
If the AI rally extends, funds underweight Nvidia will keep trailing their benchmarks, and managers will face mounting pressure from clients and league tables to close the gap.
This means → the underweight itself is latent demand — the higher prices go, the greater the pressure to buy, creating a self-reinforcing loop.
This reflects a core tension in today's market: most professional money is under-positioned, yet the very force that could drive the next leg of the AI rally may come from these managers being forced back in.
Content is for reference only, not financial advice.