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Nvidia gets 20% weighting, more investor demand; Apple demoted in major techfund
The chip stock will jump to about 21% from 6% in a $70 billion tech ETF once a new rebalance takes effect.
Nvidia's blistering rally will force a major technology exchange-traded fund to acquire more than $10 billion worth of shares of the chip giant while cutting dramatically back on Apple. The index that the Technology Select Sector SPDR Fund (XLK) follows will soon rebalance, based on an adjusted market cap value from Friday's close. The new calculations show Microsoft as the top stock in the index, followed by Nvidia and then Apple, according to Matthew Bartolini, head of SPDR Americas Research.
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