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Nvidia Stock Is Struggling. Fidelity, T. Rowe Price, and Others Are Selling Up
Nvidia is in a bit of a rut.While the Magnificent Seven Big Tech stock went on a tear over the first half of 2024, it's struggled since then. Its shares have slid 12% the past three months, dragged down by investors' fear that the surge in demand for its artificial intelligence chips might be losing momentum.Underwhelming sales guidance, worries about the health of the U.S. economy, and stocks' tendency to struggle in September have all added to the sense of gloom surrounding the stock.And some of the country's best-known investment firms have been summing up the pessimism.Fidelity has dumped 232 million Nvidia shares this year, or 19% of its holdings, according to an Investors Business Daily analysis of S&P Global Market Intelligence data. That position would be worth a whopping $24.7 billion as of Monday's closing bell, although it's unknown when the asset manager started selling.Nvidia CEO Jensen Huang has also been unloading shares, according to Securities and Exchange Commission f
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