Wells Fargo trims its Nvidia (NVDA) stock position

Wells Fargo announced on June 27 that it has made adjustments to its Signature Picks equity portfolio, reducing its overweight position in Nvidia (NASDAQ: NVDA) from 6.8% to 5%. The bank cited “risk purposes” as the reason for this position cut. Chris Harvey, Head of Equity Strategy at Wells Fargo, says, “Nvidia is part of the momentum trade, and it is not breaking, so if you are part of a momentum trade, you will bend, but you won’t break.”Signature Picks is Wells Fargo’s diverse portfolio of stocks repres ...