Hedge Funds Bet Against Nvidia, Favor Broadcom and AMD

Nvidia Corp. (NASDAQ:NVDA) is the most widely held semiconductor stock in America, but it's not necessarily the most crowded one.

According to BofA Global Research's latest semiconductor ownership study, 82% of U.S. active fund managers held Nvidia at the end of August.

However, the size of those positions tells a different story. The portfolio weight among traditional long-only managers was just 1.17 times its S&P 500 weighting at August's end.

This means that managers own Nvidia almost universally but modestly overweight it compared to the benchmark.

Hedge funds, on the other hand, concentrated their bets elsewhere.