Josh Brown trims stake as Nvidia becomes a trillion-dollar company

on May 30, 2023
  • Nvidia Corporation joined the trillion-dollar club on Tuesday.
  • Ritholtz CEO Josh Brown trimmed his stake in NVDA by 25%.
  • Nvidia stock is up close to 200% for the year at writing.

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Nvidia Corporation (NASDAQ: NVDA) joined the prestigious trillion-dollar club on Tuesday as the stock continued to rally on extraordinarily strong guidance the chipmaker issued last week.

Josh Brown cuts his position in Nvidia stock

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Year-to-date, shares of the semiconductor behemoth have nearly tripled – a bull run that Josh Brown used today to trim his stake in the multinational technology company by 25%.  

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This morning it gapped higher. I took the opportunity to take something off. I didn’t want to sit here in a reversal and not have done something.

High-end GPUs that Nvidia designs are essential for platforms committed to generative artificial intelligence like ChatGPT or Bard.

To that end, the Nasdaq-listed firm recently said that it will hit about $11 billion in revenue in its current financial quarter – roughly $4.0 billion more than Street estimates (read more).

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Brown still has confidence in Nvidia Corp

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To be sure, Brown’s move this morning doesn’t suggest that he’s turned bearish on the Nvidia stock per se. On CNBC’s “Halftime Report”, he added:

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I still think Nvidia is the best positioned tech company for what’s to come. But this stock hit an 86 RSI this morning. It’s 46% above its 50-day MA. So, the likelihood of a reversal has grown.

Wall Street currently has a consensus “buy” rating on the California-based company that reported market-beating results for its fiscal Q1 last week.

Apple, Amazon, Google, and Microsoft are the only other companies at writing that have a market cap of more than $1.0 trillion. Strength in Nvidia has helped shares of other semiconductors companies in recent days as well, including AMD and TSMC.

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