Nvidia Shares Fall 2.4% as Hedge Funds Sell, Hires Ex-Obama Lobbyist
NVDA•Hedge funds liquidated Nvidia positions within a broader tech sell-off, causing a 2.4% decline in the Magnificent Seven ETF since June 5 before SpaceX’s IPO. Nvidia also appointed veteran lobbyist Bruce Andrews as Chief External Affairs Officer to steer its China AI chip strategy under tightening U.S. export controls.
1. Hedge Funds Reduce Nvidia Exposure
Data from a major investment bank note showed hedge funds liquidated Nvidia shares alongside other leading tech names, contributing to a 2.4% drop in the Magnificent Seven ETF since June 5 as investors trimmed risk ahead of a landmark IPO.
2. Nvidia Appoints Chief External Affairs Officer
Nvidia has tapped veteran lobbyist Bruce Andrews, a former Commerce Department official, as Chief External Affairs Officer to manage policy relations and navigate tightening U.S. export restrictions on advanced AI chips to China.
3. Conflict Minerals Detected in Supply Chain
An investigation revealed that coltan sourced through illicit channels in the Democratic Republic of Congo has infiltrated Nvidia’s semiconductor supply chain despite certification programs, raising concerns over ethical sourcing practices and potential regulatory scrutiny.
