Nvidia (NVDA) in Fidelity OTC Portfolio Q2 2024

AI Leadership Amidst Market Volatility

Apr 15, 2025

Summary

Key player in generative AI with advanced graphics chips.
Faced a challenging quarter with stock returning about -2%.
Concerns over the durability of AI-related spending.
Second-largest holding in the portfolio as of September 30.

In the Fidelity OTC Portfolio fund letter for Q2 2024, Nvidia (NVDA, Financial) was highlighted as a significant holding, reflecting its pivotal role in the generative AI landscape. Despite its leadership in advanced graphics chips, Nvidia experienced a challenging quarter, with its stock returning about -2%. This performance was attributed to questions surrounding the sustainability of AI-related spending, especially after weaker-than-expected U.S. manufacturing activity and job openings in September.

"Untimely ownership of Nvidia also detracted. The stock returned about -2% in the third quarter, a choppy stretch for shares of the dominant maker of advanced graphics chips that are the lifeblood of new generative artificial intelligence systems." — Christopher Lin, Fidelity OTC Portfolio, Q2 2024 Fund Letter

Read full letter at gurufocus fidelity otc portfolio fund q2 2024 review 2024 Q2 page.

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