According to Odaily, active U.S. funds have not outperformed the market this year, with a key factor being their underweight position in Nvidia. Despite Nvidia's popularity on Wall Street, many large investors remain cautiously optimistic about the stock. Bank of America Global Research analyst Vivek Arya and his team recently conducted a quarterly review of semiconductor stock holdings in active funds. The findings revealed that although Nvidia is the most held semiconductor stock in active funds, with a holding rate of approximately 70%, its relative weight is still considered 'low.' Arya noted that Nvidia's relative weight is 0.99 times, significantly lower than the top 16 peers in the information technology and communication services sectors, even though Nvidia's sales growth potential could be more than five times that of these companies. Companies with higher relative weights than Nvidia include Meta, Salesforce, Microsoft, and Alphabet. In the semiconductor industry, companies like Applied Materials, KLA, and Micron Technology also have higher relative weights.