Nvidia or Sandisk? BofA reveals which stock is under-owned and which is crowded
Yahoo Finance ·
Nvidia or Sandisk? BofA reveals which stock is under-owned and which is crowded Vahid Karaahmetovic Tue, August 18, 2026 at 7:14 AM EDT 2 min read SNDK NVDA Investing.com -- Mega-cap technology stocks remain under-owned by active institutional investors relative to their weighting in the S&P 500, and that gap widened in the second quarter, according to Morgan Stanley's latest large-cap institutional ownership tracker. The analysis covers 28 large-cap technology companies within Morgan Stanley's U.S. technology equity research coverage. The spread between institutional ownership and S&P 500 weighting for mega-cap tech names widened to -129 basis points exiting the second quarter, from -125 basis points at the end of the first quarter. The data is based on 13F filings tracking the top 100 actively managed institutional portfolios. Nvidia remains the most under-owned large-cap tech stock, with the gap between its S&P 500 weighting and institutional ownership widening by 14 basis points quarter-over-quarter to -2.53%, near all-time highs. Apple follows at -2.33%, then Microsoft at -1.54% and Amazon at -1.29%. Outside of the seven mega-cap names, the remaining 21 large-cap tech stocks tracked are modestly over-owned, with the spread at +39 basis points, up from +32 basis points in the first quarter, Morgan Stanley noted. At the stock level, Sandisk stands out as the most "over-owned" large-cap tech name, with a gap of +2.30% versus its S&P 500 weighting, about 1.5 times that of KLA, the next most over-owned stock. Sandisk's institutional ownership has been climbing steadily since its re-listing in the first quarter of 2025, and the premium has persisted even after its inclusion in the S&P 500 in the fourth quarter of last year. Lam Research and Western Digital also rank among the most over-owned. "Institutional active manager ownership remains notably high (vs. the S&P 500) in large cap memory/storage-related names... but notably low in software stocks," including IBM, Oracle, Palo Alto Networks, ServiceNow and Adobe, Morgan Stanley said. The bank sees this as "a continued clear institutional bias towards AI 'picks and shovels' / bottlenecks." After adjusting for market cap and earnings beats, there is "a statistically significant relationship between low active ownership relative to the S&P 500 and future stock performance," the firm continued, with under-owned stocks tending to see a technical pull higher, and over-owned stocks the reverse. Nvidia or Sandisk? BofA reveals which stock is under-owned and which is crowded 5 reasons why Jefferies thinks Meta's pullback is a buying opportunity As Claude disrupts stock market, Anthropic researcher warns 'world is in peril'
AI 시장 분석
According to Morgan Stanley's institutional ownership analysis, the underweight gap of mega-cap tech stocks relative to the S&P 500 widened to -129bp in Q2. Notably, NVDA saw its underweight gap deepen the most at -2.53%, while SNDK was cited as overcrowded with an overweight position of +2.30% relative to its S&P 500 weight. Institutional investors continue to show high preference for AI infrastructure-related stocks while steadily adjusting their weights across large-cap tech generally.
상승 영향
- Semiconductors — The institutional underweight gap for mega-cap tech like NVDA has widened to -2.53%, leaving significant room for stock price gains through future buying inflows.
- AI — Institutional investors maintain strong preference and weight in AI infrastructure and bottleneck-related stocks, proving robust demand.
하락 영향
- Semiconductors — SNDK is classified as an overcrowded stock with an overweight position of +2.30% relative to the S&P 500, posing risks of future profit-taking.
DYAX 전담 분석
The widening of the institutional underweight gap in mega-cap tech stocks to -129bp suggests ample room for additional buying going forward. In particular, NVDA's underweight gap is nearing historic highs at -2.53%, creating strong upward technical rebound pressure. On the other hand, overcrowded stocks like SNDK may be exposed to profit-taking pressure, pointing to a stock price differentiation market driven by institutional supply and demand gaps among S&P 500 constituents.
Investors must monitor both the supply momentum of underweight stocks and the volatility risks of overcrowded stocks simultaneously. Future 13F filings and the potential shift in institutional buying will serve as core indicators.
AI가 생성한 분석으로 투자 자문이 아닙니다.
DYAX Investor Sentiment
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