U.S. President Donald Trump opened a multi-million-dollar position in chipmaker Nvidia (NVDA) just as the stock took off.
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New trading tool for AMZN bullsTrump’s latest OGE Form 278-T disclosure of his stock holdings reveals a large new position in Nvidia. The exact size of Trump’s holding of NVDA stock is not known. The disclosure shows only that it is a new position valued at between $1 million and $5 million.
However, Trump’s move into NVDA stock appears well-timed given the run-up in the shares. The exact date when Trump purchased the Nvidia shares also isn’t known. But over the past month, NVDA stock has risen 20% and is currently trading at an all-time high on a split-adjusted basis.
Trump’s Other Stock Moves
Trump’s other recent moves in the stock market include trimming his positions in mega-cap technology names such as Amazon (AMZN), Alphabet (GOOGL), and Microsoft (MSFT). However, the U.S. president didn’t completely exit those names, he just reduced the size of his positions in them.
Other new stock purchases by Trump were focused mostly on chipmakers. In addition to Nvidia, Trump opened new positions in Broadcom (AVGO), Synopsys (SNPS), and Texas Instruments (TXN). Trump also increased his holdings of chipmaker Intel (INTC) through a series of purchases made at the beginning of March. The U.S. government has a sizable stake in INTC stock.
Is NVDA Stock a Buy?
Nvidia stock has a consensus Strong Buy rating among 42 Wall Street analysts. That rating is based on 40 Buy, one Hold, and one Sell recommendations issued in the past three months. The average NVDA price target of $274.38 implies 24% upside from current levels.
