US active funds have not outperformed the market this year, and low allocation to NVIDIA is the key. Although NVIDIA is favored on Wall Street, the bullish sentiment towards it by many large investors is not excessive. Vivek Arya, a global research analyst at Bank of America, and his team recently conducted a quarterly review of semiconductor stock holdings in active funds. The results show that although NVIDIA is the largest holding of semiconductor stocks in active funds, with a holding ratio of about 70%, its relative weight is still "underweight". Vivek Arya pointed out that NVIDIA's relative weight of 0.99 times is much lower than that of the top 16 largest holding peers in the information technology and communication services industry, and this even occurs when NVIDIA's sales growth potential may be more than five times that of these companies. Companies with higher weights than Nvidia include Meta, Salesforce, Microsoft and Alphabet. In the semiconductor industry, companies such as Applied Materials, KLA and Micron also have higher relative weights.