By Suzanne McGee and Lisa Pauline Mattackal
(Reuters) – One of the world’s largest technology funds is set to ramp up its exposure to Nvidia, which has become the world’s most valuable company following a blistering run in its shares.
The $72.34 billion Technology Select Sector SPDR Fund (XLK), managed by State Street Global Advisors, will buy some $10 billion shares of Nvidia while slashing its exposure to Apple, Matthew Bartolini, head of SPDR Americas research at State Street confirmed.
The changes are being made so the fund can bring its holdings inline with pending changes to the S&P Dow Jones Technology Select Sector index, which it tracks. The reshuffle would leave Microsoft and Nvidia sharing the top spot in both the fund and the index, with Apple becoming the runner-up, according to Bartolini.
On Tuesday, chipmaker Nvidia became the world’s most valuable company as its…
