Morgan Stanley's latest positioning data indicates NVIDIA is still under-owned by institutional investors relative to its benchmark weight, despite a strong rally in the first half of 2026. This under-ownership is also observed across the broader mega-cap technology complex, implying potential for incremental capital inflows as active managers seek to avoid lagging benchmarks.
Institutional investors are still underweight NVIDIA and big tech, creating a structural demand source for these stocks as managers reallocate to avoid benchmark underperformance.