Tech ETF to Buy $10 Billion in Nvidia Shares, Reduce Apple Holdings on Friday

The Technology Select Sector SPDR Fund, a $72.34 billion ETF managed by State Street Global Advisors, is set to undergo significant rebalancing. The fund will acquire approximately $10 billion worth of Nvidia shares while reducing its Apple holdings by more than $11 billion. This move follows Nvidia's recent stock split and subsequent rally, which has increased its weighting in the ETF. The rebalancing, set to occur on Friday, is aligned with changes in the S&P Dow Jones Technology Select Sector index. Nvidia's rise has positioned it as one of the most valuable companies, overtaking Apple in the ETF's allocation and sitting behind only Microsoft.