BofA highlighted Equity Strategy data for October 2025 to examine the breadth (what percentage of U.S. active managers own) and depth (how much they own in portfolios relative to the stock’s weight in the S&P 500 index) of semiconductor and electronic design automation stocks in the S&P 500 index.
Analysts led by Vivek Arya said Nvidia (NVDA) continued to maintain the broadest ownership (76% of fund managers), growing consistently throughout the past year (+219 basis points quarter over quarter, +539 bps year-over-year). However, the analysts added that the relative weighting of 1.11x remains only slightly ahead of the top 16 owned infotech/comm services peers (1.06x median).
The analysts noted that Advanced Micro Devices (AMD) remains underweight. “We highlight AMD whose active ownership remains at just 24% of fund managers, up QoQ from 20% in July but down significantly from Oct’24 (38%). Rel. [relative] weighting in Oct. was just 0.19x (vs. 0.13x in July, 0.59x in Oct’24), despite AMD being one of the SOX’s top performers on a YoY and QoQ basis,” said Arya and his team.
BofA maintained its Buy rating and $300 price target on AMD ahead of the company’s Analyst Day on Nov. 11, where they expect the company to update their AI accelerator total addressable market, or TAM.
The analysts added that the greatest expansions in ownership quarter over quarter were in Synopsys (SNPS), +466 bps ($35B Ansys deal closed in July), and AMD +438 bps (now supported by key industry customers), while the greatest declines were in Qualcomm (QCOM) (-356bps), ON Semiconductor (ON) (-192 bps), and Microchip Technology (MCHP) (-137bps) as the analog and industrial semiconductor outlook remains more muted.
However, Arya and his team noted that the greatest increases in depth/overweighting quarter over quarter were in AMD (+43%), Teradyne (TER) (+34%), and Intel (INTC) (+21%) while the greatest decreases in weighting were in ON Semiconductor (-32%), Micron Technology (MU) (-17%) and Qualcomm (-16%).
The analysts noted that the semiconductor relative weighting of 0.96x is down slightly year-to-date (0.97x in December 2024) but is up from the 0.95x level seen in their last update in August 2025.