Melius: Nvidia’s gap with chip index may narrow

The magnitude of Nvidia's lag—tripling the ETF's gain by roughly a third—signals that market leadership within semis has rotated beyond the primary AI chip supplier. Melius's call implies expectations of either a catch-up in Nvidia's valuation or a cooling in the broader sector's momentum, which would affect positioning across tech-heavy portfolios. The open question is whether this narrowing stems from renewed Nvidia catalysts or from a consolidation phase in the wider chip trade, as the ETF's outsized run faces scrutiny.