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This is the most under-owned megacap tech stock, according to Morgan Stanley
This is the most under-owned megacap tech stock, according to Morgan Stanley
Sam Boughedda
Wed, February 18, 2026 at 9:27 PM GMT+9 1 min read
In this article:
NVDA
+1.20%
MSFT
-1.11%
KLAC
+0.54%
LRCX
+0.02%
Investing.com – In a note to clients on Wednesday, Morgan Stanley analysts revealed the most under-owned megacap technology stock.
When reviewing fourth-quarter 13F filings, the bank said that “mega-cap tech stocks are the most under-owned in 17 years,” with the ownership gap versus the S&P 500 widening to -155 basis points at the end of the quarter.
Morgan Stanley analyst Erik Woodring stated that Nvidia “remains the most ‘under-owned’ large-cap tech stock,” with a -2.57 percent gap between its S&P 500 weighting and active institutional ownership.
That compares with -2.16 percent for Apple, -2.13 percent for Microsoft and -1.37 percent for Amazon.
The analyst believes the data show a “clear institutional bias towards AI ‘picks and shovels’ entering 2026,” noting high ownership in semiconductor and hardware names such as SNDK, KLAC, WDC, LRCX and STX, while institutional positioning in software names, including IBM, ORCL, PANW, NOW and ADBE was “notably low.”
Woodring added that the modest widening in under-ownership from the previous quarter suggests investors have continued to lag benchmark weightings in the sector.
The note also pointed to SNDK, saying its institutional ownership has “been steadily increasing since its re-listing in 1Q25” and that, after joining the S&P 500 last quarter, it had the largest over-ownership gap of any large-cap tech stock at +1.58 percent.
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