Paul Wick of Seligman Investments has reduced his stake in Nvidia, expressing skepticism about the company’s future revenue growth. Speaking at a UBS Group event in Singapore, Wick stated that his enthusiasm for Nvidia has recently diminished, although he did not provide detailed information on the extent of this impact. Wick compared Nvidia’s current situation to that of Cisco Systems during the dot-com bubble, highlighting potential risks. He pointed out that Nvidia heavily relies on its top ten customers, who account for 60-70% of its revenue, making the company more vulnerable than more diversified companies like Microsoft or Google’s parent company, Alphabet. Despite Nvidia’s stock price doubling in the past year due to optimism about artificial intelligence, Wick and other investors doubt the sustainability of this trend and highlight the company’s overvaluation. Read more: 
Has Nvidia lost its status as the most valuable company? Wick also mentioned that companies investing in Nvidia’s AI systems have a lower return on investment, while big customers like Alphabet, Microsoft, and Meta Platforms are developing their own processors, potentially reducing future reliance on Nvidia. Despite these concerns, Nvidia still holds a leading position in Wick’s fund, outperforming 97% of mutual funds over the past three years. 
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