Nvidia Corp.'s (NASDAQ:NVDA) strong artificial intelligence-fueled rally has alienated some hardcore loyalists on fears that the stock may have gotten ahead of itself.

The fear was evident from the portfolio adjustment by South Korea-based Qraft Technologies' QRAFT AI-Enhanced U.S. Large Cap Momentum ETF (NYSE:AMOM) exchange-traded fund.

Monthly trade disclosures by the firm showed that AMOM sold off its entire Nvidia holdings in June. The chipmaker accounted for 9.21% of the ETF's holding in May. Nvidia was AMOM's top holding in June.

Despite the pullback seen in June, Nvidia shares have soared about 156% for the year. Much of the upside stemmed from the company's leverage to AI, which has gained momentum with the popularity of OpenAI's ChatGPT.

 Nvidia's A100 chip is considered one of the most important tools for the AI industry. The stock capitalized on this massive opportunity and rallied strongly, sending the company's valuation past the $1 trillion mark briefly. The market value has come off the level since then.

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Following the recent runup, analysts have been wary of its valuation. New York University professor Aswath Damodaran, considered Dean of Valuation, recently said he has liquidated his Nvidia stake, which he has built up since 2017.

Enter Amazon: AMOM, meanwhile, has opened a position in e-commerce retailer Amazon, Inc. (NASDAQ:AMZN) in June. The stock accounted for 8.01% of the ETF's portfolio and is its top holding.

Among AMOM's other big bets are Meta Platforms, Inc. (NASDAQ:META) (6.68%), Walmart, Inc. (NYSE:WMT) (up 6.58%) and Home Depot, Inc. (NYSE:HD) (4.61%).

According to Benzinga Pro data, AMOM ended Wednesday's session down 0.89% at $29.50, according to Benzinga Pro data.

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