Why This Investor Just Swapped GM Stock For Nvidia

Virtus Investment Partners' Joe Terranova bought General Motors Co GM stock at $59 per share on March 18 in what turned out to be a bad trade. He decided to sell his position in General Motors and buy NVIDIA Corp NVDA with the cash.

General Motors "has been obviously a horrible purchase for me," he Wednesday on CNBC's "Fast Money Halftime Repor," adding that he allotted six months for the trade and time has run out.

Over the last few days, he noticed the continued decline of Nvidia and decided to put his cash to work in the stock.

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Nvidia stock fell by 8% and has been one of the best performers in the quality momentum index since its inception, he said.

Nvidia also offers exposure to crypto.

"I don't have much crypto exposure,", Terranova said. "Nvidia actually gives me a way to get that crypto exposure so I took advantage of the 8% decline in Nvidia."

Nvidia produces a cryptocurrency-specific version of its graphics chips for crypto miners.

GM, NVDA Price Action: General Motors was up 2.88% at $50.79 and Nvidia was up 2.23% at $217.19 at time of publication.

Photos: courtesy of General Motors & Nvidia.