{"id":90015,"date":"2024-03-02T07:45:54","date_gmt":"2024-03-02T12:45:54","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=90015"},"modified":"2024-03-02T07:45:56","modified_gmt":"2024-03-02T12:45:56","slug":"nvidia-dethrones-tesla-as-wall-streets-most-traded-stock","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=90015","title":{"rendered":"Nvidia dethrones Tesla as Wall Street’s most traded stock"},"content":{"rendered":"
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\u00a9 Reuters. NVIDIA logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS\/Dado Ruvic\/Illustration<\/span>
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By Noel Randewich<\/p>\n

(Reuters) -Chipmaker Nvidia (NASDAQ:) is replacing Tesla (NASDAQ:) as Wall Street’s most traded stock by value, adding to its prominence after becoming the third-most valuable U.S. company and showing more evidence of how central AI-related bets have become to investors. <\/p>\n

Nvidia’s outsized representation in day-to-day stock trading could leave investors more vulnerable should the chipmaker’s revenue growth fail to meet investors’ high expectations and puncture a Wall Street rally that has been fueled by euphoria about artificial intelligence. <\/p>\n

The Santa Clara, California chipmaker’s quarterly report late on Wednesday will be one of Wall Street’s most watched events of the week. Some strategists believe anything short of a blowout report could reverse a rally that has sent Nvidia’s stock soaring 40% in 2024. <\/p>\n

Nvidia’s stock dropped about 5% on Tuesday, reflecting investors’ jitters ahead of the report.<\/p>\n

About $30 billion worth of Nvidia shares changed hands daily on average over the past 30 sessions, pulling ahead of Elon Musk’s electric car maker, which averaged $22 billion per day over the same period. <\/p>\n

Tesla since 2020 had dominated daily U.S. stock trading, according to LSEG data, with turnover — a stock’s share price multiplied by the number of shares exchanged — peaking above $35 billion several times in recent years.<\/p>\n

On Tuesday, combined trading in Nvidia and Super Micro Computer (NASDAQ:), another company benefiting from the boom in AI, accounted for 46% of all turnover of the 10 most traded U.S. stocks, including Tesla, Meta Platforms (NASDAQ:), Apple (NASDAQ:), Amazon (NASDAQ:) and Microsoft (NASDAQ:).<\/p>\n

“There’s an argument here that this is the dawn of a new era of trading, like the dawn of the internet, with Nvidia in the pole position,” said Dennis Dick, a trader at Triple D Trading in Ontario, Canada.<\/p>\n

But Dick also warned that sky-high turnover in AI-related stocks suggests retail investors and algorithmic traders are driving share prices higher based on momentum rather than fundamentals, such as expectations of future revenue growth.<\/p>\n

Super Micro, which sells AI-related server components to Nvidia, has seen its value nearly triple to $43 billion so far in 2024. It fell about 5% on Tuesday following a 20% collapse from record highs on Friday after Wells Fargo started covering the stock with an equal weight rating, saying its valuation already discounts “solid upside”.<\/p>\n

Nvidia controls about 80% of the high-end AI chip market, and last week its market capitalization eclipsed, separately, Amazon’s and Alphabet (NASDAQ:)’s to make it Wall Street’s third-most valuable company, behind Microsoft and Apple. <\/p>\n

Following Tuesday’s selloff in Nvidia shares, Alphabet and Amazon’s stock market values both pulled back ahead of the chipmaker. Nvidia’s stock market value last stood at $1.7 trillion, compared to $540 billion a year ago.<\/p>\n

Meanwhile, Tesla’s stock has tumbled 23% so far in 2024 as it struggles with tepid demand for its electric cars and growing competition.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. NVIDIA logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS\/Dado Ruvic\/Illustration By Noel Randewich (Reuters) -Chipmaker Nvidia (NASDAQ:) is replacing Tesla (NASDAQ:) as Wall Street’s most traded stock by value, adding to its prominence after becoming the third-most valuable U.S. company and showing more evidence of how central […]<\/p>\n","protected":false},"author":1,"featured_media":90016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-90015","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nNvidia dethrones Tesla as Wall Street's most traded stock | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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