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Moscow, Russia - April 7, 2019: NVIDIA microchip on the motherboard
NVIDIA microchip (Getty Images)

Nvidia’s $4T trading activity shows unparalleled stock market dominance

Its peers aren’t even close.

Luke Kawa

It’s been about a year since Nvidia’s blowout quarterly results and robust outlook signaled that the AI boom was on.

The run-up to that fateful May 2023 earnings report also marks the time when Nvidia began to dominate trading activity across the US stock market: there’s a chasm between the amount of money that is changing hands trading the semiconductor company compared to other top US stocks.

The dollar value in shares of Nvidia — that is, the number of shares traded times the price each transaction took place at — has been higher than that of Apple, Microsoft, Meta, Alphabet, and Amazon on more than 96% of the past 262 trading sessions. 

This trend kicked into overdrive in 2024. Nvidia has traded more dollar volume versus any of those names in all but two days this year, both of which were following the release of earnings reports by Meta. For reference, in 2022, Apple topped this leaderboard on about 80% of occasions.

Year to date, through May 29, $4.1 trillion has changed hands in Nvidia stock. Its peers aren’t even close.

But Nvidia isn’t just trading more than other tech titans individually — increasingly, it’s trading more than all of them as a group.

40 times so far this year, Nvidia’s stock traded more dollar volume than Microsoft, Apple, Alphabet, Amazon, and Facebook combined. For context, Amazon has done that once since the end of 2019, and Apple has accomplished the same feat twice over that span. That’s it.

Marc Andreessen proclaimed that software is eating the world back in 2011. Well, right now, Nvidia’s H100 semiconductors are swallowing the US stock market.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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