Markets
Nvidia dethrones Tesla as Wall Street’s most traded stock
Sherwood News

In the last 50 trading sessions, more than $40 billion worth of Nvidia stock has been changing hands per day, more than Tesla and Apple combined

David Crowther

All eyes are on Nvidia today, as the best performing stock in the S&P 500 in 2024 so far (+159% year-to-date) prepares to release its Q2 earnings.

Those earnings have become a phenomenon, not just because they’ll add another data point to a series of charts about the company that are increasingly remarkable, but because the quarterly updates have taken on a life of their own.

Billions of dollars have been wagered in options markets ahead of the announcement, implying another big move up or down in Nvidia stock (about ~10% based on the latest data), and there’s even an Nvidia earnings watch party at a New York city bar this afternoon. Yesterday, more people searched Google for “nvidia” than they did for “donald trump”, “kamala harris”, or “taylor swift”.

That’s just the sort of hullabaloo that you can expect when you become Wall Street’s most traded stock, a crown which Nvidia took from Tesla earlier this year. Indeed, data from FactSet reveals that in the last 50 trading sessions, people were trading more than $40 billion of Nvidia stock per day. Tesla, which for a long time was the go to instrument of choice for speculation in equities, is trading “just” $22.8 billion a day. Even Apple, which is still technically a more valuable company than both, is only averaging $13 billion a day.

Of course, it’s not just Nvidia’s share price that depends on the upcoming release: the fortunes of many other companies that have ridden the AI wave are wrapped up in it, as Nvidia has become the metaphorical, and often literal, talisman for AI stocks.

Nvidia releases its earnings today (August 28th) after the bell. Analysts are expecting a 143% jump in profit to more than $15 billion.

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Amazon just matched its longest losing streak in 20 years

Amazon shares marked their ninth straight day of losses — the company’s longest losing streak since 2006.

The milestone follows a fourth-quarter earnings miss, downbeat guidance, and a plan to spend a whopping $200 billion on capital expenditure this year.

Amazon is hoping that by spending big on AI infrastructure now, it will reap rewards from the technology later. Investors aren’t so sure.

Interestingly enough, the current situation sounds quite similar to the one Amazon was in two decades ago. Back then, Amazon endured a similar stretch as it was upping spending on tech and an online toy store — moves that would eat into its profits.

At the time, an asset manager told Bloomberg, “They want to capture as many eyeballs as they can on the Internet and be the go-to place on the Internet, but that’s costing them earnings, at least right now.”

Sound familiar? In case you’re wondering, Amazon stock has risen 14,849% since that quote.

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Rivian is on pace for its best-ever trading day as analysts dig into Q4 results

EV maker Rivian is on track to log its best trading day on record Friday, as investors pour in following its fourth-quarter earnings report and 2026 guidance and analysts issue bullish appraisals of the shares.

Rivian shares are up more than 30% on Friday afternoon, easily surpassing its previous best trading day, which came in January 2025.

“We continue to remain confident in the long-term vision that RIVN is amid a massive transformation,” Wedbush Securities’ Dan Ives wrote in a fresh note on Friday. The firm maintained its $25 price target and “outperform” outlook and said that the launch of Rivian’s upcoming lower-cost SUV, the R2, is “crucial.”

Rivian received upgrades from Deutsche Bank (to “buy” from “hold”) and UBS (to “neutral” from “sell”) following its results.

On its Thursday earnings call, Rivian said it expects its delivery volume of its existing vehicle lineup to land “roughly in line with... 2025 total volumes.” Given the automaker’s full-year delivery guidance, that statement implies 2026 R2 deliveries to land between 20,000 and 25,000 units.

Self-driving features also appear to be boosting investor optimism. On Thursday’s earnings call, CEO RJ Scaringe said the company would enable “point-to-point” driving in its vehicles later this year. In a podcast interview released Thursday, Scaringe predicted that by 2030, it will be “inconceivable to buy a car and not expect it to drive itself.” Rivian is targeting “a little sooner than that,” he added.

Rivian shares are also likely benefiting from something of a snapback: before the release of its Q4 results, Rivian shares had been hammered recently, down 38% since their recent high in December.

Rivian climbs after posting better-than-expected Q4 results; sees R2 SUV hitting the market in Q2

Rivian climbs after posting better-than-expected Q4 results; sees R2 SUV hitting the market in Q2

“We continue to remain confident in the long-term vision that RIVN is amid a massive transformation,” Wedbush Securities’ Dan Ives wrote in a fresh note on Friday. The firm maintained its $25 price target and “outperform” outlook and said that the launch of Rivian’s upcoming lower-cost SUV, the R2, is “crucial.”

Rivian received upgrades from Deutsche Bank (to “buy” from “hold”) and UBS (to “neutral” from “sell”) following its results.

On its Thursday earnings call, Rivian said it expects its delivery volume of its existing vehicle lineup to land “roughly in line with... 2025 total volumes.” Given the automaker’s full-year delivery guidance, that statement implies 2026 R2 deliveries to land between 20,000 and 25,000 units.

Self-driving features also appear to be boosting investor optimism. On Thursday’s earnings call, CEO RJ Scaringe said the company would enable “point-to-point” driving in its vehicles later this year. In a podcast interview released Thursday, Scaringe predicted that by 2030, it will be “inconceivable to buy a car and not expect it to drive itself.” Rivian is targeting “a little sooner than that,” he added.

Rivian shares are also likely benefiting from something of a snapback: before the release of its Q4 results, Rivian shares had been hammered recently, down 38% since their recent high in December.

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