Retail traders are getting bulled up on Nvidia and Microstrategy

One potential reason for Nvidia’s massive outperformance of its peers and Magnificent 7 stocks.

10/28/24 2:03PM

In Scott Rubner’s recent note, the Goldman Sachs managing director laid out the case for stocks to ramp up into year-end, highlighting the immense support coming from corporate share repurchases. But he also flagged another class of buyer that’s been flexing its muscles lately.

“I am noticing that retail activity on the message boards has started to increase again,” he writes. “Keep an eye on this cohort via options and ETFs.”

According to data from Goldman’s Marquee platform, retail participation in Nvidia is at its highest since the start of the year and at the hottest level of 2024 for bitcoin proxy Microstrategy.

Nvidia retail participation — Source: Goldman Sachs

Microstrategy retail participation — Source: Goldman Sachs

We recently flagged that Nvidia has been massively outperforming its peers (and the rest of the Magnificent 7, at least before Tesla’s blowout earnings) as of late — usually the kind of thing that happens when it’s about to deliver a huge quarterly report (or just did). Rubner’s observation on the return of enthusiastic retail buyers offers one good explanation for why the price action has played out this way.

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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."

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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).

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Retail traders are getting bulled up on Nvidia and Microstrategy

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