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Nvidia was king of the retail stocks last week

JPMorgan’s weekly tally of top traded shares among the retail crowd showed the AI chipmaker retaking the top spot from Tesla.

5/1/25 3:24PM

April was a record month for retail trading activity according to JPMorgan analysts tracking the space.

A weekly update from the bank noted that retail traders bought a record $40 billion in shares last month, beating the record set in March amid ongoing and massive dip-buying.

Analysts said that retail buyers swamped the market on up and down days. For instance, they snapped up shares both on April 3, when the S&P 500 was routed by President Trump’s Rose Garden tariff announcement, as well as on April 9, when the S&P had its best day since 2020 after Trump announced a planned tariff pause.

Their top buys won’t be much of a surprise, led by Nvidia, Amazon, Tesla, and Palantir.

For the record, the frenzy of activity didn’t seem to bear financial fruit. JPM analysts estimate that retail traders lost 2% in April, compared to a drop of 0.8% for the S&P 500. For the year through the end of April, retail traders were down 9%, more than double the S&P 500’s decline of 4.2%, JPM estimated.

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