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Luke Kawa

Traders are aggressively buying the Nvidia dip and leveraged editions of Nvidia

Traders are undaunted by Monday’s record-setting retreat in Nvidia.

“Has the active trader’s mantra become ‘the bigger the drop, the bigger the opportunity?’” Interactive Brokers’ chief market strategist, Steve Sosnick, wonders.

All of the top 25 most active stocks on Interactive Brokers’ platform are seeing net buying activity, and the once again $3 trillion chip designer is at the top of the leaderboard. Buy orders outnumber sells on Nvidia by 200,000, with Sosnick adding, “I don’t ever recall seeing an imbalance of that magnitude.”

No. 14 on the list is the GraniteShares 2x Long NVDA Daily ETF, which fell about 34% yesterday. The triple-levered Nasdaq 100 ETF and triple-levered semiconductor ETF are also in the top 10 for activity.

“It’s AI’s market and we’re all just trading in it,” he concludes. “And for the most part, our customers are continuing to buy it.”

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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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