{"id":62732,"date":"2024-02-21T11:57:44","date_gmt":"2024-02-21T11:57:44","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/nvidia-dethrones-tesla-as-wall-streets-most-traded-stock-the-express-tribune\/"},"modified":"2024-02-21T11:57:44","modified_gmt":"2024-02-21T11:57:44","slug":"nvidia-dethrones-tesla-as-wall-streets-most-traded-stock-the-express-tribune","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/nvidia-dethrones-tesla-as-wall-streets-most-traded-stock-the-express-tribune\/","title":{"rendered":"Nvidia dethrones Tesla as Wall Street’s most traded stock | The Express Tribune"},"content":{"rendered":"
\n

Chipmaker Nvidia\u00a0is replacing Tesla\u00a0as Wall Street’s most traded stock by value, adding to its prominence after becoming the third-most valuable US\u00a0company and showing more evidence of how central AI-related bets have become to investors.<\/p>\n

<\/p>\n

Reuters Graphics<\/p>\n

Nvidia’s outsized representation in day-to-day stock trading could leave investors more vulnerable should the chipmaker’s revenue growth fail to meet investors’ high expectations and puncture a Wall Street rally that has been fueled by euphoria about artificial intelligence.<\/p>\n

The Santa Clara, California chipmaker’s\u00a0quarterly report<\/a>\u00a0late on Wednesday will be one of Wall Street’s\u00a0most watched events of the week<\/a>. Some strategists believe anything short of a blowout report could reverse a rally that has sent Nvidia’s stock soaring 40% in 2024.<\/p>\n

Nvidia’s stock dropped about 5% on Tuesday, reflecting investors’ jitters ahead of the report.<\/p>\n

About $30 billion worth of Nvidia shares changed hands daily on average over the past 30 sessions, pulling ahead of Elon Musk’s electric car maker, which averaged $22 billion per day over the same period.<\/p>\n

Tesla since 2020 had dominated daily US\u00a0stock trading, according to LSEG data, with turnover — a stock’s share price multiplied by the number of shares exchanged — peaking above $35 billion several times in recent years.<\/p>\n

\"Reuters<\/p>\n

Reuters Graphics<\/p>\n

On Tuesday, combined trading in Nvidia and Super Micro Computer, another company benefiting from the boom in AI, accounted for 46% of all turnover of the 10 most traded US\u00a0stocks, including Tesla, Meta Platforms, Apple, Amazon,\u00a0and Microsoft.<\/p>\n

“There’s an argument here that this is the dawn of a new era of trading, like the dawn of the internet, with Nvidia in the pole position,” said Dennis Dick, a trader at Triple D Trading in Ontario, Canada.<\/p>\n

But Dick also warned that sky-high turnover in AI-related stocks suggests retail investors and algorithmic traders are driving share prices higher based on momentum rather than fundamentals, such as expectations of future revenue growth.<\/p>\n

Super Micro, which sells AI-related server components to Nvidia, has seen its value nearly triple to $43 billion so far in 2024. It fell about 5% on Tuesday following a 20% collapse from record highs on Friday after Wells Fargo started covering the stock with an\u00a0equal weight rating<\/a>, saying its valuation already discounts “solid upside”.<\/p>\n

Nvidia controls about 80% of the high-end AI chip market, and last week its\u00a0market capitalization eclipsed, separately, Amazon’s and Alphabet’s<\/a>\u00a0to make it Wall Street’s third-most valuable company, behind Microsoft and Apple.<\/p>\n

Following Tuesday’s selloff in Nvidia shares, Alphabet and Amazon’s stock market values both pulled back ahead of the chipmaker. Nvidia’s stock market value last stood at $1.7 trillion, compared to $540 billion a year ago.<\/p>\n

Meanwhile, Tesla’s stock has tumbled 23% so far in 2024 as it struggles with\u00a0tepid demand for its electric<\/a>\u00a0cars and growing competition.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Chipmaker Nvidia\u00a0is replacing Tesla\u00a0as Wall Street’s most traded stock by value, adding to its prominence after becoming the third-most valuable US\u00a0company and showing more evidence of how central AI-related bets have become to investors. Reuters Graphics Nvidia’s outsized representation in day-to-day stock trading could leave investors more vulnerable should the chipmaker’s revenue growth fail to […]<\/p>\n","protected":false},"author":2,"featured_media":62733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/i.tribune.com.pk\/media\/images\/IMG_71921707903306-0\/IMG_71921707903306-0.jpeg","fifu_image_alt":"","footnotes":""},"categories":[8],"tags":[],"class_list":["post-62732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/62732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/comments?post=62732"}],"version-history":[{"count":0,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/62732\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media\/62733"}],"wp:attachment":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media?parent=62732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/categories?post=62732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/tags?post=62732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}