Nvidia new small investor favorite – overtakes Tesla

The AI-hype's big winner, American Nvidia, has ahead of this evening's quarterly report surpassed Tesla as the largest US stock among online broker Nordnet's customers. Now Nvidia is the ninth most owned on the entire platform, says Nordnet's savings economist Frida Bratt.

» Published: August 28 2024

Nvidia new small investor favorite – overtakes Tesla
Photo: David Zalubowski AP/TT

The number of shareholders in chip manufacturer Nvidia among online broker Nordnet's customers has increased from around 20,000 to 61,000 since the turn of the year.

An increase of a staggering 200 percent just this year, says Frida Bratt.

Extra boost after stock market fall

The development looks similar among online broker Avanza's customers, where the number of Nvidia shareholders has increased by 161 percent to almost 64,400 this year.

At Avanza, Tesla remains at the top among US stocks, with 79,122 owners. But at Nordnet, Nvidia has made a rapid climb to ninth place among the platform's most owned shares, causing Tesla to fall out of the top ten list.

The demand for Nvidia shares among Nordnet's customers received an extra boost in connection with the turbulence on Wall Street in early August, when prices plummeted for, among others, Nvidia itself.

Nvidia's share was one of the most net-bought when it shook the most. It became cheaper. Then we could see that the number of owners took off, says Bratt.

The backlash against the electric car trend around the world and tough competition from China in the global electric car market, combined with many seeing co-founder and CEO Elon Musk as "unpredictable", explain why Tesla interest has leveled off.

Frida Bratt does not believe that Musk's clear support for former President Donald Trump ahead of the US election in November – both in the form of campaign contributions and statements – has affected the development so much. It's about the company's development.

Tesla is valued as a growth company, but the profit isn't growing. How does that add up? asks Bratt.

Tesla has been in the absolute forefront and the valuation is based on the assumption that they will continue to do so. But there are some question marks, adds she.

A quarter of Wall Street's rise this year

Many Nvidia shareholders have bought their shares at a price close to the historical record of $140.76 per share. But tens of thousands have at least been able to follow the year's price increase from $48 to today's price around $130 per share.

Nvidia – with its eccentric CEO Jensen Huang – accounts for a quarter of the Wall Street index S&P 500's value increase so far this year. And the market value of the entire company is currently up at $3,182 billion (32,460 billion kronor). This has made Nvidia the second-highest valued company on all of Wall Street – after iPhone manufacturer Apple – and over four times more valuable than Tesla.

The California-based chip manufacturer Nvidia is one of the biggest winners on the wave of investments in artificial intelligence (AI) in recent times. And the company has exceeded market expectations in the last six quarterly reports.

Ahead of Wednesday's report, the average forecast for revenue is $28.7 billion, a significant doubling in one year. Net profit is expected to rise to almost $15 billion or 65 cents per share.

Expectations ahead of Wednesday's report have been cranked up this summer since reports from tech giants like Google, Meta, Microsoft, and Amazon – Nvidia's major customers – have continued to make large investments in AI.

Sources: Bloomberg Intelligence, Financial Times

The number of Nvidia shareholders on online broker Nordnet's platform has increased by over 200 percent – from around 20,000 to 61,000 – so far this year. This gives a ninth place overall among Nordnet's favorite shares.

Tesla's share has consequently been knocked out of the top ten list to an eleventh place.

Nvidia has also surpassed the most owned Swedish share, Investor, with 54,000 Nordnet customers as owners.

The five most owned shares among Nordnet's customers are:

Novo Nordisk (Denmark): 162,000 owners

Nordea (Finland): 120,000 owners

Fortum (Finland): 82,000 owners

Norwegian Air Shuttle (Norway): 82,000 owners

Mandatum (Finland): 80,000 owners

Besides tens of thousands of Nordic small investors with direct ownership in Nvidia, all savers with holdings in US funds, technology funds, and global equity funds are exposed to Nvidia's share.

Source: Nordnet

Tags

TTT
By TTThis article has been altered and translated by Sweden Herald

More news

Open AI Secures Record 400
1 MIN READ

Open AI Secures Record 400 Billion Kronor Investment Boost

Swedish Industry Reaches 6.4 Percent
2 MIN READ

Swedish Industry Reaches 6.4 Percent Wage Agreement Over Two Years

Genre image
1 MIN READ

Swedish Industry Sets 6.4 Percent Wage Increase in New Agreement

Latvia Secures 2.1 Billion Kronor
1 MIN READ

Latvia Secures 2.1 Billion Kronor Deal with Saab for Air Defense Systems

Renault Acquires Full Ownership of
1 MIN READ

Renault Acquires Full Ownership of Renault Nissan Automotive India

1,700 Jobs Saved as Northvolt
2 MIN READ

1,700 Jobs Saved as Northvolt Navigates Bankruptcy in Sweden

Swedish Pension Saver Loses Appeal
1 MIN READ

Swedish Pension Saver Loses Appeal in Falcon Funds Fraud Case

Huawei Reports First Quarterly Loss
1 MIN READ

Huawei Reports First Quarterly Loss in Years Following Sanctions

France Fines Apple 150 Million
1 MIN READ

France Fines Apple 150 Million Euros for Competition Violations

Maurel & Prom Shares Drop
1 MIN READ

Maurel & Prom Shares Drop 15 Percent After Venezuela License Revoked

Norwegian Oil Fund Invests 1.4
1 MIN READ

Norwegian Oil Fund Invests 1.4 Billion Euro in Offshore Wind Projects

Sweden's Wage Talks Reach Critical
1 MIN READ

Sweden's Wage Talks Reach Critical Stage as Deadline Looms

Sweden Leads Nordic Region in
1 MIN READ

Sweden Leads Nordic Region in Money Laundering, Report Finds

Swiss Varo Energy to Acquire
1 MIN READ

Swiss Varo Energy to Acquire Swedish Fuel Company Preem

German Inflation Drop Signals Potential
2 MIN READ

German Inflation Drop Signals Potential ECB Rate Cut in April

Half of Retrained Workers Shift
1 MIN READ

Half of Retrained Workers Shift to New Industries, CSN Reports

EQT-Backed Omega II Bids 54.9
1 MIN READ

EQT-Backed Omega II Bids 54.9 Billion Kronor for Fortnox

Food Prices Continue to Climb,
3 MIN READ

Food Prices Continue to Climb, but Major Increases May Be Over

Stockholm Stock Exchange Drops as
2 MIN READ

Stockholm Stock Exchange Drops as Trump's Tariff Plans Rattle Markets

Tokyo Stocks Drop Sharply as
1 MIN READ

Tokyo Stocks Drop Sharply as Trump Tariffs Loom

Trump and Starmer Discuss Progress
1 MIN READ

Trump and Starmer Discuss Progress on US-UK Trade Deal

Håkan Samuelsson Returns as Volvo
2 MIN READ

Håkan Samuelsson Returns as Volvo Cars CEO to Drive Electric Future

Security Fund Reports Fewer Layoffs,
2 MIN READ

Security Fund Reports Fewer Layoffs, Sees Hope for Skilled Workers

South Korea, China, Japan Collaborate
1 MIN READ

South Korea, China, Japan Collaborate to Boost Free Trade

Trump's Diversity Order Faces Pushback
1 MIN READ

Trump's Diversity Order Faces Pushback from European Companies

Sweden Seeks to Shield Key
2 MIN READ

Sweden Seeks to Shield Key Goods from EU-US Tariff Clash

Weekend Push for New Industrial
2 MIN READ

Weekend Push for New Industrial Agreement as Deadline Looms

Swedes Opt for Europe as
3 MIN READ

Swedes Opt for Europe as US Travel Bookings Drop 30 Percent

Energy Efficiency Boosts Villa Prices
1 MIN READ

Energy Efficiency Boosts Villa Prices in Sweden's Real Estate Market

Elon Musk's XAI Acquires Platform
1 MIN READ

Elon Musk's XAI Acquires Platform X in Major Tech Move

Inflation Concerns Drag Down Wall
1 MIN READ

Inflation Concerns Drag Down Wall Street Indices

Sweden Seeks New Investors for
1 MIN READ

Sweden Seeks New Investors for Bankrupt Northvolt Battery Firm

US Inflation Surprises with Higher
1 MIN READ

US Inflation Surprises with Higher Than Expected February Rate

Li Ka-Shing Halts Sale of
1 MIN READ

Li Ka-Shing Halts Sale of Panama Canal Ports Amid Beijing Pressure

Princess Madeleine Addresses Criticism Over
2 MIN READ

Princess Madeleine Addresses Criticism Over New Skincare Venture

Stockholm Stocks Slide 4.5 Percent
1 MIN READ

Stockholm Stocks Slide 4.5 Percent in a Week as US Inflation Hits

French Inflation Dips Below Expectations,
1 MIN READ

French Inflation Dips Below Expectations, Impacting ECB Decisions

Cautious Consumer Spending Sees Slight
1 MIN READ

Cautious Consumer Spending Sees Slight Uptick in Sweden's Retail Sales

SSAB Faces Financial Supervisory Authority
1 MIN READ

SSAB Faces Financial Supervisory Authority Probe Over Reporting Rules

79,000 Swedes Face Student Debt
1 MIN READ

79,000 Swedes Face Student Debt with Enforcement Authority in 2024