Nvidia is losing owners. Approximately 3,000 have left Nvidia since the turn of the year. That's about 3 percent of owners, says Felicia Schön, savings economist at online broker Avanza.
Nvidia has been the sixth most net-sold stock among Avanza's users so far this year.
No mercy
The same trend in net sales, albeit to a lesser extent, is seen among Avanza's customers for several other tech giants on Wall Street, such as Apple, Tesla, Meta (Facebook's owner) and Alphabet (Google's owner), according to Schön.
And when you look at the fund side, at the flows there, there is "no mercy" toward US and technology stocks, she says.
Those sectors are being left behind now. The flows are going elsewhere.
Much of what is being moved goes to major Swedish companies, Europe and emerging markets, according to Avanza.
The selling wave and rotation from technology and the US to Sweden, Europe and growth is confirmed by Frida Bratt, savings economist at online broker Nordnet.
This also applies to Nvidia, which has a few hundred fewer owners among Nordnet's customers now than at the turn of the year.
Trend reversal, says Bratt.
She describes this week's report as "an important milestone."
There is a lot of uncertainty right now. Who will benefit from this AI development? What services are needed? And how have the companies financed themselves?
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The uncertainty also affects venture capital companies and the software sector with exposure to AI, she notes.
A domino effect.
California-based Nvidia - a stock that most analysts, despite all the turbulence in the sector, still have a buy rating on - as usual reports its financial results a few weeks after the corresponding figures from the other tech giants on Wall Street. The chip giant - valued at around $4.6 trillion (equivalent to 41.2 trillion kronor) - includes most of January in its fiscal year.
Nvidia's market capitalization is well over three times the total value of the entire Stockholm Stock Exchange, including large secondary listings such as AstraZeneca and ABB.
In the turbulence so far this year, Nvidia's stock has risen slightly. Looking back a year, it is up 35 percent. And someone who bought an Nvidia share for around $23 three years ago can now get almost $190 for the same share.
Nvidia, by far the world's most highly valued publicly traded company, is a world leader in the development and manufacturing of advanced chips for data centers, among other things. The company's reports are seen as important temperature gauges of demand for AI infrastructure.
The focus ahead of Wednesday evening's quarterly report from Nvidia will include the company's best sellers, the B200 and B300 in the Blackwell series, and how pre-orders look for the next-generation chip, called Rubin.
The average analyst forecast is that Nvidia's fourth-quarter revenue rose to $65.6 billion. The report also expects Nvidia to forecast $73 billion in revenue for the recently started quarter, which ends in April of this year.
Fourth-quarter earnings are expected to surge by more than 70 percent year-on-year to $1.45 per share, but Nvidia often surprises shareholders with upside surprises in its earnings reports.
