Everyday investors appear to be taking profits on some of the most popular artificial intelligence stocks, according to JPMorgan. After subtracting for outflows, JPMorgan’s Peng Cheng said retail traders poured nearly $450 million into single stocks over the last week. Cheng cited a continued focus on technology, but emphasized a shake up in which specific names were capturing those dollars. Nvidia , Advanced Micro Devices and Super Micro Computer were among the stocks seeing the largest net retail outflows in the week, JPMorgan found. All three stocks have run up over the past several months due to their connections to AI, so it appears that investors may be taking some profits as the market wonders how much higher these names can go. NVDA AMD,SMCI 1Y mountain Nvidia, Advanced Micro Devices and Super Micro Computer, 1 year Nvidia saw the largest net outflows of any equity over the last week, with these investors selling more than $5 billion, JPMorgan found. Advanced Micro had retail net outflows of more than $800 million in the period, while investors sold Super Micro shares to the tune of $301 million, the firm said. To be sure, Wall Street sees divergence ahead for the group. The average analyst polled by LSEG expects Nvidia and AMD to rise more than 5% and 6%, respectively, while anticipating Super Micro will tumble about 10% from current levels. All three have buy ratings from the average analyst. Beyond AI stocks, Tesla was another one of those most sold names in the week with retail net outflows of more than $300 million, according to JPMorgan. The “Magnificent Seven” stock has gained more than 5% this week but is still down around 30% on the year. While the majority of Wall Street has a hold rating on Tesla, the average analyst sees the stock rebounding about 15% over the next 12 months, per LSEG. As Average Joe investors rotated out of these names, they appeared to shift exposure toward a Big Tech stock with a less stellar track record over recent history: Apple . Apple was the most bought stock by everyday investors in the week, clinching more than $1.4 billion, JPMorgan found. Shares are down nearly 1% this week and off 11% in 2024. But analysts see a turnaround ahead. In addition to having a buy rating, the average analyst surveyed by LSEG expects shares to climb more than 17% over the next year.
Retail traders are bailing on 3 of the hottest AI plays in the stock market today
Mar 22, 2024
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