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Baystreet Staf - Tuesday, February 20, 2024
Nvidia Replaces Tesla As Most Traded U.S. Stock
Chipmaker Nvidia (NVDA) has replaced electric vehicle maker Tesla (TSLA) as the most traded stock in America.
Market data shows that $30 billion U.S. worth of Nvidia shares changed hands daily, on average, over the last month.
That puts Nvidia ahead of Tesla, which averaged $22 billion U.S. per day of trading over the same period. It's the first time in nearly four years that Tesla hasn't been the most traded U.S. stock.
Since the onset of the Covid-19 pandemic in 2020, Tesla had dominated daily U.S. stock trading, according to LSEG data. Tesla regularly saw $35 billion U.S. in trading per day.
However, Nvidia has now replaced Tesla as its share price has risen 50% already in 2024, giving the company a market capitalization of $1.80 trillion U.S.
Nvidia is now the third most valuable publicly traded company in America behind only Apple (AAPL) and Microsoft (MSFT).
Nvidia controls 80% of the global market for high-end artificial intelligence (A.I.) chips. The company is scheduled to report its latest financial results on Feb. 21 in what some analysts are calling a make-or-break moment for the stock market.
Meanwhile, Tesla's stock has declined 20% so far in 2024 as the automaker struggles with weak demand for its electric vehicles and rapidly rising competition.
Tesla's most recent earnings report missed Wall Street targets, sending its share price lower. Tesla now has a market capitalization of $626.54 billion U.S.
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