Nvidia set to be retail favorite after Tesla’s six-month streak

FILE PHOTO: FILE PHOTO: The logo of technology company Nvidia is seen at its headquarters in Santa Clara

(Reuters) -Nvidia Corp on Thursday was set to break Tesla Inc’s streak of being the most traded stock by retail traders in every session since Nov. 4, according to J.P. Morgan data.

Shares of Nvidia jumped 27%, approaching a $1 trillion market value, after the U.S. chip designer projected quarterly revenue more than 50% above estimates in a sign that Wall Street has grossly underestimated its role in powering the artificial intelligence (AI) revolution.

Nvidia was the most traded stock by retail investors on Thursday, with 88,962 buy orders outnumbering 86,413 sell orders by 13:30 p.m. ET, according to J.P.Morgan data.

It was also the most actively traded stock on Fidelity’s platform and the top trending stock on investor focused social media site stocktwits.com.

Since the start of this year, Nvidia has attracted the highest net purchases from retail investors after Tesla, Amazon.com Inc and Apple Inc among single stocks, according to Vanda Research.

(Reporting by Medha Singh in Bengaluru; Editing by Shounak Dasgupta and Devika Syamnath)