Retail investors snapped up shares of Nvidia and Tesla over the past week, but dumped Apple as tariff concerns roiled individual stocks, according to JPMorgan. Individual traders poured $1.2 billion and $1.1 billion on net into shares of Tesla and Nvidia, respectively, according to the bank. Those big inflows came despite net flows to large-cap stocks slowing across the board from the week before. (Net flows subtract the effect of shares that were sold versus those that were bought). Nvidia and Tesla have both been Main Street favorites since late 2022 and the advent of trades tied to the rise of artificial intelligence. Nvidia was the most-bought security by mom-and-pop investors on balance in 2024, while Tesla claimed the No. 3 spot, according to data from Vanda Research. The stocks have hit a rough patch this year. Nvidia has tumbled more than 12% in 2025 following two years of monster gains, while Tesla has plunged nearly 30% amid slowing sales and a backlash against CEO Elon Musk’s push into politics. NVDA TSLA YTD mountain Nvidia and Tesla, year to date To be sure, average investors spurned other megacap technology stocks. JPMorgan found Apple led the outflows among single stocks, with retail investors pulling about $400 million in the period. Apple shares have fallen about 7% in May after the iPhone maker’s latest earnings report . Investors have been concerned about what President Donald Trump’s steep tariffs against China mean for Apple’s bottom line, given its dependence on manufacturing there. Additionally, JPMorgan reported profit-taking in Microsoft following its postearnings rally. The stock lost $170 million in retail investors’ dollars during the latest week.
