Retail investors, who have nailed the market comeback this year, loaded up on their artificial intelligence favorite Nvidia headed into September, along with a number of other tech names, according to JPMorgan’s data. Nvidia topped the list of top 10 single stocks with largest weekly retail order imbalance over the past week with $867 million net inflows into the name, the Wall Street firm’s data showed. Small investors bought the small dip in the AI enabler as the stock fell more than 2% during the past week despite a stellar earnings report. Nvidia beat on earnings and revenue for the quarter and issued guidance for the current period that topped estimates. JPMorgan said retail purchase around midday after Nvidia’s earnings reached four times that of the day prior at the same time. Still, retail enthusiasm around Nvidia had faded ahead of Wednesday’s big earnings report . Notional monthly flows into Jensen Huang’s company, which peaked at around $140 billion in 2024 have since slumped to roughly $50 billion, Goldman Sachs said. It appears that enthusiasm for other AI plays is waning as well. Advanced Micro Devices and SoundHound AI were among retail cohort’s top 10 stocks but the purchasing power was low over the past week, JPMorgan said. “Looking beyond NVDA, retail investors have been engaging in AI stories at a slower pace in recent months compared to 1H25,” JPMorgan strategists said in a note to clients. Their second favorite is Palantir with retail net buying topping $300 million over the past week, JPMorgan said. Opendoor , recently at the center of a meme stock craze, was also one of retail investors’ favorites heading into September. Walmart, CoreWeave and Snowflake were on the list as well.
