Q1 Top stocks Australia: Nvidia and TMSC top of the pack, while Aussie retail investors continue to back AI and big tech
- Nivida, Taiwan Semiconductor Manufacturing Co. and Advanced Micro Devices make up the top three stock risers in Australia
- Global AI buzz continues to attract investors to market leaders Nvidia, Microsoft and Alphabet
- Prosus NV saw the biggest QoQ drop in users (-16 per cent), with the ripple effect of Chinese video game regulations continuing to impact tech investors
Sydney, Thursday 4th April 2024 – Australian retail investors are increasingly looking for opportunities in tech and AI stocks, while China’s latest video game regulations, announced in December, continue to impact Prosus NV. That’s according to the latest quarterly stocks data from trading and investing platform eToro.
eToro analysed which companies saw the biggest proportionate change in holders, quarter-on-quarter (table 1), while also looking at the ten most held stocks on the platform in Australia (table 2).
While the list of most held stocks was unchanged at the top, with Tesla and Apple leading the pack, further down the rankings there was significant disruption thanks to Nvidia. The AI market leader climbed from 6th to 3rd in Q1, as the firm’s share price continued its extraordinary ascent, now more than 230 per cent up in the last year.
The data also shows that Aussie eToro users show no sign of letting up on big tech and ‘AI mania’.
Nivida, Taiwan Semiconductor Manufacturing Co. and Advanced Micro Devices all made the biggest risers list for Q1, with the number of investors holding the stocks climbing 52 per cent, 37 per cent and 34 per cent, respectively. Also on the list were tech stock stalwarts Microsoft, Intel and Apple.
Commenting on the data, eToro Market Analyst Josh Gilbert said: “It won’t be a surprise to anyone to see Nvidia climbing up the charts after its stellar performance over the last 18 months as it continues to reap the rewards from AI. Tech stocks are still the main attraction for seasoned and new investors, as we continue to see these businesses move from initial hype to revenues and profits reality.”
At the other end of the spectrum, Australian eToro users appeared to lose patience with Prosus (-16 per cent), a major shareholder in Chinese tech firm Tencent. This investor exodus continues from Q4, when Prosus also saw a 16 per cent drop in Aussie holders following news of new Chinese regulations announced in December that intend to curb spending on video games. Another company that saw a significant QoQ fall was Airbnb (-11 per cent), as its legal battles, negative feedback on policies and broader controversy surrounding short-term rentals amid a cost of living crisis continue to affect investor sentiment.
Gilbert adds: “What is most interesting to see, though, is investors aren’t willing to give up on Lithium stocks that have seen significant drawdowns in the last 12 months. We’re in the midst of a lithium winter, with EV demand slowing, and lithium miners are at the whim of falling lithium prices that continue to fall, whilst inflation and high interest rates elevate the cost of initiating new projects.
However, short-term fluctuations aren’t deterring long-term investors from what seems to be the inevitable transition to Electric Vehicles. Instead, they’re seeing the drawdown in a business such as Pilbara Minerals which will have a huge hand in that transition, as an opportunity to own a quality business at a lower price for the long term.”
Globally, retail investors are increasingly looking for opportunities in European stocks while holding firm on AI and weight loss drug leaders. This insight comes ahead of a widely predicted market rotation away from US and tech and towards Europe and emerging markets. European firms on the list include weight loss drugmaker Novo-Nordisk, Spanish energy firm Repsol, and German defense stock Rheinmetall, with the latter seeing a massive 80% share price jump so far in 2024 as military spending grows due to the ongoing Ukraine-Russia conflict.
Table 1: Shows which stocks have seen the biggest proportional increase and decrease in holders on the eToro platform quarter on quarter
| Biggest risers among eToro’s investors in Australia | Biggest fallers among eToro’s investors in Australia | |||
| Rank | Company | Increase in holders QoQ | Company | Decrease in holders QoQ |
| 1 | NVIDIA Corporation | 52% | Prosus NV | -16% |
| 2 | Taiwan Semiconductor Manufacturing Co Ltd – ADR | 37% | Airbnb Inc | -11% |
| 3 | Advanced Micro Devices Inc | 34% | Gevo Inc | -9% |
| 4 | Crowdstrike Holdings | 27% | Block Inc. | -8% |
| 5 | Mastercard | 23% | Nano Dimension Ltd-ADR | -8% |
| 6 | Adobe Systems Inc | 19% | Moderna Inc | -8% |
| 7 | Boeing | 19% | Walt Disney | -7% |
| 8 | Costco Wholesale Corp | 17% | Coca-Cola | -7% |
| 9 | Pilbara Minerals Limited | 16% | LVMH Moet Hennessy Louis Vuitton SA | -7% |
| 10 | Core Lithium Ltd | 15% | Warner Bros Discovery Inc | -6% |
Table 2: Shows stocks most widely held by eToro users in Australia and their position last quarter
| Company | Ranking at end of Q1, 2024 | Ranking at end of Q4, 2023 |
| Tesla Motors, Inc. | 1 | 1 |
| Apple | 2 | 2 |
| NVIDIA Corporation | 3 | 6 |
| Amazon.com Inc | 4 | 3 |
| Microsoft | 5 | 5 |
| Nio Inc.-ADR | 6 | 4 |
| Meta Platforms Inc | 7 | 7 |
| Alphabet | 8 | 8 |
| Alibaba-ADR | 9 | 9 |
| GameStop Corp. | 10 | 10 |
The tables compare data from the eToro platform on the final day of Q1 2024 with the final day of Q4 2023. The data refers to funded accounts of eToro users globally.
The data in the first table shows the 10 stocks which have seen the biggest proportional increase and decrease in holders on the eToro platform quarter on quarter (Q1 vs Q4). The data in the second table shows the top 10 most held stocks positions (open positions) by investors on the eToro platform at the end of the Q4 2023. As the vast majority of stocks traded on eToro are the real asset, this data does not include positions held as CFDs.
All data accurate as of after market close on Friday 29th March.
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