Q2 Stocks: Nvidia and Big Tech Dominate, Mining Stocks on the Rise

• Nvidia overtakes Apple to become the second-most-held stock in Australia, while rising from fourth to second on the global list of most-held stocks amongst eToro users
• Big tech including Nvidia, Intel and Microsoft are some of the top stock risers in Australia
• Mining giant BHP, Core Lithium and Pilbara Minerals are also among the top 20 risers for Q2 in Australia

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Sydney, 8th July 2024: Retail investors continue to back Nvidia and big tech, while also backing the potential of mining stocks, according to the latest quarterly stocks data from trading and investing platform eToro. 

eToro’s latest figures reveal which companies saw the biggest proportionate change in holders, quarter-on-quarter (table 2), and the 10 most held stocks on the platform in Australia (table 1).

There have been numerous shifts among the most held stocks (Table 1) since last quarter. Nvidia has risen to become the second-most popular stock on the eToro platform in Australia, overtaking Apple and sitting just behind Tesla. Meanwhile, the bottom half of the top ten experienced a few shifts with Meta overtaking Chinese car manufacturer Nio Inc. to become the sixth most popular stock in Australia, while Gamestop moved up into ninth place, overtaking Alibaba.

Table 1: Shows stocks most widely held by eToro users in Australia and their position last quarter

Gamestop also had an 18 per cent increase in holders this quarter. This comes as little surprise after the stock’s shares rose sharply in early June following notorious financial analyst Keith “Roaring Kitty” Gill’s return to Reddit, during which he made a post about the company on /r/wallstreetbets.

While Nvidia continues to dominate AI news, other firms in the space are also attracting attention from investors, as indicated by several businesses with lofty AI ambitions featuring on the ‘top risers’ list (table 2). This includes Intel (+17 per cent), which announced new AI chips during the Computex tech conference in Taiwan last month, and Microsoft (+6 per cent), which recently released its AI Copilot Plus PCs. 

Semiconductor manufacturers are also featured among the top risers in Australia. Taiwan Semiconductor Manufacturing Co Ltd was the second largest riser for the quarter (+25 per cent), and the number of Aussie holders in Advanced Micro Devices rose 16 per cent. Aussie retail investors’ interest in mining companies was also notable. Mining giant BHP boasted a 24 per cent increase in holders for Q2, while Core Lithium and Pilbara Minerals sit among the top 20 stock risers ( an 8 per cent and 5 per cent increase in holders, respectively). 

Commenting on the data, eToro Market Analyst Josh Gilbert, said: “Retail investors continued to flock to AI stocks in the second quarter of 2024, as businesses such as Nvidia and TSMC continue to reap the rewards of the biggest technology revolution we’ve seen for decades. 

We’re unlikely to see this investor migration to AI stocks ease up anytime soon, as these stocks continue to deliver huge profits quarter after quarter, and other AI winners are sure to emerge in the years ahead.“

The ‘top fallers’ list in Q2 (table 2) indicated Aussie eToro users are continuing to lose faith in Prosus NV (-10 per cent), a major shareholder in Chinese tech firm Tencent. This investor exodus continues from Q1, and Q4 2023 when the company saw a 16 per cent drop in Aussie holders over two consecutive quarters following news of new Chinese regulations announced last December that intend to curb spending on video games.

Another company that saw a significant QoQ fall was Moderna (-10 per cent). However, investor sentiment may shift next quarter following news that the company is in the early stages of developing a vaccine for the bird flu, a current concern for Australia’s egg supply. 

Gilbert adds: “We’ve also seen investors flock back to local miner BHP as the downturn in China’s real estate sector shows signs of slowing as the government continues to offer support to the sector. There is clearly still a long way to go for China’s economy, but with Iron Ore prices rising in recent months, investors are seeing the weakness in BHP shares this year as an opportunity. “

Table 2: Shows which stocks have seen the biggest proportional increase and decrease in holders on the eToro platform quarter on quarter

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