While WallStreetBets is not as a commanding name as it was at the height of the GameStop (NYSE: GME) meme stock craze, it remains a highly influential gathering place for retail investors, speculators, day traders, online trolls, and talented stock market theorists and analysts from every walk of life.
Indeed, the message board still boasts an active community, approximately 15 million strong as of February 22, and WallStreetBets’ comings and goings still influence global markets and can serve as a way to peer into what regular investors are thinking about the state of various stocks.
With all of this in mind, Finbold decided to see WallStreetBets’ most-mentioned stocks this week are, per the data compiled by Quiver Quantitative, a platform that rose to prominence thanks to tracking suspicious trades made by U.S. elected officials and sharing its most interesting finds on Elon Musk’s social media platform, X.
Picks for you
Nvidia (NVDA)
This week, the blue-chip chipmaker Nvidia (NASDAQ: NVDA) is shaping up to be WallStreetBets’ darling with 3,331 mentions – a 116.72% increase compared to the previous 7-day period.
The trend is hardly surprising given that Nvidia, a veritable giant in the semiconductor industry, has been making major and, arguably, violent stock market moves in recent days.
If NVDA stock’s long-term moves are driven by its pivotal role within the artificial intelligence (AI) boom, its Q4 earnings report – published after the market closed on February 21 – is responsible for the more short-term volatility.
Indeed, the last few days have been a rollercoaster ride for Nvidia’s shares as they plummeted as much as 5% after the President’s Day weekend in anticipation of the earnings report, only to surge more than 10% in the extended session between February 21 and 22 after its release.
Throughout 2024, Nvidia has been one of the biggest gainers out there, and its stock is 40.08% in the green since January 1. Its latest close placed the shares at $674.72, though the extended session has seen them surge to $759.84 by press time.
Super Micro Computer, Inc (NASDAQ: SMCI)
Super Micro Computer (NASDAQ: SMCI) is second place among WallStreetBets and is, in one major way, incredibly fitting given the subreddit’s history with GameStop.
In 2024, Supermicro’s surge can best be described as meme-stock-like, as SMCI stock went from about $285.45 at the start of the year to approximately $1,030 on February 15.
Some of the major drivers of this massive surge have been Super Micro Computer’s focus on AI, as well as its strategic partnerships with giants such as Nvidia and Intel (NASDAQ: INTC).
Recently, SMCI stock has been losing some of its favor with WallStreetBets, as it was mentioned 787 times in the last week – a 12.26% decrease. In the same period, the price of Supermicro’s shares also dropped 10.90% as it entered into a significant correction following the crossing of the $1,000 threshold.
Year-to-date, SMCI is 157.20% in the green, and it closed on the last trading day – Wednesday, February 21 – at $734.17.
Supermicro’s extended trading performance – which has seen it rise, much like Nvidia, more than 10% by press time, to $825.80 – might also give it a second wind with one of Reddit’s largest communities.
SPDR S&P 500 ETF Trust (SPY)
The elegantly-named SPDR S&P 500 ETF Trust (SPY) is WallStreetBets’ third most frequent mention this week. The appearance of the oldest and largest exchange-traded fund (ETF) in existence is hardly surprising, given that the S&P 500 – the index it is working to match – has recently been making some major moves.
In fact, the S&P 500 hit its new all-time high above 5,000 points early in February and, along with the bullish momentum, boasts some strong bearish warnings – analysts have identified striking and worrying parallels between the index and the stock market just before the Great Depression of 1929.
On WallStreetBets, the SPY ETF was mentioned as many 718 times in the last 7 days – 70.55% more than in the week before.
SPY itself has been offering a decent performance so far in 2024 and is, since January 1, 5.20% in the green at $497.21 – slightly more than the S&P 500 itself which is 5.04% up YTD.
Artificial intelligence (AI)
Ever since OpenAI launched its flagship platform – ChatGPT – in late 2022, the world has been abuzz with talk about artificial intelligence.
Some of the best-performing stocks in the last 52 weeks have strong ties with the technology – the aforementioned Nvidia and SMCI included – most major big tech companies have either released their own models or are working on them.
Finally, along with investors, internet regulars, conspiracy theorists, the media, and technology enthusiasts, big banks have also been infatuated with the technology – expected to become a $100 billion market by 2028 and a $1 trillion one in the next 5 years or so – and have predicted AI will be the industry to lead the global markets in 2024.
Following this trend – or, perhaps, walking alongside it – WallStreetBets mentioned artificial intelligence as many as 654 times – 94.07% more often than in the previous 7 days.
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