Though primarily associated with the 2021 meme stock craze – and, by extension, with companies like GameStop (NYSE: GME) and AMC Entertainment (NYSE: AMC) – r/WallStreetBets has long since moved on to greener pastures and found its new favorite companies.
Data tracking stock mentions on the subforum on the popular message board Reddit (NYSE: RDDT) reveals that, in the last 30 days, none have been as frequently mentioned as the semiconductor giant Nvidia (NASDAQ: NVDA).
r/WSB most mentioned stocks in the last 30 days. Source: Quiver Quant
In fact, the data shows that NVDA shares have been mentioned approximately 700 times as of the early morning of September 5, while the second most discussed company, AST SpaceMobile (NASDAQ: ASTS), stands at fewer than 300.
Additionally, the community on r/WSB appears mostly optimistic about Nvidia, with 403 ‘calls’ compared to 219 ‘puts’ in recent discussions.
Put and call mentions on r/WSB’s most popular stocks. Source: Quiver Quant
Why Nvidia stock is so popular on r/WSB
Looking at Nvidia’s comings and goings in 2024, it is hardly surprising that NVDA shares have found such popularity on the message board. The blue-chip chipmaker has been playing a pivotal role in the ongoing artificial intelligence (AI) boom, and its CEO, Jensen Huang, is often called ‘The Godfather of AI.’
Additionally, assuming the usual Redditor/gamer overlap, Nvidia has been primed for Reddit popularity for a long time, given its prior role as the provider of premium chips for video games.
On the stock market side, there has been no shortage of excitement surrounding the big tech firm as NVDA shares have managed an impressive 122.49% rise in the year-to-date (YTD) chart. Indeed, they started 2024 at $48.17 – once the most recent stock split is accounted for – and have surged to $107.17, Nvidia’s price today.
NVDA stock YTD price chart. Source: Finbold
However, the most recent events have simultaneously ensured that the chipmaker will be even more discussed in the short term, and they have cast some doubt on whether Nvidia can sustain its popularity in the long run.
Can NVDA shares retain their prominence?
NVDA shares have been a prominent topic in recent weeks due to the downturn they have suffered both during the early August bloodbath and, more recently, in the wake of a weak U.S. manufacturing report, the Department of Justice (DoJ) subpoena controversy, and the associated stock market slump.
While its long-term performance remains nothing short of impressive, the fact that Nvidia stock is down 12.30% in the last five days of trading and has rapidly erased more than $300 billion from the company’s market capitalization in September has caused some concern among investors.
NVDA stock 5-day price chart. Source: Finbold
Ultimately, despite persistent fears that the artificial intelligence boom has turned into an AI bubble – and the associated predictions that NVDA shares may depreciate 98% should it burst – the current consensus appears more bullish, with some analysts even describing the ongoing downturn as a ‘buy the dip’ opportunity.
Buy stocks now with eToro – trusted and advanced investment platform
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
The post Here’s how WallStreetBets’ favorite stock has done in 2024 appeared first on Finbold.
