October 10, 2024

Retail investors buy into Tesla robotaxi event at the expense of Nvidia, says Vanda Research

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Tesla shares are up in premarket action ahead of its robotaxi event that takes place on the west coast after Wall Street has closed.

Vanda Research reckons that anticipation of the robotaxi reveal is partly to blame for retail investors’ waning demand for Nvidia shares, as the chart below suggests.

“We previously highlighted how NVDA was enjoying a bit of a ‘1Q23 Tesla moment’ and that it would have inevitably been followed by ebbs and flows in retail appetite. That’s what seems to be at play lately as inflows decelerate,” says Vanda in a new emailed update.

“Moreover, while buying levels are nowhere near what we witnessed in early 2023, appetite for TSLA shares is on the rise. Thursday’s event could boost the rotation between these two names should Musk and Co deliver beyond expectations,” Vanda adds.

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