Top trades by global Sharesight users — July 2024

Welcome to the July 2024 edition of Sharesight’s monthly trading snapshot for global investors, where we look at the top 20 trades made by Sharesight users around the world, excluding Australia and New Zealand (which we cover separately).

You may notice our trading snapshot looks different this month, as we have updated the design and are no longer highlighting the top 20 US trades. Instead, we are presenting the top trades by global investors, regardless of market or asset class, because this better reflects how our user base is actually investing — whether it’s in US markets, non-US markets, stocks, ETFs or even crypto.

Top trades July 2024

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This month’s top trades were led by NVIDIA (NASDAQ: NVDA) which has seen its share price decline throughout July, with many opportunistic Sharesight users buying the dip. The top trades were followed by Tesla (NASDAQ: TSLA), which saw its share price recover throughout the month, buoyed by newfound analyst optimism based on the company’s release of its latest Full Self-Driving software. It was a strong month for tech stocks in general, with 14 of the top 20 trades consisting of stocks belonging to the tech, EV, semiconductor and e-commerce sectors. It should also be noted that the majority of trades are buy trades, suggesting that Sharesight users are taking advantage of the tech downturn and buying these stocks at a discount.

Let’s look at the market-moving news behind some of this month’s top stocks:

NVIDIA (NASDAQ: NVDA)

• NVIDIA among tech companies using controversial methods to train their AI models
• NVIDIA and Apple lead tech slump as Nasdaq records worst day since 2022

Tesla (NASDAQ: TSLA)

• Tesla partners with Zurich to deliver insurance to its Australian customers
• Analysts impressed by Tesla’s latest update to its Full Self-Driving tech
• Tesla share price rises on newfound analyst optimism

Microsoft (NASDAQ: MSFT)

• Microsoft share price drops following latest earnings report; investors concerned about slow cloud business growth
• Microsoft to reduce kernel-level access for software applications following CrowdStrike incident

Apple (NASDAQ: AAPL)

• Share price hits new high ahead of Apple Intelligence release for iPhones; analysts predict US$5 trillion valuation
• Apple delays introduction of Apple Intelligence features in its phones by another month

Amazon (NASDAQ: AMZN)

• Amazon share price on watch ahead of Q2 earnings; analysts expect gains from eCommerce and cloud business
• Wall St analysts consider Amazon a “strong buy”

Meta (NASDAQ: FB)

• AI costs and ad strength in the spotlight in Meta’s upcoming Q2 earnings report
• Meta stock rally stalls ahead of Q2 earnings

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FURTHER READING

• Subscribe to Sharesight20 trading snapshots
• How Sharesight calculates your investment performance
• Sharesight users' top 20 trades in US, ASX and NZX stocks – June 2024