Nvidia short sellers lose $5 billion as shares rise more than 90% in 2023
Reuters
Published May 03, 2023 11:06AM ET
Updated May 03, 2023 12:41PM ET
NEW YORK (Reuters) -Nvidia Corp short sellers have lost $5.09 billion so far this year as the stock has jumped more than 90%, according to financial data firm S3 Partners.
The stock is the No. 1 losing equity short so far in 2023, followed by Apple (NASDAQ:AAPL) and Tesla (NASDAQ:TSLA), the firm wrote Wednesday.
Apple short sellers have lost $4.47 billion so far in 2023, it said, while the stock has risen about 30% in that period. Tesla short sellers have lost $3.65 billion for the year to date, it added, as the stock has gained about 33%.
Short interest in Nvidia (NASDAQ:NVDA) is down by 7.04 million shares, or 18%, for the year to date. Short interest is currently 1.32% of the float, the lowest level since October 2022, the firm wrote.
Nvidia shares were down 1.1% in midday trading Wednesday amid declines in chip makers after a disappointing outlook from Advanced Micro Devices (NASDAQ:AMD) Inc. late Tuesday.
Investors who sell securities 'short' borrow shares and then sell them, expecting the stock to fall so they can buy the shares back at the lower price, return them to the lender and pocket the difference.
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Written By: Reuters
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