Retail investors continue the stock market rally. Here is exactly what they are buying.

A white Tesla Model X drives down the highway, with a blue sky in the background.

The Tesla Model X.You’re here

  • Retail investors are “aggressively” chasing the stock market rally, according to Vanda Research.

  • The buying included both individual stocks and ETFs, suggesting they are bullish in the broader stock market.

  • “Monthly net inflows into US equities now average $1.4 billion a day, which is near an all-time high,” Vanda Research said.

Retail investors are finally starting to buy into the stock market rally that began nine months ago and helped lift the S&P 500 nearly 30%.

According to a Thursday note from Vanda Research, retail investors are crowding into both individual stocks and equity ETFs, suggesting they’re not just bullish on specific themes, but becoming also more bullish on the broader stock market.

“Monthly net inflows into US equities now average $1.4 billion a day, close to last March’s all-time high ($1.5 billion a day),” Vanda Research said. “While it may be difficult to see a further increase in the pace of cash stock buying from these levels, there is still room for more speculative buying in the options space.”

Within individual stock market themes, Vanda Research observed that a rotation appears to be accelerating as retail investors shift their buying power from artificial intelligence stocks to electric vehicle stocks, with the shift likely to be sparked by Tesla’s recent second quarter. delivery numbers.

“Retail investors often alternate between themes as they get excited about near-term trends, and Tesla’s recent delivery pace could be the catalyst for increased exposure to other EV names.” , said Vanda Research.

Retail demand for stocks like C3.ai is starting to decline, while increased buying pressure has recently been seen in electric vehicle names like Rivian, according to the note.

These are the top 10 stocks that retail investors have bought the most over the past five days, according to Vanda Research.

10.Uber

Uber passenger

Uber passenger

Uber rider.Mario Tama/Getty

Symbol: UBER
Net retail purchases: $52.0 million

9. Micron Technology

Micron technology logo

Micron technology logo

In this photo illustration the Micron Technology Corporation logo seen displayed on a smartphone.Igor Golovniov/SOPA Images/LightRocket via Getty Images

Symbol: MU
Net retail purchases: $56.3 million

8.Pfizer

Pfizer logo

Pfizer logo

Carlo Allegri/Reuters

Code: PFE
Net retail purchases: $62.1 million

7. Meta platforms

Meta

Meta

Getty Images

Symbol: META
Net retail purchases: $62.9 million

6. Alphabet letters

Google

Tayfun Coskun/Anadolu Agency via Getty Images

Symbol: GOOGL
Net retail purchases: $66.4 million

5. Amazon

Amazon van.

Amazon van.

Dinendra Haria/SOPA Images/LightRocket via Getty Images

Symbol: AMZN
Net retail purchases: $135.7 million

4. Advanced microdevices

AMD CEO Lisa Su

AMD CEO Lisa Su

AMD CEO Lisa SuSteve Marcus/Reuters

Symbol: AMD
Net retail purchases: $211.2 million

3.Nvidia

Nvidia CEO Jensen Huang reacts to a video during his keynote speech at CES in Las Vegas, Nevada, U.S., January 7, 2018.

Nvidia CEO Jensen Huang reacts to a video during his keynote speech at CES in Las Vegas, Nevada, U.S., January 7, 2018.

Nvidia CEO Jensen Huang reacts to a video during his keynote speech at CES in Las Vegas, Nevada, U.S., January 7, 2018.Rick Wilking/Reuters

Symbol: NVDA
Net retail purchases: $233.9 million

2. Apple

iPhone 14

iPhone 14

Apple released the latest iPhone in September.Marc Asensio/Getty Images

Symbol: AAPL
Net retail purchases: $255.2 million

1.Tesla

A Tesla Model 3.

A Tesla Model 3.

A Tesla Model 3.David Zalubowski/AP

Symbol: TSLA
Net retail purchases: $1.2 billion

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