Retail traders piled into Big Tech stocks in the past week leading up to highly anticipated earnings reports, betting on strong results, according to JPMorgan data. E-commerce giant Amazon saw $272 million of retail inflows over the last week, the greatest net buying from the cohort, the data said. Apple experienced $124 million of inflows from retail investors during the same time, while Google’s parent company Alphabet raked in $64 million. These three major technology companies are all slated to report fourth-quarter earnings next Thursday after the bell. Their stocks have rebounded handsomely year to date. Amazon has climbed more than 15% in 2023, while Apple has risen 9% and Alphabet has gained nearly 8%. AMZN YTD mountain Amazon in 2023 Last week marked the second consecutive week of inflows into single stocks from retail investors, with $780 million in net buying, following a streak of 17 straight weeks of outflows, JPMorgan said. On the flip side, retail traders continued to sell Tesla last week, bringing its year-to-date selling to $1.1 billion, according to JPMorgan. Tesla shares jumped on Thursday after the electric vehicles leader posted quarterly results that topped Wall Street’s expectations . Still, it remained to be seen whether Tesla could weather a drop in demand for its cars, especially as competitors bring more of their own EVs to the market.
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