Retail investors are rapidly reshaping their exposure to Big Tech, piling into AI-linked winners while backing away from Apple (AAPL), says Kobeissi Letter editor-in-chief Adam Kobeissi.
In a new post, Kobeissi cites data from JPMorgan’s equity strategy and quantitative research and tells his 1.2 million X followers that retail investors have aggressively accumulated Nvidia (NVDA) and Tesla (TSLA) shares since mid-2025, while Apple has seen meaningful net outflows.
The data tracks cumulative retail net purchases across the Magnificent 7 stocks plus Palantir (PLTR) from July 2025 through January 2026.
“Individual Investors purchased +$15 billion of Nvidia, NVDA, stock since July 2025, the most among all Magnificent 7 stocks. This is more than the other 6 stocks combined. This was followed by +$6 billion cumulative retail purchases of Tesla, TSLA, over the same period.”
By comparison, Kobeissi says retail buying in the rest of Big Tech has been far more muted.
“By comparison, Meta, META, Amazon, AMZN, Microsoft, MSFT, and Google, GOOGL, saw +$3 billion, +$3 billion, +$2 billion, and +$2 billion, respectively.”
Kobeissi says the outlier on the other side of the trade was Apple.
“Meanwhile, Apple, AAPL, posted -$4 billion of retail net outflows over the same time period. Retail seems to be ditching Apple for now.”
As of Friday’s close, Nvidia is valued at $187.67, while Tesla is worth $449.06. Meanwhile, Apple is trading at $248.04.
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