Percentage of investors overweight the magnificent seven names dwindle

The percentage of investors that are overweight the magnificent seven names have declined by 10% according to the Jefferies TMT Trading October 2024 Positioning Survey.

Per the survey, the percentage of investors that are overweight the mega caps sits at 39%, which is lower than the 49% reading that was observed back in the July survey.

“NVDA remains the most crowded Mag7 name, but there has been some shift coming out of last Q with MSFT moving out of the top 2 for the first time in our survey’s history and AMZN moving down a notch,” Jefferies spotlighted in its poisoning survey.

Moreover, “META is the most improved q/q from a net positioning perspective (# of long votes – # of short votes) and entered the top 2 for the first time ever in our survey,” Jefferies added.

At the same time, the financial firm outlined that Alphabet still remains a relative underweight with short interest near a 3-year high, while Apple and Tesla continue to be consensus underweight as well.

Highlighted below are the seven mega cap stocks ranked by year-to-date performances:

• Nvidia (NASDAQ:NVDA) +179.8% YTD.
• Meta Platforms (NASDAQ:META) +68.1% YTD.
• Amazon (NASDAQ:AMZN) +24.1% YTD.
• Apple (NASDAQ:AAPL) +19.4% YTD.
• Alphabet (GOOG) (GOOGL) +17.8% YTD.
• Microsoft (MSFT) +11.6% YTD.
• Tesla (TSLA) -11.8% YTD.