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MAGNIFICENT SEVEN: MEGACAPS SPORT HEAVY SHORT INTEREST Short interest in the so-called Magnificent Seven group of heavyweights - Apple AAPL.O , Microsoft MSFT.O , Amazon.com AMZN.O , Meta Platforms META.O , Nvidia NVDA.O , Alphabet GOOGL.O and Tesla TSLA.O - has been increasing in 2024 despite the Nasdaq .IXIC rising over 5% for the year, S3 Partners' latest report said.
The seven stocks make up for nearly 30% of the benchmark S&P 500 .SPX , according to LSEG data.
The group's combined short interest was $127 billion, or 12% of the $1.08 trillion of total short interest of the U.S. market, S3 Partners said.
The current $127 billion short interest is a historical high for the group. Over the past five years, short interest in the seven stocks averaged $86 billion with a low of $57 billion in 2022, the analytics firm added.
"Short interest in the Magnificent 7 stocks will always be high it represents an easy and cheap way to hedge the tech aspect of a portfolio," said Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners.
Tesla and Apple are the only two profitable year-to-date shorts of the seven, up $5.6 billion and $2.4 billion, respectively.
Meanwhile, Nvidia, Meta and Amazon.com lagged with fetching mark-to-market losses of $9.8 billion, $2.3 billion and $2.1 billion year-to-date for bearish investors.
(Medha Singh)
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