Millennials aren’t as bullish on Nvidia as they used to be.
Ahead of the chip maker’s first-quarter earnings report Thursday, investors on the stock trading app Robinhood — who skew markedly younger than traditional brokerages — were selling the stock 3% more than they were buying, the company said.
Last quarter, they were snapping up shares 13% more than they were selling.
But much can change in a quarter. In the three months since Nvidia’s last earnings report, the price of cryptocurrencies has fallen dramatically. Nvidia had found an unexpected boost from would-be crypto miners gobbling up its hardware to mine the digital coins. Now that the craze seems to have died down, many analysts are worried the demand could fade as well.
Shares have gained 20% since Nvidia’s last earnings report in February, which could be behind the selling, Sahill Poddar, Robinhood’s data scientist, told Business Insider in an email.
Short interest — or a measure of bets that a stock will fall — has declined as Nvidia has climbed. It’s down 20% since reaching its 52-week high in late January.
Analysts polled by Bloomberg expect Nvidia to report adjusted earnings $1.66 per share on revenue of $2.90 billion. Options contracts imply a 7% move following the earnings report, less than the average 12% 1-day move following earnings.
Follow Nvidia’s stock price in real-time here.
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