Mom-and-pop investors' appetite for Nvidia may be fading. Data from JPMorgan shows that, while retail traders were net buyers of the artificial intelligence darling over the past week to the tune of more than $1.2 billion, daily purchases have been falling. On Aug. 28, they bought $444 million of the chipmaker's stock. By Tuesday, that figure dropped to $146 million, and tumbled to just $75 million on Wednesday. That could explain the recent lackluster performance in the largest stock in the S & P 500. Nvidia shares are down more than 5% over the past month, while the S & P 500 is up nearly 2% during that time. NVDA mountain 2025-08-28 NVDA 1-wk Other signs of retail trader fatigue on Nvidia have also emerged. Goldman Sachs noted last week that notional monthly inflows into Nvidia have slowed to roughly $50 billion from about $140 billion in 2024. The Nvidia retail enthusiasm slowdown may be warranted. The stock is still up 27% year to date despite the past month's losses. Over the past three years, Nvidia has soared 1,150%. But if Nvidia's mini slump grows more pronounced, the broader market could be in trouble. The chipmaker makes up more than 7% of the entire S & P 500 in terms of market capitalization, according to FactSet. While the company's long-term prospects look solid, the near-term outlook is another story. "We expect NVDA stock to take a breather after a strong run in the past six months and see Jensen Huang's 10/28 GTC keynote as the next catalyst," Citigroup analyst Atif Malik noted, referring to the annual GPU Technology Conference.
