Nvidia Short Sellers Retreat; SoFi, Netflix, See Higher Short Volume

Trading in borrowed $SoFi Technologies Inc.(SOFI)$   shares that were sold short edged higher Thursday, before the company announced a public offering of almost 55 million shares, sending the stock tumbling Friday.

Shares slumped more than 8% to $27.21 in the first half hour of trading Friday after the company said it plans to raise $1.5 billion from the offering. It also said it has granted the underwriters a 30-day option to buy additional shares of as much as 8.2 million shares at the offering price, further worsening the dilution of existing holders. 

Short volume, or the number of shorted shares that were traded rose to 6.80 million shares Thursday, exchange data showed. While that's up slightly from 6.11 million a day earlier, the volume has been cut by almost half from 13.13 million shares on Nov. 12, as the stock rallied, weakening the case for speculators to wager on the reversal of the uptrend that sent the stock climbing more than 70% this year. 

$NVIDIA(NVDA)$  's short sellers were less active yesterday. The short volume on the world's largest publicly traded company declined to 13.4 million shares, representing about 8% of the total shares that changed hands yesterday. That's down from 16.4 million Wednesday, and 34.1 million on Nov. 21. 

Short sellers targeting the only company to ever reach a $5 trillion market capital have quieted down recently amid signs of continued robust demand for chips that power artificial intelligence. The latest evidence came from its Taiwanese partner Foxconn, which saw a 26% increase in revenue in November, buoyed by demand for servers that use Nvidia chips.

$Netflix (NFLX.US)$'s short volume declined a day before the company won a bid to buy $Warner Bros Discovery (WBD.US)$ in a $72 billion cash-and-stock deal. The stock swung between gains and losses as investors weigh the impact of the transaction on the streaming giant's financial prospects. 

$Rigetti Computing (RGTI.US)$ saw the heaviest trading in shorted shares among the companies with a market capital of more than $5 billion tracked by moomoo. Short volume more than doubled to 16.28 million shares Thursday, as the stock rebounded for a second straight session. 

Shares are now giving back some of the gains from that two-day rally. Shares are down 3.6% to $28.99 at 10:14 a.m. Friday. 

Rival $D-Wave Quantum (QBTS.US)$ also saw higher short volume, as did $Opendoor Technologies (OPEN.US)$, $Archer Aviation (ACHR.US)$, $Oklo Inc (OKLO.US)$, $Hims & Hers Health (HIMS.US)$, $UiPath (PATH.US)$, $The Kroger Co. (KR.US)$ and $Comcast (CMCSA.US)$, exchange data showed. See the changes in volume below.   

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