Gen Z investors shift focus from ‘meme-stocks’ to the ‘metaverse,’ report shows
Enthusiasm around “meme stocks” has eased for young investors a year on from the GameStop trading frenzy, with Gen Z’s attention shifting to companies in areas like electric vehicles and the “metaverse,” according to a report released on Friday (Jan 14).
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The top stock holding among the Gen Z cohort – people born after 1996 – in the fourth quarter was Tesla Inc, according to the quarterly investor outlook from Apex Fintech Solutions, which provides custody and clearing services for brokers like SoFi, Stash, WeBull, and Goldman Sachs Group’s Marcus.
AMC Entertainment slipped from the No 1 spot in the top 100 ranking of stocks for the first time in several quarters, to No 3, said the report, which analysed more than 1 million Gen Z accounts held by Apex’s clearing arm.
GameStop, which retail investors piled in to last January in a social media-fueled attempt to punish short sellers, dropped five spots to No 11, the report showed. Meme stocks with less mainstream buzz fell more, with e-commerce platform Wish’s owner, ContextLogic, down 35 spots at No 56 and biopharmaceutical company Ocugen Inc dropping 41 spots to No 91.
Electric vehicle startup Rivian Automotive Inc, which went public in November, debuted at No 44, while Chinese EV maker NIO held the No 8 spot and Ford Motor was No 19.
Shares of Facebook parent Meta Platforms Inc rose a couple of notches to No 12, while Roblox rose 36 spots to No 36.