In 2024, Reddit has solidified its position as a dominant force in the stock market, with stocks heavily discussed on the platform delivering an average year-to-date gain of 59%, well ahead of the broader market.
According to data from AltIndex.com, which tracks stock-related discussions across social media, the platform’s influence has significantly impacted investor sentiment, leading to substantial gains across various sectors.
While stocks like Intel and AMD faced significant losses of 61% and 17%, respectively, the majority of Reddit’s top-discussed stocks saw impressive returns. Notable mentions include GameStop, Nvidia, Tesla, Google, Apple, Robinhood, Amazon, and Meta, which collectively achieved an average return more than double that of the S&P 500’s 25% increase during the same period.
Among these, Robinhood emerged as the standout performer, despite having far fewer mentions than GameStop. The stock surged by 191%, topping the list of Reddit’s top stock winners. Nvidia, with 297,000 mentions, followed with a 161% gain, while Tesla’s 77% increase and Meta’s 69% gain rounded out the top five.
The 2024 Reddit stock surge highlights the growing influence of social media communities in shaping market trends and investor behavior.
