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WallStreetBets Is Back: Reddit Users Celebrate Massive Wins On Apple, NVIDIA Bets And More

Published 12/06/2024, 20:19
Updated 12/06/2024, 21:41
© Reuters.  WallStreetBets Is Back: Reddit Users Celebrate Massive Wins On Apple, NVIDIA Bets And More

Benzinga - by Aaron Bry, Benzinga Editor.

If you looked at Reddit Inc's (NYSE:RDDT) r/WallStreetBets this morning, it could have reminded you a lot of the forum in 2021. Users posted massive gains from risky options bets, and made predictions for the next 10-bagger trade, and more.

On Monday, Apple Inc (NASDAQ:AAPL) held its annual WWDC Conference, announcing new artificial intelligence (AI) technologies and partnerships. And on the day of the event, investors appeared to be underwhelmed.

The then third-largest company in the world closed down 2%.

But then, a day later, traders changed their tune on the stock and began buying it in droves. And by Wednesday morning, Apple passed Microsoft to become the biggest company in the world.

Apple's nearly 13% jump in the past two trading days led to some massive gains for traders who were unafraid to take some speculative risks on Apple options.

In WallStreetBets, one user posted a screenshot of a brokerage showing gains of almost $500,000 on Tuesday through Apple call options. Another thanked NVIDIA Corp (NASDAQ:NVDA) for helping pay the downpayment of their home.

But, not every WallStreetBets user got so lucky. The posts on the site that get the most attraction are the extremes: big gainers and big losers. One of the less fortunate traders posted a screenshot, warning others to not ‘YOLO' their entire account.

WallStreetBets became notorious in 2021 during GameStop Corporation's (NYSE:GME) violent short squeeze. Keith Gill, aka Roaring Kitty, was a regular on the subreddit, consistently posting screenshots of his trades.

But, when Kitty returned to Reddit and social media this year, he posted his updated $GME position in r/SuperStonk, a different subreddit dedicated to trade ideas. Despite Kitty's absence, WallStreetBets appears to be doing just fine.

Now Read: Roaring Kitty Just Posted A Reverse Uno Card – What Does It Signal For GameStop, AMC Shares?

Image: Pixabay

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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