Amid escalating geopolitical risks and fluctuations in financial markets, UK retail investors amplified their engagement with US technology stocks in April. Trading statistics from prominent investment platforms reveal that American tech giants like Nvidia, Palantir, and Tesla led the most-traded listings, highlighting the persistent allure of US innovation leaders for British investors.
On the AJ Bell investment platform, Nvidia was identified as the second most actively traded stock for the month, just trailing behind energy giant BP. The US electric vehicle company Tesla and e-commerce titan Amazon also made the top ten, reflecting UK investors’ sustained interest in high-growth US tech equities. Nonetheless, Nvidia and aircraft engine manufacturer Rolls-Royce also ranked among the most sold stocks, indicating some profit-taking from more engaged traders.
Saxo Markets similarly noted that interest in US technology stocks remained strong among its UK users. Major entities within the “Magnificent Seven” — a label for the group of mega-cap tech firms ruling US equity markets — experienced considerable purchasing activity. This group featured Amazon, Alphabet, Apple, Meta, and Microsoft. A limited number of British stocks, such as BP and Rolls-Royce, managed to infiltrate Saxo’s top-traded lists, implying that international tech shares continue to overshadow their UK-listed rivals in terms of investor interest.
Hargreaves Lansdown’s retail clients showed a diverse array of investing preferences, with a combination of FTSE 100 mainstays and US tech names leading its trading activity report. Notably, Nvidia and Tesla were again prominently displayed, confirming their status as two of the most coveted foreign equities among UK retail investors.
Within this popular cohort, Nvidia has exhibited notable volatility. The US chipmaker’s stock faced turbulence in April due to rising trade tensions, including fresh threats of punitive tariffs from the Biden administration aimed at countering China’s industrial strategy. The White House recently announced intentions to [impose steep tariffs on Chinese tech imports](https://www.bbc.com/news/business-69010878), intensifying worries about global supply chain disruptions — particularly for firms reliant on semiconductor fabrication.
Nvidia’s susceptibility hinges on its supply relationship with Taiwan Semiconductor Manufacturing Company (TSMC), which produces over 90% of Nvidia’s chips. Any escalation in geopolitical strains involving China, Taiwan, or the United States could significantly impact the chipmaker’s production capabilities. Nevertheless, the company remains a pivotal player in the booming generative AI and data center sectors. In the last quarter of its 2024 fiscal year, Nvidia reported $35.6 billion in data center revenue, spurred by soaring demand for artificial intelligence infrastructure. The introduction of its Blackwell graphics processing unit (GPU) further solidified its dominance in the AI computing arena.
Software and data analytics entity Palantir Technologies also attracted heightened interest from UK investors in April. The stock reached an all-time high following an optimistic fourth-quarter earnings report and a favorable outlook for 2025. The firm posted a 36% year-on-year surge in revenue, fueled by rapid growth in both government and commercial contracts in the US. CEO Alex Karp attributed much of this growth to relentless demand for AI solutions, asserting it showed “no sign of slowing down.”
Conversely, Tesla faced challenges during the same timeframe. The EV manufacturer’s stock has declined approximately 30% year-to-date, pressured by disappointing first-quarter results and ongoing apprehensions regarding CEO Elon Musk’s political affiliations. However, Musk recently revealed plans to step back from political discourse to concentrate on Tesla operations, which resulted in a temporary nine percent increase in the company’s share price. Market analysts express mixed opinions, with Julian Wheeler, a partner at Shard Capital, cautioning that Tesla still trades at an inflated valuation and proposing that profits may be worth securing unless the share price retracts by “about 40% from current levels.”
The sustained focus of UK retail trading activity on US technology highlights both a prevailing confidence in American innovation-driven growth and a scarcity of UK-listed tech alternatives. Despite ongoing macroeconomic concerns — including trade tensions, inflationary pressures, and interest rate uncertainties — the robust performance of US tech stocks, especially those associated with AI and digital infrastructure, seems to keep retail investors actively involved.
For more in-depth market analysis and daily updates, investors can refer to [AJ Bell](https://www.ajbell.co.uk/market-research/NASDAQ:NVDA), [Hargreaves Lansdown](https://www.hl.co.uk), and [Saxo Markets](https://www.home.saxo/en-gb).
