$300bn Short Losses Since April Lows
Author:
Ihor Dusaniwksy,
Head of Predictive Analytics
Since 4/8 the S&P 500 has gone up 24%, Nasdaq up 33% and Russell 3000 up 24% with short sellers are down -$300 billion, -22%, over that time period.
Short Interest Rising
Total short interest has increased by $139 billion in 2025, +10.5% and up $307 million since the stock market lows on 4/8/25, +26.5%.
Profitable\Unprofitable Sectors
Every sector has been unprofitable for short sellers since 4/8 with the most unprofitable being Info tech (-$105bn), Consumer Discretionary (-$41bn) and Industrials (-$37bn).
Short Selling Increased (in all but three sectors)
Since 4/8 we’ve seen $6.7bn of increased short selling with Health Care (+$6.7bn) and Industrials (+$5.6bn), leading the pack while Info Tech (-13.7bn) and Consumer Disc.($2.4bn) have had increased short covering.
Health Care Stocks Most Profitable, Tech Least Profitable
UnitedHealth Group (UNH), Sarepta therapeutics (SRPT) and Bristol-Myers Squibb (BMY) were the most profitable shorts while Nvidia (NVDA), Tesla (TSLA) and Microsoft (MSFT) were the least profitable since 4/8.
Sector
6/27/2025 Short Interest
Change Shs Shorted
4/8-6/17 MTM P\L
P\L %
Communication Services
$122,179,918,601
$5,883,172
-$27,943,857,956
-25.92%
Consumer Discretionary
$196,600,247,244
-$2,432,309,723
-$40,108,724,873
-22.63%
Consumer Staples
$66,448,110,159
-$1,391,476
-$4,237,145,239
-6.61%
Energy
$90,079,139,091
$4,373,308,180
-$12,576,248,633
-15.46%
Financials
$205,457,787,213
$1,820,972,833
-$39,746,328,396
-21.52%
Health Care
$167,440,637,719
$6,788,028,151
-$17,328,107,243
-11.15%
Industrials
$167,507,592,255
$5,698,808,934
-$36,338,713,667
-24.81%
Information Technology
$338,375,887,731
-$14,021,296,563
-$103,080,443,610
-35.37%
Materials
$55,072,445,821
$2,716,514,088
-$9,816,489,709
-19.76%
Misc. (SPACs)
$54,229,212
$29,232,962
-$4,751,422
-12.10%
Real Estate
$44,178,871,361
$1,258,084,665
-$4,227,755,140
-10.23%
Utilities
$39,427,627,726
$576,780,159
-$4,526,761,089
-12.31%
Grand Total
$1,492,822,494,134
$6,812,615,383
-$299,935,326,974
-22.44%
4/8 to 6/27 MTM P\L
Ticker
Avg Short Interest
MTM P\L
P\L %
1
UNITEDHEALTH GRP
UNH US
$4,023,758,402
$2,533,435,259
62.96%
2
SAREPTA THERAPEUTICS
SRPT US
$331,218,951
$294,021,683
88.77%
3
BRISTOLMYERS SQUIBB CO
BMY US
$1,634,354,704
$217,994,108
13.34%
4
PEPSICO INC
PEP US
$2,600,422,446
$199,800,706
7.68%
5
GENERAL MILLS INC
GIS US
$1,579,687,413
$172,206,201
10.90%
6
FISERV INC
FI US
$1,312,961,103
$161,760,806
12.32%
7
ENPHASE ENERGY
ENPH US
$913,199,874
$160,782,399
17.61%
8
NEW FORTRESS ENERGY LLC
NFE US
$202,865,429
$150,478,014
74.18%
9
BROWNFORMAN CORP B
BF/B US
$897,629,348
$150,110,431
16.72%
10
TMOBILE US INC
TMUS US
$3,317,114,469
$142,253,848
4.29%
11
GAMESTOP CORP
GME US
$1,500,901,195
$138,255,997
9.21%
12
MOLSON COORS BREWING
TAP US
$627,827,399
$127,517,885
20.31%
13
ELEVANCE HEALTH INC
ELV US
$1,039,517,865
$126,416,060
12.16%
14
COPART INC
CPRT US
$1,025,846,488
$125,682,324
12.25%
15
WOLFSPEED INC
WOLF US
$153,389,967
$125,012,947
81.50%
16
TEXAS PACIFIC LAND CORP
TPL US
$1,771,033,207
$123,838,945
6.99%
17
AURORA INNOVATION INC
AUR US
$703,665,616
$121,736,914
17.30%
18
CAMPBELL SOUP CO
CPB US
$659,787,565
$118,160,898
17.91%
19
VERTEX PHARMA
VRTX US
$1,976,615,055
$118,094,360
5.97%
20
HUMANA INC
HUM US
$897,724,460
$115,656,640
12.88%
Least profitable shorts from 4/8/25 through 6/27/25:
4/8 to 6/27 MTM P\L
Ticker
Avg Short Interest
MTM P\L
P\L %
1
NVIDIA CORP
NVDA US
$29,665,027,399
($14,354,619,240)
-48.39%
2
TESLA INC
TSLA US
$24,378,220,201
($8,585,892,536)
-35.22%
3
MICROSOFT CORP
MSFT US
$23,634,303,511
($7,396,458,419)
-31.30%
4
META PLATFORMS INC
META US
$19,678,078,708
($6,911,455,863)
-35.12%
5
BROADCOM INC
AVGO US
$11,072,959,305
($5,790,642,598)
-52.30%
6
MICROSTRATEGY INC
MSTR US
$9,617,427,575
($4,183,674,449)
-43.50%
7
NETFLIX INC
NFLX US
$9,047,903,410
($3,608,068,013)
-39.88%
8
AMAZON.COM INC
AMZN US
$13,152,874,597
($3,481,070,572)
-26.47%
9
APPLE INC
AAPL US
$20,859,882,866
($3,185,097,192)
-15.27%
10
ADVANCED MICRO DEVICES
AMD US
$4,739,894,666
($2,798,354,351)
-59.04%
11
PALANTIR TECHNOLOGIES INC
PLTR US
$6,215,598,795
($2,722,335,210)
-43.80%
12
TAIWAN SEMICONDUCTOR ADR
TSM US
$5,723,472,303
($2,685,688,355)
-46.92%
13
COINBASE GLOBAL INC
COIN US
$2,867,854,485
($2,435,751,440)
-84.93%
14
ALPHABET INC A
GOOGL US
$11,383,721,782
($2,412,348,788)
-21.19%
15
COREWEAVE INC
CRWV US
$1,315,144,359
($1,977,903,390)
-150.39%
16
JPMORGAN CHASE CO
JPM US
$7,158,858,690
($1,947,893,253)
-27.21%
17
MICRON TECHNOLOGY
MU US
$2,957,514,961
($1,814,068,008)
-61.34%
18
SPOTIFY TECHNOLOGY SA
SPOT US
$4,567,793,533
($1,783,915,009)
-39.05%
19
ORACLE CORP
ORCL US
$3,369,541,409
($1,742,651,980)
-51.72%
20
SUPER MICRO COMPUTER INC
SMCI US
$3,852,582,516
($1,580,361,879)
-41.02%
Total Short YTD MTM P\L
$1,336,415,142,926
($299,935,326,974)
-22.44%
Want to know more? Access this data in real time using S3’s BLACK APP
The information herein (some of which has been obtained from third party sources without verification) is believed by S3 Partners, LLC (“S3 Partners”) to be reliable and accurate. Neither S3 Partners nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein or accepts liability arising from its use. Prior to making any decisions based on the information herein, you should determine, without reliance upon S3 Partners, the economic risks, and merits, as well as the legal, tax, accounting, and investment consequences, of such decisions.
