TSLA remains firmly in second place, also less volatile, while MSFT has moved to third.

Compared to the beginning of the year, the race for the largest short interest notional value has shifted significantly. AAPL was the largest company by market cap, but its valuation has declined by 9%—dropping it to third place in the rankings.

NVDA was previously tied with MSFT for second place, but has surged 30% in market cap and now holds the top spot. MSFT, formerly tied with NVDA, now holds second place, supported by a 21% rise in market cap.

Short interest % of float shows AAPL down 40% and NVDA down 11%, while MSFT and TSLA are each up ~20%. When these metrics are combined into short interest notional value, NVDA—once nearly tied for first—now leads in notional, despite having a lower short interest percentage.

TSLA, with a higher short interest % of float, ranks second, followed by MSFT with its rising market cap, and AAPL in last place due to its stock price decline.

In terms of volatility, AAPL increased in volatility, while the others have stabilized—with TSLA now 22% less volatile. Combining volatility and notional to calculate daily value at risk (VaR), all but NVDA show minimal change—less than 10% movement. TSLA, shorted more, is now in second place, followed by MSFT, whose cap is up, and finally with AAPL last, whose stock is down.

TSLA remains in first place, with NVDA second; however, NVDA’s 15% volatility decline and lower short interest % of float have driven a 25% drop in its daily risk exposure.

NVDA and TSLA have experienced notable reductions in volatility. Using recent volatility instead of the average, NVDA’s volatility is now just 20—comparable to a non-tech stock. In this scenario, NVDA’s value at risk is tied with AAPL and just 40% of TSLA’s, highlighting its reduced exposure.

NVDA’s reduced short interest may stem from its higher stock price and decreased volatility—two closely correlated factors.

Across these four stocks, there’s a strong inverse relationship between returns and short interest % of float. Since both metrics drive short interest notional, this inverse relationship adds a degree of stability to notional calculations—making them less sensitive to volatility in either component.

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