Top 20 US Stocks by Trading Volume: Tech Stocks in the US Market Generally Decline, Nvidia Drops Below $100

On Friday, Nvidia, the stock with the largest trading volume in the US market, closed down 7.36%, dropping below $100. Its trading volume was $50.287 billion, and its market capitalization fell to $2.3 trillion. The stock has cumulatively declined by more than 14% this week. After Trump announced a series of tariff measures, US stocks have experienced a significant decline for the second consecutive trading day, and the star tech stocks in the US market have generally declined.

 

The second-ranked stock is Tesla, which closed down 10.42% with a trading volume of $43.885 billion. Data from the German Federal Motor Transport Authority (KBA) shows that Tesla's registrations in Germany in March were only 2,229 units, a year-on-year plunge of 42.5%. The cumulative registrations in the first quarter of 2025 were 4,935 units, a year-on-year decline of 62.2%.

 

The media believes that the reasons for the significant decline in Tesla's registrations are, on the one hand, the German government's cancellation of the maximum 4,500-euro electric vehicle subsidy at the end of last year, and on the other hand, the model update of Tesla's Model Y.

 

In addition, Elon Musk, the CEO of Tesla, said on social media on the 2nd that the report about his imminent resignation from the US Department of Government Efficiency was "fake news". US White House Press Secretary Levitt said when reposting the report about Musk's resignation on social media that day, "This 'exclusive news' is rubbish."

 

The third-ranked stock is Apple, which closed down 7.29% with a trading volume of $24.148 billion, and its market capitalization fell below $3 trillion. The stock has cumulatively declined by 13.55% this week. Analysts said on the 3rd that US President Trump's additional "reciprocal tariffs" on countries around the world may greatly change the pattern of global trade, and consumer goods such as iPhones may be severely hit.

 

The report said that most Apple phones are made in China. The US has previously imposed an additional 20% tariff on Chinese goods, and now it has increased the tax by 34%, bringing the cumulative tariff to 54%. If these tariffs persist, Apple will face a difficult choice: bear the additional costs or pass them on to consumers.

 

Analysts said that if Apple passes the costs on to consumers, the price will increase by 30%-40%. Apple sells more than 220 million iPhones annually, and its largest markets include the US, China, and Europe. In the US, the price of the cheapest model, iPhone 16, is $799.

The fourth-ranked stock is Amazon, which closed down 4.15% with a trading volume of $20.968 billion. The stock has cumulatively declined by more than 11% this week.

 

Among them, it dropped about 9% on Thursday, the largest single-day decline since April 2022. The brokerage TD Cowen lowered the target price of Amazon from $265 to $240.

The fifth-ranked stock is Meta Platforms, which closed down 5.06% with a trading volume of $19.575 billion. The stock has cumulatively declined by more than 12% this week.

 

According to media reports on Friday, Meta is expected to release the new-generation open-source large-language model Llama 4 this month. Previously, the release of this large-language model has been postponed at least twice, and there is still a possibility of further delay.

 

It has been nearly a year since the release of the previous-generation model Llama 3, highlighting the technical challenges Meta is facing in the AI arms race. In addition, Telus Digital, the core content-review contractor of the company, suddenly terminated the service agreement on Thursday, leaving 2,000 reviewers at its Barcelona operation center facing unemployment.

 

This is another major contraction of Meta's overseas content-governance system after the closure of the Nairobi review center in Kenya in 2023.

 

The sixth-ranked stock is Microsoft, which closed down 3.56% with a trading volume of $17.759 billion. The CEO of Microsoft said on Friday that he believes the cooperation with OpenAI is long-term and win-win, and the company will continuously adjust its spending on artificial intelligence according to its needs.

 

The seventh-ranked stock is Palantir, which closed down 11.47% with a trading volume of $11.08 billion. The stock has cumulatively declined by 13.8% this week.

 

The eleventh-ranked stock is Alibaba, which closed down 9.89% with a trading volume of $6.589 billion. The stock has cumulatively declined by 12% this week. On Friday, all the popular Chinese-concept stocks declined, and the Nasdaq Golden Dragon Index plunged 8.9%.

 

The fourteenth-ranked stock is Netflix, which closed down 6.67% with a trading volume of $5.88 billion. Netflix recently announced an update to provide enhanced language options for TV viewers. Users can choose from the complete list of available subtitles and dubbed languages for any program on the platform.

 

This update aims to make its global catalog more accessible, as nearly one-third of its viewers come from non-English-language programs. Netflix provides subtitles in 33 languages and audio dubs in 36 languages in its catalog. However, the exact number of available languages may vary by program.

 

The fifteenth-ranked stock is JPMorgan Chase, which closed down 7.48% with a trading volume of $5.757 billion. The stock has cumulatively declined by 12.9% this week. Due to the increased concern about the slowdown of the US economy, US bank stocks generally plummeted on Friday.

 

The sixteenth-ranked stock is AMD, which closed down 8.57% with a trading volume of $5.7 billion. The stock has cumulatively declined by 16.9% this week. Recently, a research report pointed out that with the expansion of the artificial-intelligence market, AMD may take market share from Nvidia.

 

However, analysts doubt whether AMD's efforts are too late, as there are signs that the demand for artificial-intelligence computing may slow down. Analysts said that even if AMD can match Nvidia's technical stack, considering the developer-mind-share that Nvidia already has, AMD may not have enough time to remain competitive.

 

According to two people involved in the negotiations, Intel and its biggest competitor TSMC have reached a preliminary agreement to set up a chip-manufacturing joint venture to operate some of Intel's wafer fabs.

 

If this agreement is implemented, TSMC will hold a 20% stake in the joint venture, and Intel will inject some of its existing foundries as assets, and other US semiconductor companies will hold most of the remaining shares. According to previous reports, other US semiconductor companies may include Nvidia, AMD, and Broadcom.$AVGO $NKE $AAPL $TSLA $NVDA