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Gen Z investors shift focus from 'meme-stocks' to the 'metaverse,' report shows

Stock MarketsJan 14, 2022 11:01AM ET
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© Reuters. FILE PHOTO: Visitors are pictured in front of an immersive art installation titled "Machine Hallucinations — Space: Metaverse" by media artist Refik Anadol, which will be converted into NFT and auctioned online at Sotheby's, at the Digital Art Fair, in

By John McCrank

NEW YORK (Reuters) - Enthusiasm around "meme stocks" has eased for young investors a year on from the GameStop Corp (NYSE:GME) trading frenzy, with Gen Z's attention shifting to companies in areas like electric vehicles and the "metaverse," according to a report released on Friday.

The top stock holding among the Gen Z cohort - people born after 1996 - in the fourth quarter was Tesla (NASDAQ:TSLA) Inc, according to the quarterly investor outlook from Apex Fintech Solutions, which provides custody and clearing services for brokers like SoFi, Stash, WeBull, and Goldman Sachs Group (NYSE:GS)'s Marcus.

AMC Entertainment (NYSE:AMC) slipped from the No. 1 spot in the top 100 ranking of stocks for the first time in several quarters, to No. 3, said the report, which analyzed more than 1 million Gen Z accounts held by Apex's clearing arm.

GameStop, which retail investors piled in to last January in a social media-fueled attempt to punish short sellers, dropped five spots to No. 11, the report showed. Meme stocks with less mainstream buzz fell more, with e-commerce platform Wish's owner, ContextLogic, down 35 spots at No. 56 and biopharmaceutical company Ocugen (NASDAQ:OCGN) Inc dropping 41 spots to No. 91.

Electric vehicle startup Rivian Automotive Inc, which went public in November, debuted at No. 44, while Chinese EV maker NIO held the No. 8 spot and Ford Motor (NYSE:F) Co was No. 19.

Shares of Facebook (NASDAQ:FB) parent Meta Platforms Inc rose a couple of notches to No. 12, while Roblox rose 36 spots to No. 36.

"There's a lot more interest in metaverse," Apex Chief Executive Officer Bill Capuzzi said in an interview. "As more NFT companies become public, we'll probably see them move in to the top 100."

The metaverse generally refers to shared virtual world environments which people can access via the internet, often making use of virtual reality or augmented reality.

Payment companies were also popular with young investors, with Paypal Inc jumping 9 spots from the third quarter to No. 19, while Block, formerly called Square, was steady at No. 25.

Gen Z investors shift focus from 'meme-stocks' to the 'metaverse,' report shows
 

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Comments (3)
James Cushman
James Cushman Jan 14, 2022 4:58PM ET
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AMC we aint leaving. Shorts must cover their positions.
Jeff Gordon
Jeff Gordon Jan 14, 2022 10:19AM ET
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metaverse fail like google glass. No one is going to spend much time with VR goggles on. Plus they can't solve the motion sickness. It's DOA
Ajay Jain
Ajay Jain Jan 14, 2022 9:40AM ET
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which are the main 5 companies working in metaverse space?
Daniel Sobrado
Daniel Sobrado Jan 14, 2022 9:40AM ET
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Google, Meta, Microsoft, Roblox, Unity, Nvidia, Gaming Engines in general... Metaverse is a hype word, means very little.
Ferry Wortelboer
Ferry Wortelboer Jan 14, 2022 9:40AM ET
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GameStop
Jeff Gordon
Jeff Gordon Jan 14, 2022 9:40AM ET
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Daniel Sobrado It means VR, you know that right?
 
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