06:52 AM EDT, 06/07/2024 (MT Newswires) -- NVIDIA ( NVDA ) has $34 billion in short bets against it, nearly twice the short interest in Apple and Tesla, multiple media outlets reported Thursday, citing a S3 Partners report.

However, the shorts represent just 1% of Nvidia's ( NVDA ) market value. Nvidia's ( NVDA ) stock market value currently stands at $2.976 trillion on Friday morning, according to Yahoo Finance.

S3 Partners Managing Director Ihor Dusaniwsky said in an interview with Yahoo Finance that Nvidia ( NVDA ) is the "largest short in the U.S. market."

"People are shorting it based on it being a momentum stock and also a hedge to the market and a hedge to the tech side of the Street," Dusaniwsky said in a televised interview.

Price: 1,211.72, Change: +1.74, Percent Change: +0.14