NVIDIA Corp (NVDA)

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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 market value. Nvidia's 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 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.