Robinhood, the app that lets you trade stocks without paying fees, has been a runaway hit with millennials, who have driven the startup to a reported $1.3 billion valuation.
The thinking behind Robinhood was that younger people would want to trade stocks differently: namely on their phones and without the fees. But are the stocks they trade different as well?
To answer that question, we asked Dr. Sahill Poddar, a data scientist at Robinhood, to crunch the numbers. By and large, the top stocks millennials held (by dollar amount) were similar to those of people over 30. But millennials were almost twice as likely to have stock from computer chip designers AMD and Nvidia. Conversely, those over 30 were almost twice as likely to hold Yahoo.
In terms of the top 10 stocks, Twitter and gold (via JNUG) made the over-30 list, but didn't appear on the 30-and-under one, whereas Google (GOOGL) saw the reverse.
"Overall, millennials trade more often than non-millennials (2.75 times more), but the average dollar amount per trade is half," according to Poddar.
It's worth noting that Robinhood is a new platform, so you might expect the popular stocks to skew toward things like technology. But still, the differences between the millennial and over-30 crowd are instructive in understanding what different generations think of the stocks.
With that in mind, here are the top 10 stocks millennials love on Robinhood (by dollar amount):
