US shares have delivered outstanding returns for Australian investors over the past three years.
During this time, the S&P 500 Index (SP: .INX) has lifted 82% while the Nasdaq Composite Index (NASDAQ: .IXIC) has soared 127.5%.
Many Australian investors, particularly younger generations, opt for exposure to US shares through exchange-traded funds (ETFs).
But there is still a large cohort that invests in US shares directly, preferring to back individual companies in the hope of outsized returns.
Investment platform Stake has revealed the five most bought US shares among its customers during the second half of FY25.
We interviewed Kylie Purcell, a market analyst at Stake, to find out why Australian investors have so much faith in these particular stocks.
5 most popular US shares with Aussie investors
1. NVIDIA Corp (NASDAQ: NVDA)
The Nvidia share price closed at $206.88 overnight, up 2.17% for the session and up 52% over the past 12 months.
Purcell said Nvidia has become the face of the artificial intelligence (AI) boom.
She said:
Buy orders surged in January as Nvidia's stock swung wildly, first rallying ahead of CEO Jensen Huang's CES keynote and bullish analyst upgrades, then tumbling 19% after China's DeepSeek unveiled a cheaper AI model.
The volatility in January was a drawcard for investors looking to buy the dip — we saw buy orders on Stake jump 170% in January from the previous month.
Another wave of buying hit in April as earnings confirmed soaring chip demand.
Since bottoming in April, NVDA's stock has rallied more than 110%.
2. Tesla Inc (NASDAQ: TSLA)
The Tesla share price closed at $468.37, up 2.6% overnight and up 93% over the past 12 months.
Purcell describes 2025 as a volatile year for Tesla stock amid Elon Musk's short-lived stint with the Trump administration, a public spat with the President, and a sharp drop in global car sales.
From December to March, TSLA shed up to 50% of its value as sentiment towards Musk soured and market pressures mounted.
Despite the headlines and sell off, Australian investors stuck with TSLA.
Tesla remained one of the most popular buys on Stake throughout the downturn. That conviction has, for now at least, been rewarded – TSLA has rallied more than 100% since early March.
3. Palantir Technologies Inc (NASDAQ: PLTR)
Palantir is an AI and defence software company based in the US.
The company is benefitting from a massive increase in global defence spending and is a key holding in 3 defence-themed ASX ETFs.
The Palantir share price closed at $207.18 overnight, up 3.4% after reaching a new all-time intraday high of $207.52.
Palantir shares are up 400% over the past 12 months.
Purcell said Palantir is one of the standout AI success stories among US shares, alongside Nvidia.
She commented:
The stock has rallied more than 1,300% over the past five years, including a 280% gain in the last 12 months, making it a consistent favourite among Australian investors.
4. Apple Inc (NASDAQ: AAPL)
The Apple share price closed at $268.84 overnight, down 0.57% for the session and up 21% over the past year.
Purcell said the Apple share price has been impacted by a wave of policy swings and product hype this year.
The stock plunged in April after Trump's tariff announcement sparked fears of higher manufacturing costs, then rebounded when a 90-day tariff pause and stronger-than-expected earnings calmed markets.
In all that volatility, we saw buy orders jump over 200% in April from the month before as Australian investors sought to buy the dip and position for a rebound once trade tensions inevitably eased.
The company's growing AI integration plans and stable iPhone and Services revenue helped restore confidence.
For Aussie investors on Stake, Apple has remained a defensive way to play tech, with steady growth and less AI hype.
5. Amazon.com Inc (NASDAQ: AMZN)
The Amazon share price closed at $254 overnight, up 4% after reaching a new intraday record of $258.60.
Amazon shares are up 30% over the past 12 months.
Purcell said the introduction of US tariffs hit Amazon shares hard, given that the company is a seller of imported goods.
She noted a 20% peak fall in the Amazon share price between February and April as investors fretted over the impact of tariffs, particularly on Chinese goods.
While Amazon's decline was swift, its rebound in late April was just as sharp. As the stock turned, investor activity surged – with buy orders spiking in April.
Interestingly, buying activity on Stake was also elevated through February and March, even as the stock continued to slide – suggesting some investors were willing to back the long-term story through the noise.
Further reading
Curious to know the five most bought ASX shares among Stake customers in 2H FY25?
Or the five most bought ASX ETFs?
And given the remarkable three-year run for US shares, would you be brave enough to follow this expert's advice and short the market?
