Super Micro Computers (NASDAQ: SMCI) replaced Tesla (NASDAQ:TSLA) was the most shorted large-cap stock in America in July, according to a monthly report from data and technology company Hazelnut tree.

The San Jose, California-based technology company topped the list as is the most crowded security in the large-cap category at 99, an improvement from its position in June (82). The Hazeltree Crowdedness Score represents securities that are shorted by the highest percentage of funds in the Hazeltree community.

As of July 31, traders sold 5.41 million SMCI shares short, representing 9.67% of the shares sold short.

Tesla (TSLA), the most sought-after security in this category since May, fell to a score of 94, just behind Chevron (CVX) at 97 points.

“Semiconductor companies appear to be the focus of short sellers right now,” said Tim Smith, managing director of data insights at Hazeltree. “Last month, several semiconductor stocks were in the top 10 list, and this month’s report shows that Super Micro Computer and Microchip Technologies remain among the most shorted stocks.”

Super Micro (SMCI) also had the highest institutional supply utilization rate – an indicator of how “hot” a security is in terms of supply-demand dynamics – at 22.85%. This number represents the percentage of a given security’s supply that is lent by institutional investors.

These were the ten most shorted securities in North and South America in July 2024, according to Hazeltree:

#1 Super Micro Computer (SMCI): Hazeltree Crowdedness Score of 99

#2 Chevron (CVX): Hazeltree Crowdedness Score of 97

#3 Tesla (TSLA): Hazeltree Crowdedness Score of 94

#4 Charter Communications (CHTR): Hazeltree Crowdedness Score of 84

#5: Microchip Technology (MCHP): Hazeltree Crowdedness Score of 81

#6 Boeing (BA): Hazeltree Crowdedness Score of 81

#7 Accenture (ACN): Hazeltree Crowdedness Score of 81

#8 IBM (IBM): Hazeltree Crowdedness Score of 78

#9 Synopsys (SNPS): Hazeltree Crowdedness Score of 78

#10 Ford (F): Hazeltree overcrowding score of 76