The Most Shorted U.S. Stocks Over $2B: WOLF, SOUN, NTLA

Short interest among U.S. stocks with market capitalizations above $2 billion clusters in three names. Wolfspeed, SoundHound AI, and Intellia Therapeutics carry the highest short positions as a percentage of float, according to exchange filings and data providers.

Each stock represents a distinct set of risks. Wolfspeed is the largest pure-play silicon carbide chipmaker, a bet on the EV transition that short sellers see as overvalued given persistent margin pressure from the 200mm wafer ramp. SoundHound AI sits on the voice recognition hype cycle with limited near-term revenue; short interest reflects skepticism that the valuation can hold without a commercial breakthrough. Intellia Therapeutics has no approved products. Its short interest captures the binary outcome of gene-editing clinical trials, where a single data read can send the stock 50% in either direction.

Short interest data, compiled by exchanges and updated biweekly, offers a snapshot of bearish conviction. Elevated short positions create squeeze risk when positive catalysts hit. In each of these stocks, the setup is asymmetric: a failed catalyst can push shorts deeper, while a surprise win can trigger a rush to cover.

Wolfspeed shares fell 18% in the past month after a secondary offering diluted existing holders. That offering gave short sellers more ammunition, adding shares to borrow. SoundHound AI rose 12% over the same period, partly on renewed AI enthusiasm. Intellia gained 8% after announcing early-stage data for a new therapy. Short sellers have held their ground in all three.

The pattern is not unusual for large-cap shorts. These stocks tend to have high retail participation and narrative-driven price action. For a broader view of stock market analysis, traders track short interest alongside price action and options activity.

Exchange-reported short interest figures come out every two weeks. The next report, due in early July, will show whether recent price moves have shifted positioning. A decline in short interest would suggest bearish traders covered into strength. An increase would mean they added to shorts, betting the recent moves reverse. Either way, the concentration in these three names makes them the core of the large-cap short board.