NextDC shorts jump 1.20% — hedge funds take a swing at “AI infra”
Week 18, 2025 (28 Apr 2025 — 2 May 2025)
NEXTDC (NXT) was the week’s cleanest tell: short interest leapt from 4.53% to 5.73% (+1.20%). The crowded trades stayed crowded — Boss Energy (BOE) is still 25.32% short and Paladin (PDN) 16.47% — but there was selective covering in uranium (LOT -1.03% to 9.20%, BMN -0.58% to 7.53%) while IDP Education (IEL) copped fresh pressure (+0.56% to 12.24%).
This Week's Analysis
A 1.20% weekly short spike in NEXTDC (NXT) is the sort of move you see when someone’s put real money behind a view. NXT went 4.53% → 5.73% short in one week — a deliberate swing at a large-cap growth name that’s been priced like the AI/data centre boom is a straight line.
First, the table-top oddity: GBLXGHLD ETF UNITS (GHLD) sits at 283.04% short (unchanged). That number is structural — ETF unit creation/redemption and market-making mechanics — and it’s not a clean sentiment read. Strip that out and the real story is still resources. Uranium remains the ASX’s most crowded battleground. Boss Energy (BOE) is 25.32% short (down -0.25% WoW), Paladin (PDN) is 16.47% (+0.12%), and Deep Yellow (DYL) is 12.47% (-0.16%). The trade is simple: shorts are leaning into ramp-up and delivery risk. Production stories don’t get judged on narratives; they get judged on timelines, costs and guidance. Lithium is still wearing the hangover. Mineral Resources (MIN) is 13.55% short (-0.19%), Liontown Resources (LTR) is 12.32% (+0.34%), and Pilbara Minerals (PLS) is 11.80% (-0.24%). The market is trading the cycle — pricing, margins, downgrades — not the long-term electrification pitch. Outside the pits, two names keep attracting heat. IDP Education (IEL) is now 12.24% short after a +0.56% lift, and Domino’s Pizza Enterprises (DMP) sits at 10.13% (+0.03%). In both cases, shorts look like they’re waiting for the next company-specific catalyst rather than chasing a one-week move.
Top Shorted Stocks This Week
Financial Snapshot
Key financial metrics from recent company reports for the most shorted stocks.
Biggest Risers
Stocks with the largest increase in short interest this week.
Biggest Fallers
Stocks with the largest decrease in short interest this week.
Movers Analysis
This week’s action was in the risers. NXT: 4.53% → 5.73% (+1.20%). Data centres are capex-heavy and valuation-sensitive. When the market starts caring about funding costs and returns on incremental builds, short interest moves fast. NEXTDC can win awards (it recently received the Frost & Sullivan 2025 Australian Competitive Strategy Leadership Award), but the market prices utilisation and cash generation. DHG: 1.21% → 2.30% (+1.08%). Domain is a clean macro proxy for housing turnover. If rate cuts get pushed out, listing volumes and ad spend are the pressure points. ASL: 1.27% → 2.22% (+0.95%). A junior explorer with rising exploration intensity is easy to lean on when risk appetite cools. The company’s own materials lean into discovery and ongoing work programs (ASL fact sheet: https://www.andeansilver.com/wp-content/uploads/2025/04/1301_ANDEAN-SILVER-A4-Fact-Sheet-A4-V7_INT.pdf). IDX: 1.01% → 1.82% (+0.81%). Imaging looks defensive until costs and funding assumptions bite. A short build here reads like a margin-quality question. BGL: 3.93% → 4.72% (+0.80%). This is project-level scepticism, not a bullion call. Gold equities get shorted on execution. On the cover side, the uranium complex saw profit-taking rather than surrender. Lotus Resources (LOT) was the biggest faller in short interest, 10.23% → 9.20% (-1.03%), and Bannerman Energy (BMN) eased 8.11% → 7.53% (-0.58%) (BMN investor presentation: https://bannermanenergy.com/wp-content/uploads/2025/12/251121_Investor-Presentation_November-2025_final.pdf). Lynas Rare Earths (LYC) also had a meaningful unwind, 9.55% → 8.82% (-0.73%), while Aussie Broadband (ABB) was cut hard, 1.26% → 0.59% (-0.66%).
Industry Trends
Two fronts, one market. Front one is still commodities: uranium and lithium dominate the top 10 and keep the average short position elevated across the market (average short %: 1.77% across 653 stocks; period average change: +0.27%). The cluster is the tell — BOE (25.32%), PDN (16.47%), DYL (12.47%), plus lithium shorts in MIN (13.55%), LTR (12.32%) and PLS (11.80%). When positioning gets this dense, the risk shifts: any operational beat or commodity price jolt can force a scramble. Front two is duration and domestic cyclicals. NXT’s jump says the market is less willing to pay up for long-duration growth without near-term proof, and DHG’s lift is a straight bet on the housing cycle staying tight if rates don’t fall quickly.
Outlook
Watch NEXTDC (NXT) next week: does short interest keep climbing from 5.73%, or was this a one-off hit? If it builds again, the market is starting to price a valuation/capex fight — and that tends to spread to other high-multiple names fast.
Frequently Asked Questions
Is GHLD really 283.04% short — and what does that mean?
Yes, GHLD shows 283.04% short and it was unchanged week-on-week. For ETF units, extreme short readings are often driven by market-making and settlement/arbitrage mechanics rather than a simple bearish view, so it’s not a clean sentiment signal.
Why is NEXTDC (NXT) short interest rising so quickly?
NXT rose from 4.53% to 5.73% short (+1.20%) in a week. That points to a valuation and capex scrutiny trade: data centres are capital-hungry and long-duration, so positioning can shift quickly when the market focuses on funding costs and returns.
Which ASX stocks are the most shorted right now (excluding GHLD)?
Boss Energy (BOE) at 25.32% is the most shorted, followed by Paladin (PDN) at 16.47%, Mineral Resources (MIN) at 13.55%, Deep Yellow (DYL) at 12.47%, Liontown (LTR) at 12.32% and IDP Education (IEL) at 12.24%.
Does falling short interest in Lotus (LOT) and Bannerman (BMN) mean uranium shorts are giving up?
No. LOT fell from 10.23% to 9.20% (-1.03%) and BMN from 8.11% to 7.53% (-0.58%), which looks like partial covering, while BOE remains 25.32% short and PDN 16.47%.
Why did Domain (DHG) short interest jump to 2.30%?
DHG moved from 1.21% to 2.30% short (+1.08%). Domain’s earnings are closely tied to property listings and transaction activity, so it’s a common way to express a view on rates staying higher for longer and housing turnover slowing.
Data sourced from ASIC short position reports (T+4 delayed). This report is for informational purposes only and does not constitute financial advice. Short selling data may not reflect real-time market conditions.