The nvidia (NVDA)-led rally in the stock this month has now pushed the return of the S&P 500 and the NASDAQ above Bitcoin .
In further gains on Tuesday as Bitcoin dipped, the S&P 500’s 17% year-to-date gain was ahead of BTC’s 16% advance. The NASDAQ extended its lead over Bitcoin, which is now 24% higher. Gold continued to be the top performing major asset class with a 50% gain.
No US stock rally can be discussed at the mention of MAG 7 names, and specifically within the NVIDIA (NVDA) group. Shares have soared 17% over the past five days amid an ongoing barrage of deals related to AI collaboration, pushing the company’s market cap above $5 trillion early Wednesday.
Microsoft (MSFT) and Apple (Appl) remain just behind Nvidia, each worth nearly a $4 trillion market cap.
According to X account Hedgie MarketsNVIDIA has been responsible for nearly 20% of the S&P 500’s gains this year and now accounts for 8.3% of the index’s total weight.
To put Nvidia’s size in perspective, the company’s market cap is larger than the combined values of AMD, ARM Holdings, ASML, Broadcom, Intel, Lam Research, Micron, Qualcomm, and Taiwan Semi, according to DOW JONES DATA DATA.
Nvidia’s growth has coincided with huge advances in artificial intelligence. In Tuesday onlythe company announced a series of new partnerships with Palantir (PLTR) and Samsung, a $1 billion investment in Nokia, and a potential collaboration with the US Department of Energy to build new supercomputers.
It was more of the same in opening action on Wednesday, with the NASDAQ up 0.5%, NVIDIA up 4.6% and Bitcoin back under $113,000, roughly 10% below its record high.
