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Nvidia is carrying the S&P 500 like no company since possibly IBM 4 decades ago, expert says: ‘It’s unheard of’

hist78

Well-known member
"Looking at year-to-date data through June 18, shares of Nvidia, Microsoft, Apple, Meta, Google, Amazon, and Broadcom have on average soared by 25.3%, while the remaining 493 companies have grown by just 2.7%. In June alone, the "Magnificent Seven" (the previously cited list, swapping in Broadcom for Tesla) are on average up 7.5%, but the rest of the index is down -0.5%, according to Howard Silverblatt, senior index analyst at S&P. On Tuesday, Nvidia, Microsoft, and Apple stock equated to half of the index’s total returns, he adds."

"The darling of tech darlings remains Nvidia, which briefly became the world’s most valuable company this week. With a market capitalization of about $3.1 trillion as of Friday morning, its stock is up over 170% year to date. At the peak of its frenzy on Tuesday, it was more valuable than the entire stock market of France or that of the U.K., or the whole oil and gas industry. That same day, one-third of the index’s returns were from the company alone. “It’s unheard of,” says Silverblatt. “The closest we can get to that level of impact [on the index] from one company is IBM in the 1980s, when that new product, PCs, were coming out.""

 
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