The stock market rally led by Nvidia (NVDA) this month has now pushed the returns of the S&P 500 and Nasdaq above those of Bitcoin. .
With additional gains Tuesday as bitcoin fell, the S&P 500’s 17% year-to-date rise is ahead of BTC’s 16% advance. The Nasdaq has widened its lead over bitcoin, now up 24%. Gold continues to be the best performing major asset class, up 50%.
No rally in American stocks can be evoked by mentioning the names of Mag 7, and in particular within this group Nvidia (NVDA). Shares are up 17% over the past five days amid a continuing barrage of AI-related partnership deals, pushing the company’s market cap above $5 trillion early Wednesday.
Microsoft (MSFT) and Apple (APPL) remain just behind NVIDIA, each valued at around $4 trillion in market cap.
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To put Nvidia’s size in perspective, the company’s market capitalization is now larger than the combined values of AMD, Arm Holdings, ASML, Broadcom, Intel, Lam Research, Micron, Qualcomm and Taiwan Semi, according to Dow Jones Market Data.
Nvidia’s growth has coincided with enormous developments in artificial intelligence. On Tuesday alone, the company announced a series of new partnerships with Palantir (PLTR) and Samsung, a billion-dollar investment in Nokia, and a potential collaboration with the U.S. Department of Energy to build new supercomputers.
It’s about the same at the open Wednesday, with the Nasdaq up 0.5%, Nvidia up 4.6% and bitcoin falling back below $113,000, about 10% below its record high.
