The Nvidia (NVDA)-led rally in stocks this month has now pushed the S&P 500 and Nasdaq’s returns above Bitcoin. ,
With additional gains on Tuesday, while Bitcoin declined, the S&P 500’s 17% year-to-date gain is outpacing BTC’s 16% gain. The Nasdaq has extended its lead over Bitcoin, which is now 24% higher. Gold remains the top performing major asset class with a rise of 50%.
Mentioning the Mag 7 names and especially within that group Nvidia (NVDA) cannot talk about any rally in US stocks. Shares have surged 17% over the past five days amid a continued barrage of AI-related partnership deals, pushing the company’s market capitalization above $5 trillion early Wednesday.
Microsoft (MSFT) and Apple (APPL) trail NVIDIA, each valued at about $4 trillion market cap.
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To put Nvidia’s size in perspective, the company’s market cap is now larger than the combined values of AMD, Arm Holdings, ASML, Broadcom, Intel, Lam Research, Micron, Qualcomm, and Taiwan SEM, according to Dow Jones Markets data.
Nvidia’s development coincides with huge developments in artificial intelligence. On Tuesday alone, the 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.
The same happened in early action on Wednesday, with the Nasdaq 0.5% higher, Nvidia up 4.6% and Bitcoin slipping below $113,000, about 10% below its record high.