Market cap data from reliable financial news sources such as Bloomberg or Reuters

Nvidia Surpasses $3 Trillion, Becomes Largest Holding in NASDAQ 100 with 20% Weight

Jun 17, 2024, 04:40 PM

Nvidia has overtaken Apple as the world's second-most valuable company, driven by strong demand for its AI chips. Its market value has surpassed $3 trillion. Nvidia has also become the largest holding in the NASDAQ 100, surpassing both Microsoft and Apple. The Technology Select Sector SPDR ETF (XLK) is undergoing a significant rebalance, which will result in Nvidia receiving a 20% weight in the fund, while Apple's weight will drop to approximately 5%. Nvidia's stock has surged 122% year-to-date, contributing to 33% of the S&P 500's gains and accounting for 40% of the index's gains this year. The company is now just 2% away from overtaking Microsoft as the largest company by market cap. Additionally, Nvidia's recent AI updates and advancements in GPUs and software have further boosted its stock performance. The ETF, valued at $71 billion, will buy nearly $10 billion worth of Nvidia shares while selling more than $11 billion worth of Apple shares. Nvidia has also experienced phenomenal growth post its 10-for-1 split, hitting a $129.61 post-split high.