Nvidia's 162% Surge Boosts S&P 500, Market Cap Surpasses $3 Trillion

Jun 17, 2024, 12:22 PM

Nvidia Corporation (NVDA) has seen a remarkable surge in its stock performance, contributing significantly to the overall gains of the S&P 500 index. Nvidia's stock has increased by 162% year-to-date, creating one-third of the S&P 500's market cap gains. The company's market value has surpassed $3 trillion, making it the second-most valuable company in the world, overtaking Apple. Nvidia's advancements in AI technology, particularly in GPUs and software, have driven this growth. The company's stock is currently just 2% away from overtaking Microsoft as the largest company by market cap. Nvidia's impressive performance has also led to a record call volume and significant pre-market highs, with shares hitting $133.38. Nvidia is beating the SPY by 40% and has already gained 122% year-to-date, leading the 'Magnificent 7' with a 166.31% YTD gain.