Over the past 32 trading days, Nvidia $NVDA has gained more than $1 trillion in market cap.
To put that into some sort of perspective, the 6-week gain is greater than the total market cap of Berkshire Hathaway $BRKA, which Warren Buffett has spent 6 decades in building... Source: Jesse Felder
It has been a very quiet year so far for US equity markets...
No down day > 2% for the SP500 despite Middle East conflict, China doing military exercises around Taiwan, Fed interest rates cuts expectations moving from 6 to less than 2, etc. Source chart: Ritholtz
Dot Com Bubble vs. Now - Things don't look similar - at least from an earnings angle
Source: Barchart, BofA
What US stock market concentration? Exhibit below
courtesy of Morgan Stanley and Factset - shows the market concentration at the end of 2023 for a dozen of the largest markets around the world. The U.S. is the fourth MOST DIVERSIFIED market notwithstanding the recent increase in concentration...
BREAKING: Nvidia stock, $NVDA, officially crosses above $1,200 for the first time in history.
Nvidia now has a market cap of $2.95 TRILLION and is just 3% away from passing Apple, $AAPL, as the largest public company in the world. To put things into perspective: the market cap per employee of Nvidia has hit almost $100,000,000. Source: Bloomberg, HolgerZ
Just 3 stocks - Microsoft $MSFT, Nvidia $NVDA, and Apple $AAPL - now account for 20% of the S&P 500
Source: Barchart
It’s official: Nvidia, Apple, and Microsoft are now bigger than China’s entire stock market.
Source: Bloomberg, www.zerohedge.com
Michael Mauboussin latest research about stock market concentration: "How much is too much?"
Please read Michael Mauboussin’s (head of Morgan Stanley’s Consilient Research) latest article in which he argues that the rising concentration in the US stock market indices is justified by the companies’ underlying fundamentals. The article can be freely accessed on the Morgan Stanley Investment Management website. Source: Consilient Research for Morgan Stanley Investment Management’s Counterpoint Global
