Nvidia (NVDA) didn’t start this bull market — but it has come to define it.
The S&P 500 (^GSPC) bottomed on Oct. 12, 2022, in the wake of the 2022 bear market. The “Magnificent Seven” stocks, however, didn’t fully join the party right away. The group’s index did not bottom until late December 2022 — a period when the S&P 500 rose 6% from its bear market lows while the Magnificent Seven fell another 12%.
Then the market’s leadership changed.
ChatGPT 3.5 launched on Nov. 30, 2022, and the next phase of the bull market quickly became an artificial intelligence trade, with Nvidia (NVDA) at the epicenter.
Since the S&P 500’s bear-market low, the Magnificent Seven has added nearly $15 trillion in market value. Nvidia alone accounts for nearly $5 trillion of that gain, or one-third of the total.
Market cap added since S&P 500 low on October 12, 2022 ($ Trillions)
Alphabet (GOOGL) ranks second, adding nearly $3 trillion, followed by Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), Meta (META), and Tesla (TSLA).
But Nvidia’s journey has had its setbacks.
It stumbled at times and helped drive some of the Magnificent Seven’s pullbacks. But across the major upside waves, it has usually been the stock doing the most work.
That’s still true in the latest rebound. Since the March 30 market low, Nvidia has added nearly $1.2 trillion in market value, more than any other Magnificent Seven stock.
Market cap added from the March 30 market low through April 28 ($ Trillions)