Nvidia made history last week when it became the first company ever to have a market value of $5 trillion. But that’s just one way it’s casting a shadow over the global economy.
The chipmaker at the heart of the artificial intelligence revolution is not only by far the biggest company on the planet, it also may be the most influential stock in Wall Street history. Nvidia has been the primary driver of the market’s gains since the start of 2023, delivering massive returns to shareholders and minting billions for Chief Executive Officer Jensen Huang. It’s now larger than six of the 11 sectors in the S&P 500 Index and the entire equity markets of most countries.
"This is obviously a massive outlier from a historical perspective, really something to behold for the ages,” said Matt Miskin, co-chief investment strategist at Manulife John Hancock Investments.
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