Nvidia Reclaims $3 Trillion: 37% Of Benzinga Readers Nailed Prediction For Under A Month
Portfolio Pulse from Chris Katje
Nvidia Corporation (NASDAQ: NVDA) briefly surpassed Microsoft Corporation (NASDAQ: MSFT) and Apple Inc (NASDAQ: AAPL) to become the most valuable company in the world, hitting a market capitalization of $3.33 trillion. Despite a short-term drop, Nvidia quickly reclaimed the $3 trillion mark. The stock has soared 207% over the last year and is up 152% year-to-date in 2024. Nvidia is now the second-largest holding in the Technology Select Sector SPDR Fund (NYSE: XLK) and could be added to the Dow Jones Industrial Average, impacting ETFs like the SPDR Dow Jones Industrial Average ETF (NYSE: DIA).
June 26, 2024 | 7:35 pm
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POSITIVE IMPACT
Nvidia's potential addition to the Dow Jones Industrial Average could lead to increased demand for its shares from ETFs tracking the index, like the SPDR Dow Jones Industrial Average ETF (DIA).
If Nvidia is added to the Dow Jones Industrial Average, ETFs tracking the index, such as DIA, will need to accumulate shares, potentially boosting demand and positively impacting the ETF's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Nvidia briefly became the most valuable company in the world, surpassing Microsoft and Apple, and quickly reclaimed the $3 trillion market cap. The stock has seen significant gains over the past year and year-to-date.
Nvidia's brief status as the most valuable company and its quick recovery to a $3 trillion market cap highlight its strong market position and investor confidence. The stock's significant gains over the past year and year-to-date further support a positive short-term outlook.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Nvidia's rise to the second-largest holding in the Technology Select Sector SPDR Fund (XLK) after a rebalancing highlights its growing influence in the tech sector.
Nvidia's increased weighting in the XLK fund underscores its growing influence in the tech sector, which could positively impact the ETF's performance in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70
NEUTRAL IMPACT
Apple was briefly surpassed by Nvidia in market capitalization but remains a strong competitor with a market cap of $3.28 trillion.
While Apple was briefly surpassed by Nvidia, it remains a strong competitor with a substantial market cap. The impact on Apple's stock is likely neutral in the short term.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Microsoft was briefly surpassed by Nvidia in market capitalization but remains a strong competitor with a market cap of $3.36 trillion.
While Microsoft was briefly surpassed by Nvidia, it remains a strong competitor with a substantial market cap. The impact on Microsoft's stock is likely neutral in the short term.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 50