Nvidia accounts for roughly 8% of the S&P 500’s total market capitalization, a concentration built largely on the artificial-intelligence boom. Its $5.41 trillion valuation exceeds the combined market value of the energy, utilities, real estate, consumer staples and materials sectors, and is larger than every other S&P 500 sector except information technology, communication services, financials, health care and consumer discretionary. The Kobeissi Letter said Nvidia’s market value is equivalent to 16.3% of U.S. GDP. Nvidia has gained 18.83% year to date, 31.53% over one year and 882.53% over five years, compared with 11.78%, 18.89% and 69.04% for the S&P 500 and 12.83%, 21.96% and 70.65% for the Nasdaq. The company’s $5.41 trillion market cap remains above Apple’s $4.74 trillion after the companies repeatedly exchanged the title of the world’s most valuable company since 2024. Nvidia has guided for $108 billion in third-quarter revenue, implying roughly 1,730% growth over four years, while second-quarter revenue of $96.22 billion exceeded Wall Street’s $92.11 billion estimate. Raymond James analyst Simon Leopold said Nvidia could reach $1 trillion in annual sales by fiscal 2029. Nvidia’s weight ranges from 9.01% in the iShares Semiconductor ETF to 22.11% in the VanEck Semiconductor ETF, while its holdings in major broad-market funds include 8.44% of QQQ and 7.71% of SPY. The shares rose 3.21% to $224.41 on Wednesday and added 0.44% in extended trading.