Five charts to start your day

NVIDIA becomes the third largest stock in the S&P 500

The Magnificent Seven literally dragged up the S&P 500 in 2023. Without these seven gigantic tech stocks, the S&P 500 would have essentially flatlined for the entire year. They accounted for the majority of the S&P 500’s performance that year. However, even within this small group of stocks, there were those that really shot the lights out.

The market was in the midst of an AI frenzy, which has continued unabated into 2024. Microsoft has usurped Apple as the world’s largest company, clearly benefitting from the success of ChatGPT.

However, what’s been really interesting to watch is the rise of NVIDIA. Prior to the launch of ChatGPT, the company was the runt of the pack. But it has since risen so rapidly that it is now the third largest among them and is just a whisker below a $2 trillion valuation. Watch the data visualisation to see its journey unfold.

Coming up:

• Traders spent more than $20 billion trading NVIDIA last week

• Value investing has been crushed by growth investing for 15 years

• Food is eating up the disposable income of ordinary Americans

• House prices in the OECD have returned to growth

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