NVIDIA continues to gobble up the market

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When NVIDIA reports its earnings, the entire stock market holds its breath. That's what happens when you're worth $3.6 trillion and make up 7 percent of the S&P 500.

The numbers are staggering. Revenue and earnings have doubled from last year and next quarter looks set for $37.5 billion in sales. Even more impressive, CEO Jensen Huang has beaten his own estimates by about $2 billion for six quarters running.

Yet here's what makes NVIDIA truly remarkable: it's not just about the company anymore. Its performance drives the entire market. Consider this – NVIDIA’s stock accounts for 24 percent of the S&P 500's gains this year. That's more influence than Cisco had in 2000 when it briefly became the world's most valuable company.