Nvidia, Nvidia, Nvidia... since January 1, everything begins, everything proceeds and everything follows from this stock (+5.2% at $1,224), which has been caught up in a bullish spiral - largely algorithmic in nature, since all passive managers are forced to 'chase paper'- the likes of which no 'tech' stock has seen since 1999/2000.

Nvidia has become 'THE' American market. Its +145% rise since the beginning of the year is compared by some commentators on Anglo-Saxon financial channels to that of Bitcoin during its 'manic' phases... but Nvidia has a capitalization more than twice that of BTC.

In fact, Nvidia adds to Wall Street the equivalent of the capitalization of BTC and Ethereum ($1,800 billion) in five months, and of all the 'cryptos' in one year. At $3,012 billion, it takes second place worldwide in terms of capitalization from Apple ($3,005 billion) and could easily overtake Microsoft ($3,145 billion), despite having just 26,000 employees, compared with 154,000 for Apple and 225,000 for Microsoft.

The AI chipmaker adds $150 billion in capitalization to the US market in 24 hours, propelling the Nasdaq Composite by almost +2% to a new record of 17,188, and the S&P500 by +1.2% to 5,354, a new 'all-time record/closing record' double.

Nvidia accounts for more than 50% of the day's gains... reflecting its impact since January 1: 50% of the S&P's rise and 60% of that of the Nasdaq-100 (+2%), which -naturally- also achieved the 'absolute record/closing record' double at 19,035.

The rest - i.e. "macro" news - is subaltern, all the more so as the "figures of the day" are somewhat contrasting, between a flamboyant ISM for services (+4.4 points to 53.8) and an ADP survey according to which the US private sector generated only 152,000 jobs last month, a number that was overall below expectations.

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