{"id":227071,"date":"2025-07-09T12:56:20","date_gmt":"2025-07-09T16:56:20","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=227071"},"modified":"2025-07-10T05:19:57","modified_gmt":"2025-07-10T09:19:57","slug":"4-trillion-wow","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/4-trillion-wow\/","title":{"rendered":"$4 Trillion.\u00a0 Wow!"},"content":{"rendered":"\n<p>The news broke this morning that Nvidia (NVDA) became the first company whose market capitalization crossed the $4 trillion mark.&nbsp; It is the latest milestone in a spectacular move for the stock that has been the key driver and beneficiary of the market\u2019s embrace of all things involving artificial intelligence (AI).&nbsp; I don\u2019t believe that it behooves investors to focus much on specific numbers, whether for market cap, price, or performance, but today\u2019s achievement is a welcome opportunity to appreciate NVDA\u2019s remarkable run.<\/p>\n\n\n\n<p>In fortuitous timing, I happened to be making <a href=\"https:\/\/www.cnbc.com\/video\/2025\/07\/09\/market-is-characterized-by-momentum-and-fomo-says-interactive-brokers-sosnick.html?&amp;qsearchterm=sosnick\">a media appearance<\/a> just after the $4 trillion threshold was crossed.&nbsp; My comment at the time recognized the significance of the event while noting that there is an air of inevitability when a well-watched stock approaches a major valuation event.&nbsp; The necessary price became something of a magnet soon after its approach was widely reported.<\/p>\n\n\n\n<p>It has long been said that if there is a gold rush, the best way to make money is to provide picks, shovels, and other supplies to the miners.&nbsp; If we think of AI as a modern-day gold rush, it is quite fair to say that NVDA is the premier manufacturer and supplier of mining equipment to the prospectors.&nbsp; We can debate whether ChatGPT, Grok, Perplexity, Gemini, or others might be the best AI model, but they all rely to some extent on NVDA chips.&nbsp; Much of the magnificence of the \u201cMag 7\u201d comes from their embraces of AI.&nbsp; Under that paradigm, it is worth recognizing that NVDA receives significant cash flow from those other market winners.<\/p>\n\n\n\n<p>We\u2019ve noted before that the current bull market began in November 2022, and it is hardly a coincidence that ChatGPT was released that same month.&nbsp; To their credit, NVDA leaned into the theme of generative AI almost immediately.&nbsp; In February 2023 we wrote:<\/p>\n\n\n\n<p><em>By my count,&nbsp;<\/em><a href=\"https:\/\/seekingalpha.com\/article\/4580889-nvidia-corp-nvda-q4-2023-earnings-call-transcript\"><strong><em>management mentioned \u201cAI\u201d 70 times<\/em><\/strong><\/a><em>.&nbsp; They mentioned it 37 times even before the first question was asked!&nbsp;<\/em><\/p>\n\n\n\n<p>Since then, the stock has risen roughly 7X in the past 2.5 years, far outpacing the rather impressive 55% rise by the S&amp;P 500 (SPX) over that period.&nbsp; Of course, there is a bit of a feedback effect.&nbsp; As NVDA steadily rose, thus increasing its market cap, its weight in SPX and the Nasdaq 100 (NDX) soared until it became the largest component in both measures (over 7% of SPX and over 9% of NDX).&nbsp; It is probably not an overstatement to say that as goes NVDA, so goes the market \u2013 especially since it tends to drag other key semiconductor stocks in its wake.<\/p>\n\n\n\n<p>So, what now?&nbsp; That depends upon the resilience of both the rush to invest in AI and the market as a whole.&nbsp; To a large extent, those are heavily intertwined.&nbsp; At some point, investors will need to see tangible returns for all the money that is being spent by companies like Meta Platforms (META) to establish AI dominance.&nbsp; But until then, NVDA will remain more than happy to cash their checks and sell them chips.&nbsp; And investors will continue to enjoy the benefits.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The news broke this morning that Nvidia (NVDA) became the first company whose market capitalization crossed the $4 trillion mark.  It is the latest milestone in a spectacular move for the stock that has been the key driver and beneficiary of the market\u2019s embrace of all things involving artificial intelligence (AI).  I don\u2019t believe that it behooves investors to focus much on specific numbers, whether for market cap, price, or performance, but today\u2019s achievement is a welcome opportunity to appreciate NVDA\u2019s remarkable run.<\/p>\n","protected":false},"author":4,"featured_media":227073,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[14700,6,8,9,22,26,3],"tags":[],"contributors-categories":[13576],"class_list":{"0":"post-227071","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-stocks","12":"category-text-articles","13":"category-traders-insight","14":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>$4 Trillion.\u00a0 Wow! | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"The news broke this morning that Nvidia (NVDA) became the first company whose market capitalization crossed the $4 trillion mark. 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