This week’s been a wild card in the who’s who game played by the Magnificent Seven, and it’s all because of Nvidia.
The seven so-called tech stocks — Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla, and Meta — usually take the same spots on a somewhat predictable ranking of the nation’s most valuable public companies. As a rule, Microsoft and Apple come before Alphabet and Amazon, which come before Nvidia.
But that’s all been shaken up as the seven stocks made blockbuster gains, especially Nvidia. The AI chipmaker has been on a huge rally since last year, and last week it overtook Amazon and Alphabet as the nation’s third most valuable company (in terms of market cap).
Then Amazon and Alphabet reclaimed their seats ahead of Nvidia as investors worried over its fate in anticipation of the company’s fourth-quarter earnings. Nvidia had its worst day on the stock market in months on Tuesday, at one point losing as much as 8%.
Then it flipped again when Nvidia beat Wall Street’s super-high expectations Wednesday afternoon. On Thursday, it gained more than $270 billion in value on the stock market. Nvidia stock soared 16% to a record high of $785 and continued to climb after the bell.
If Nvidia stock hits the top price forecasted by Wall Street analysts (Rosenblatt foresees shares hitting $1,400), its market cap would surpass $3 trillion.