• The S&P and Nasdaq Composite have seen notable gains in 2023, largely due to the stocks of Alphabet, Amazon, Apple, Meta, Microsoft, Tesla and Nvidia.
• These seven tech companies are up $3.16 trillion this year; meanwhile all other 493 stocks in the S&P 500 index are down 3%.
• Notably, Nvidia saw an exceptional 158% climb this year with one of the largest single-day market cap gains in U.S. stock market history.
Tech Companies Surge Market Cap
The S&P 500 and Nasdaq Composite have been on a tear in 2023; the S&P is up over 9%, while the Nasdaq Composite is up 25% year to date. This growth can be attributed largely to just 7 key tech company stocks—Alphabet, Amazon, Apple, Meta, Microsoft, Tesla and Nvidia—which have seen a combined market cap increase of $3.16 trillion or 46% since the start of the year according to Jeroen Blokland from True Insights. The rest of the 493 stocks in the S&P 500 index have experienced a collective 3% drop over that same period.
Nvidia Sees Exceptional Gains
Among these 7 tech giants it is Nvidia that has seen especially impressive gains this year—up 158%. On May 25th they were responsible for one of the largest single-day market cap gains in US stock market history per Statista data gathered by Bloomberg and Yahoo Finance.
The incredible rise of Big Tech has implications for cryptocurrencies as well as traditional markets as CryptoSlate’s latest report indicates when it analyzes US debt and its potential effects on crypto markets if a default were to occur. With US Treasury General Account now down to critical levels with less than $50 billion remaining a financial crisis could be on its way unless new legislation is passed or debt ceiling raised soon.—an event which Bitcoin recently responded positively too when it broke through 28k threshold upon news that an agreement was likely being reached between Congress members and President Trump over their long-standing impasse regarding government spending limits
Bitcoin Realized Price Hits YTD High
On top of these macro trends we can also see Bitcoin’s own success with total inscriptions count approaching 10 million mark and realized price hitting its YTD high thanks to whales continuing to accumulate BTC despite bearish sentiment among many investors who focus solely on pricing when assessing its performance
Overall there is much evidence pointing towards Big Tech leading a surge across both traditional markets as well as cryptocurrencies giving investors plenty cause for optimism heading into summer 2021