Nvidia Surpasses Apple as Second Largest Holding in S&P 500, Drives 34% YTD Return

Nvidia (NVDA) has surpassed Apple (AAPL) to become the second largest holding in the S&P 500, contributing significantly to the index's performance. UBS reports that Nvidia alone has contributed 34% of the S&P 500's 10.6% year-to-date price return. Other major tech companies, including Alphabet (GOOGL), Microsoft (MSFT), Meta (META), and Amazon (AMZN), have collectively accounted for an additional 26%. The top five stocks now represent 27% of the S&P 500, a record high. The top three companies—Microsoft, Nvidia, and Apple—make up 19.7% of the index, the highest concentration since data collection began in 1980. The S&P 500 saw over $36 billion in net inflows this year, with $6 trillion still in money markets. Only six big tech stocks contributed 75% of the stellar May performance, which was the best May since 2003.