With Nvidia surging 40% since the end of 2023, hitting a market cap of more than $1.7 trillion on Monday, the tech stock is now valued more than the S&P 500's entire energy sector, which includes Exxon Mobil and Chevron.
As of Monday, the 23 stocks that make up the S&P 500's energy sector had a combined market capitalization of $1.585 trillion. That's 8% less than Nvidia's market cap of $1.712 trillion. The market figures were gathered by Charlie Bilello, the chief market strategist at Creative Planning.
With computer hardware and chip stocks leading the market's current tech rally, Nvidia has catapulted in value in recent years and now is above the entire combined value of the S&P 500 energy sector.
That still leaves it No. 4 among S&P 500 stocks. Microsoft, Alphabet and Amazon.com top the list. Meta Platforms, Berkshire Hathaway and Eli Lilly weigh in just behind.
The S&P 500 energy sector represents around 3.8% of the index's total market cap. S&P 500 energy names includes Exxon Mobil, Chevron, ConocoPhillips, Halliburton, SLB and Occidental Petroleum among others.
Exxon Mobil's current market cap is $413.5 billion while Chevron's is $287.6 billion. At the end of 2018, Nvidia had a market cap of $81.4 billion compared to Exxon's $289 billion. Meanwhile, Chevron had a market value of $207 billion at the end of 2018. Since then, Nvidia value has rocketed higher as XOM, CVX and other S&P 500 energy sector stocks have moderated.
Through Feb. 2, the S&P 500 has notched seven new all-time highs, six of which were recorded in January, placing the S&P 500 on pace to record 72 new highs in 2024, ranking it behind the 1954 and 1995 tallies of 77, according to Sam Stovall, CFRA Chief Investment Strategist.
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