Nvidia has added $1.8 trillion of market cap in 2024. Here's how big that is.

By Emily Bary

That's larger than the market values of all but four other members of the S&P 500

As the first half of 2024 draws to a close, it brings more eye-popping statistics that capture Nvidia Corp.'s rise.

The semiconductor company has added $1.827 trillion in market capitalization so far this year, according to Dow Jones Market Data. Besides Nvidia itself, there are only four U.S. companies with valuations greater than that amount - Microsoft Corp. (MSFT), Apple Inc. (AAPL), Alphabet Inc. (GOOG) (GOOGL) and Amazon.com Inc. (AMZN).

Nvidia's (NVDA) first-half market-cap boost is also bigger than the combined overall valuations of the bottom 137 members of the S&P 500 SPX, according to Dow Jones Market Data.

See also: Nvidia's stock is set to gain as rivals play perpetual catch-up, analyst says

The company's market-cap gains are impressive on a quarterly basis as well. Nvidia is on track to scoop up $791 billion in market cap during the calendar second quarter, according to Dow Jones Market Data. Excluding Nvidia, only seven U.S. companies have greater overall market values than that: the four mentioned above plus Meta Platforms Inc. (META), Berkshire Hathaway Inc. (META) and Eli Lilly & Co. (LLY)

Both for the first half and for the quarter, Nvidia's stock gains rank second in the S&P 500, with gains of 150% and 38%, respectively, through Thursday's close. Super Micro Computer Inc.'s stock (SMCI) tops Nvidia's on a year-to-date basis, up 213%, while First Solar Inc.'s (FSLR) leads Nvidia's on a quarter-to-date basis, ahead 48%.

Read: Super Micro and Nvidia lead the S&P 500 this year. These stocks follow.

Can Nvidia sustain the rally? While Nvidia shares are up 1.4% in Friday trading, they fell 1.9% in Thursday action on a tough day for hot chip stocks - and a very good day for software stocks. Thursday's big moves higher in shares of Palo Alto Networks Inc. (PANW), Salesforce Inc. (CRM) and others suggested that some investors were rotating into software stocks at the expense of semiconductor stocks, Mizuho desk-based analyst Jordan Klein wrote.

Klein said he was "not saying semis [are] in trouble" or recommending that investors "cut and run here," but he noted that recent "sustained rallies" in large software names like Adobe Inc. (ADBE) and Salesforce could ultimately prompt fund managers who missed out on those rallies to start buying in.

Don't miss: Zscaler's stock has been a laggard this year. Why JPMorgan says it can rise 25%.

-Emily Bary

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06-28-24 1121ET

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