Nvidia’s $4T trading activity shows unparalleled stock market dominance
Its peers aren’t even close.
It’s been about a year since Nvidia’s blowout quarterly results and robust outlook signaled that the AI boom was on.
The run-up to that fateful May 2023 earnings report also marks the time when Nvidia began to dominate trading activity across the US stock market: there’s a chasm between the amount of money that is changing hands trading the semiconductor company compared to other top US stocks.
The dollar value in shares of Nvidia — that is, the number of shares traded times the price each transaction took place at — has been higher than that of Apple, Microsoft, Meta, Alphabet, and Amazon on more than 96% of the past 262 trading sessions.
This trend kicked into overdrive in 2024. Nvidia has traded more dollar volume versus any of those names in all but two days this year, both of which were following the release of earnings reports by Meta. For reference, in 2022, Apple topped this leaderboard on about 80% of occasions.
Year to date, through May 29, $4.1 trillion has changed hands in Nvidia stock. Its peers aren’t even close.
But Nvidia isn’t just trading more than other tech titans individually — increasingly, it’s trading more than all of them as a group.
40 times so far this year, Nvidia’s stock traded more dollar volume than Microsoft, Apple, Alphabet, Amazon, and Facebook combined. For context, Amazon has done that once since the end of 2019, and Apple has accomplished the same feat twice over that span. That’s it.
Marc Andreessen proclaimed that software is eating the world back in 2011. Well, right now, Nvidia’s H100 semiconductors are swallowing the US stock market.
