Amazon and Nvidia Outperform Google and Apple

2 min read | November 22, 2024 09:20 PM PST | By Team Kalkine Media

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Amazon and Nvidia Outperform Google and Apple — Image source: Shutterstock

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Highlights:

Nvidia has surpassed Apple in market capitalization weighting on the Nasdaq, accounting for 9.9% of the index.

Amazon has overtaken Alphabet in Nasdaq weighting, fueled by increased focus on AI.

Tesla has gained ground over Broadcom, with its Nasdaq weight now at 3%, compared to Broadcom's 2.1%.

Description:

Nvidia (NVDA) has recently surpassed Apple (NASDAQ:AAPL) for supremacy in market capitalization on the Nasdaq, commanding a 9.9% weight in the tech-heavy index, slightly edging out Apple’s 9.5%. Nvidia’s dominance is largely attributed to its leadership in artificial intelligence (AI) technology, which continues to drive its growth. Microsoft (MSFT) follows in third place with a 8.4% share of the Nasdaq.

Meanwhile, Amazon (AMZN) has pulled ahead of Alphabet (GOOGL), as Amazon's stock now makes up 5.7% of the index, surpassing Alphabet’s combined share of 5.6% (from both Alphabet Class A and Class C stocks). This shift is partially influenced by regulatory challenges facing Alphabet, including the Department of Justice’s efforts to require the company to divest its Chrome browser.

Tesla (TSLA), part of the so-called "Magnificent Seven" stocks, has extended its lead over Broadcom (AVGO) in Nasdaq weighting. Tesla now accounts for 3% of the Nasdaq, while Broadcom has dropped to 2.1%. Tesla’s stock performance reflects ongoing growth in the electric vehicle sector, while Broadcom, despite strong support from mutual funds, remains a smaller player in comparison.

The "Magnificent Seven" stocks—Alphabet, Apple, Amazon, Meta, Microsoft, Nvidia, and Tesla—continue to drive a significant portion of the Nasdaq's performance, contributing to over 50% of the index’s market capitalization. This heavy concentration of mega-cap stocks has prompted the Nasdaq to rebalance its index in July 2024, slightly reducing the dominance of these companies. However, the Nasdaq 100 remains heavily reliant on these stocks, particularly as they lead in AI and technological innovation, shaping market trends for the foreseeable future.

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