Nvidia has significantly boosted the S&P index, contributing 33,73% of its returns this year with its soaring stock price.

Stocklytics financial analyst Edith Reads comments: “Nvidia’s significant contribution to the S&P 500’s growth in 2024 highlights its financial prowess and role as a key driver of innovation in the tech sector.

“The wide use of AI chatbots and demand for Nvidia GPUs have fueled the company’s astounding success. The broad accessibility of Nvidia’s platform and its extensive customer base have also solidified its position in the chip market.”

As of 13 June 2024, Nvidia’s outsized impact on the S&P 500 was evident, with the company contributing 33% (YTD) to the index’s total returns.

“This impressive performance has been fueled by a staggering 162% increase in Nvidia’s share price year-to-date,” says Reads. “The escalated demand for its AI chips is a major cause for the rise of its share prices.”