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Nvidia accounts for 13% of the S&P 500’s 23% rally since March 30
Ten stocks led by Nvidia drove about 70% of the benchmark's gains, pushing index concentration to levels not seen in more than 50 years
The S&P 500 has climbed 23% since March 30, 2026. Ten stocks did roughly 70% of the work.
At the front of that line is Nvidia, which alone contributed 13% of the index’s advance over the period.
One chipmaker, an outsized share of the gains
Nvidia’s weight in the S&P 500 reached about 8% in September 2026. That is the highest concentration for any single stock in more than 50 years.
The company’s market capitalization sat at approximately $5.8 trillion to $6 trillion as of early October 2026. Over the rally, Nvidia added about $1.2 trillion in market value to the index on its own.
As of early October, Nvidia shares were up approximately 28% year-to-date. The S&P 500 had gained a more modest 13% to 14% over the same stretch.
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The fundamentals behind the run
Nvidia reported $96.2 billion in revenue for its fiscal second quarter of 2027, driven by demand for data center hardware and AI computing.
Nvidia projected full-year revenue growth of about 70% for fiscal 2028.
Semiconductor stocks as a group made up roughly 5% of the S&P 500 in 2020. By mid-2026, that share had climbed to approximately 19.7%.
What this means for investors
With chips at roughly 19.7% of the index and one company at about 8%, a sharp shift in sentiment toward AI hardware would ripple through portfolios that were never designed as tech bets.
Revenue of $96.2 billion in a single quarter gives the valuation real support, and the projected growth of about 70% for fiscal 2028 sets expectations high. If future results land below that bar, the stock’s weight means the whole index could feel it.