Believe it or not, it's tough being Nvidia . The dominant maker of processors for use in artificial intelligence has soared 720% since ChatGPT was introduced in Nov. 2022. It's seen the biggest gain in the S & P 500 this year too, up 160% heading into its earnings results Wednesday evening. At $3.16 trillion, it is now the second-most valuable company on the U.S. stock market, just behind Apple's $3.46 trillion. Earnings and revenues have doubled in the past year.
But the impact has been shrinking – just as the overall Mag 7 impact has been diminishing with second quarter earnings growth broadening out. Last season , Nvidia was responsible for a little more than one-third of the S & P 500's 8% earnings growth. This quarter though, it's expected to make up just 16% of the index's nearly 13% growth.
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