Antonio Bordunovi
The Magnificent 7 have been instrumental in pushing the S&P 500 above the 5,000 mark. But some have been more instrumental than other.
BofA strategist Michael Hartnett points out that Nvidia’s (NASDAQ:NVDA) market cap is up $600B past two months or “‘1 Tesla (TSLA)’ (that’s market cap not 1 car).”
Nvidia leads Magnificent 7 performance year to date, up more than 40%. That’s followed by Meta (META), up more than 30%, Amazon (AMZN) up 15% and Microsoft (MSFT) up 12%. Alphabet (GOOG) (GOOGL) is up more than 6% so far in 2024, Apple (AAPL) is down 2% and Tesla is off 22%.
Nvidia’s $1.7T market cap is the same as the China stock market “as (the) US hits record 64% of MSCI ACWI (ACWI) & China now <3%.”
And in the wake of the big game, Hartnett notes that “the price of a 30-second ad during Super Bowl I (1967) was $37,500 (and the) price for Super Bowl LVII $7,000,000 = 185x jump; nothing keeps pace with Super Bowl inflation (93 of 100 most watched TV shows in ‘23 were NFL games).”
But “if they could chicken wings would now cost $43/lb (was 23c/lb in 1967), 6-pack of beer would be $340, gallon of gasoline $61, avg US house price $4.2mn & S&P500 (SP500) (SPY) (IVV) (VOO) would be 16374,” he said.
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