Nvidia now accounts for about 7.5% of the S&P 500, the largest share of any company in the index. That weight comes from a valuation above $4 trillion, which made the U.S. chipmaker the first publicly traded company to cross that line.
Data shows how quickly it got there. Nvidia’s share price has jumped about 1,350% since October 2022. It is up 22% in 2025 alone, against just 6% for the S&P 500. The company reached $4 trillion only just over a year after it first hit $3 trillion.
Where the rivals stand
Nvidia is not alone at the top. Microsoft is worth around $3.7 trillion and Apple $3.1 trillion. Add Amazon, Alphabet, Meta and Broadcom, and the top seven tech companies make up about one-third of the S&P 500.
The technology sector as a whole is now the largest part of the U.S. stock market, nearly matching the size it reached during the dot-com boom in 2000.
What index weight means
Because indexes are built on total company value, Nvidia’s size gives it strong influence over how they perform. It also holds a large share of the Invesco QQQ ETF and the Philadelphia Semiconductor Index, so a move in one stock can push all three.
The Dow Jones Industrial Average is the exception. It is weighted by stock price rather than total value, so Nvidia’s role there is smaller.
For anyone holding an index fund, the practical effect is that a growing slice of the money in the U.S. market now rides on a handful of technology names, and on one chipmaker most of all.
