Bitcoin Breaks $28K, S&P & Nasdaq Soar: Big Tech Powers Market Rally

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• The S&P 500 and Nasdaq Composite have seen significant gains in 2023, mainly driven by the stocks of 7 big tech companies.
• Nvidia has seen an exceptional climb this year, up over 158%.
• However, the combined market cap of all other 493 stocks in the S&P 500 index is down 3% this year.

S&P and Nasdaq Soar in 2023

The S&P 500 and Nasdaq Composite are both up significantly in 2023; the S&P is up over 9%, while the Nasdaq Composite is up 25% year to date. This uptick is mainly driven by seven tech company stocks: Alphabet, Amazon, Apple, Meta, Microsoft, Tesla, and Nvidia. These seven stocks are up $3.16 trillion since the start of the year.

Big Tech Market Cap

The combined market cap of all other 493 stocks in the S&P 500 index is down $0.85 trillion since the start of the year. These figures show that a limited number of companies are driving most of the gains on stock markets today.

Nvidia’s Success

In particular, Nvidia saw an exceptional climb this year with its stock price increasing over 158%. On May 25th it had one of largest single-day market cap gains in U.S. stock market history according to Bloomberg and Yahoo Finance data gathered by Statista.

Analyzing US Debt

CryptoSlate’s latest report analyzes historical US debt levels and potential effects of a default on crypto markets. It provides insight into how different government actions may affect crypto prices in various scenarios from worst case to best outcomes for investors holding digital assets like Bitcoin or Ethereum tokens.


These figures reveal that although stock markets generally have shown positive performance in 2023 so far, it is largely thanks to a select few big tech companies’ success stories pushing prices higher than they otherwise would be without them – something investors should bear in mind when considering their portfolios‘ allocation to different asset classes or individual equities going forward