Seasoned Wall Street investor Ed Yardeni, founder and CEO of Yardeni Research, has boldly rebranded the Magnificent Seven giants as the “Magnificent One,” referring only to Nvidia Corp. (NASDAQ:NVDA) as the key driver of this year’s market gains. Yardeni noted that the semiconductor giant has rallied by 115% year-to-date, more than three times as much as Meta Platforms Inc. (NASDAQ:META) – the top performer among the “Magnificent Six” – and more than 10 times as much as the broader S&P 500 index
The Nasdaq led the major indexes to start the holiday-shortened week. Nvidia stock kept its post-earnings rally going and reached a new high on Tuesday.
Nvidia was the first chip stock to reach a trillion-dollar market cap, but another could reach that milestone very soon.