The star driver of the S&P 500 is no longer a sector, a trend, or a "Magnificent" cohort. It is one company:
For decades, the S&P 500’s leaders were defined by reach (Amazon, Walmart), ecosystem (Apple, Microsoft), or attention (Google, Meta). Nvidia is different. It is the merchant selling the picks and shovels for the single most expensive gold rush in human history: Artificial General Intelligence. star sp500 driver
To understand how unusual this is, consider the math. Over the last 18 months, Nvidia has been responsible for roughly . That is not a contribution; that is a dependency. When Nvidia breathes in, the S&P 500 hits an all-time high. When Nvidia stumbles—as it did during a brief supply-chain scare in late 2024—the index bleeds points like a wounded animal. The star driver of the S&P 500 is