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Nvidia sets $5.26T market cap record as S&P 500 rises to 7,173
Bitcoin hit a 12-week high on Monday but failed to hold the peak. In the morning in Europe, it reached $79,488 — its highest level since January 31 — before pulling back to $77,000.
Recent sessions have steadily pushed price toward the $80,000 level. Traders have been closing shorts while large players re-entered the market. In April, $BTC is already up 13% and could post its first double-digit monthly gain since May 2025.
Demand for US spot Bitcoin ETFs has also rebounded. Net inflows for April reached about $2.5 billion, nearly double March’s level if the trend continues. Institutional investors began returning in March after four months of outflows.
Strategy’s buying continues, but less aggressively. Over the past seven days, the company purchased $255 million in BTC, compared to about $3.5 billion over the previous two weeks.
Michael Saylor’s firm bought 3,273 $BTC through April 27, according to an SEC filing published Monday. The latest purchase was funded via common stock issuance.
Nvidia hits $5.26T valuation, but chip sector momentum is slowing
Nvidia (NVDA) hit a new all-time high at $216.61 after rising 4% on Monday in after-hours trading. This is the company’s first record since October last year.
Its market cap reached $5.26 trillion, making Nvidia once again the only company in the world at that valuation.
However, there is a catch. Despite gains, Nvidia is still lagging the broader semiconductor sector. The Philadelphia Semiconductor Index is up more than 36% in April and trades nearly 50% above its 200-day moving average.
According to Goldman Sachs traders, such a gap hasn’t been seen since the dot-com bubble peak.
Nvidia itself is up more than 20% over the same period — weaker than the index — even though it remains its largest component with a 10.82% weighting. Year-to-date, the divergence is even larger: Nvidia is up 15% versus about 46% for the index.
Chip stocks rally outpaces Nvidia despite AI boom
Some analysts believe Nvidia could eventually catch up, especially if it increases shareholder returns via buybacks and dividends.
JPMorgan analyst Harlan Sur and his team remain bullish on AI demand:
“We expect AI-related demand to drive multi-year growth in Nvidia’s data center GPU business.”
Broader markets also reached new highs. The S&P 500 rose 0.12% to 7,173.91, while the Nasdaq gained 0.20% to close at 24,887.10.
Both indices hit intraday record highs. Meanwhile, the Dow Jones fell 62.92 points (-0.13%) to 49,167.79.
Gains were limited as oil prices continued rising amid US-Iran negotiation deadlock and escalating tensions in the Strait of Hormuz. West Texas Intermediate rose 2.09% to $96.37 per barrel, while Brent climbed 2.75% to $108.23.
The semiconductor sector showed signs of fatigue. The iShares Semiconductor ETF fell about 2% on Monday and may close lower for the first time in 18 straight sessions.
From its March 30 lows, the fund has surged nearly 50% and remains about 46% above those levels.
Crypto unexpectedly entered the discussion. Convicted fraudster Sam Bankman-Fried, serving a 25-year sentence for stealing billions in 2022, posted on X that the S&P 500 hit 7,174 and is up 19.6% since Donald Trump’s second inauguration.
He compared it to an 8.6% rise during Joe Biden’s presidency, to whom he previously donated millions.
Geiger Capital replied:
“You’re not getting a pardon. Shut up.”
SBF responded:
“The most interesting outcome usually happens,” echoing Elon Musk’s famous phrase.
See also: "UAE exits OPEC after 59 years, BTC drops below $76,000 amid Ormuz supply shock"
