Trump's 2026 Bull Market is Really Just an Nvidia Rally

Trump's 2026 bull market is really Nvidia-led. The AI-chip maker Nvidia tops the market with a valuation above $5.2 trillion, driving the S&P 500's roughly 9% year-to-date rise. Nvidia alone accounts for about 20% of the index's gain this year, highlighting concentration risk as many other stocks lag. Through 2026, Nvidia has climbed more than 15% YTD, outpacing Sandisk, which despite a 522% surge this year carries a market cap around $298 billion. Nvidia's breakout followed another blockbuster quarterly report, with data-center revenue expanding and sustained demand for GPUs, underscoring AI-driven momentum shaping broad market leadership.