Since the start of the current bull market during October 2022, we recommended overweighting the S&P 500 Information Technology sector and have been especially positive on the S&P 500 Semiconductor industry. We stuck with that recommendation during the correction in the S&P 500 from February 19 through April 8. In recent days, the industry's stock price index rose to new record highs (chart).
Nvidia's stock price rose more than 4% today. It closed at a record high for the first time since January. Nvidia's current market capitalization is $3.77 trillion. This valuation has made Nvidia the world's most valuable company, surpassing Microsoft ($3.66 trillion) and Apple ($3.01 trillion) (chart). That's an impressive achievement considering that Nvidia CEO Jensen Huang last month said, "The $50 billion China market is effectively closed to US industry." At the company's annual shareholder meeting today, Huang said that AI and robotics are the firm's biggest growth opportunities.
