Tech Rally Pushes Global Market Cap Beyond $116T—Wall Street Pretends It Saw This Coming
Nasdaq’s record run fuels historic valuation milestone as investors pile into megacaps. Never mind that 80% of the gains came from five stocks—efficiency!
Behind the numbers: AI hype and Fed pivot hopes paper over shaky fundamentals. But who’s checking balance sheets when the printer’s still warm?
Closing thought: The ’everything bubble’ gets its caffeine fix. Place your bets before the next margin call.
Trump secures $600 billion Saudi deal, markets surge up to $1 trillion
As we recently reported, Saudi Arabia has committed to invest more than $600 billion in US industry and infrastructure. The funds will be spread out across multiple sectors, with more than $100 billion earmarked for technologies such as artificial intelligence and data centers.
According to the WHITE House, the deal with Saudi Arabia also includes “the largest defense sales agreement in history —nearly $142 billion, providing Saudi Arabia with state-of-the-art warfighting equipment and services from over a dozen U.S. defense firms.”
Trump also enacted a total reset on trade tariffs against China earlier in the week. Reports say that “the U.S. will slash tariffs on Chinese goods from 145% to 30%, while China will drop its tariffs on U.S. exports from 125% to 10%.”
The markets were quick to respond, with almost $1 trillion in total global market capitalization added in the 24 hours since. This tide has largely risen on the gains seen by the so-called “magnificent seven,” Apple, Amazon, Google, Meta, Microsoft, Meta, and Tesla.
As of the time of this article’s publication, the total global market cap hovered at about $116.15 trillion, up from the previous 24-hour’s high of $115.27 and climbing towards the all-time unadjusted high of $117.69 trillion set on February 17, 2025, according to CompaniesMarketCap.
Silicon Valley does the heavy lifting
The largest gains in the global top 20 firms by market cap have come from the aforementioned magnificent seven, alongside related chipmakers Broadcom and TSMC, who saw a combined 24-hour increase of about 9% (5.665 and 3.34% respectively). Tesla, up 1.25%, reentered the trillion-dollar territory for the first time since late February, while Nvidia leapfrogged Apple to reclaim $3 trillion and the number two overall slot with a whopping gain of 6.2% over the last 24 hours.
Holding steady at the top is Microsoft, with a market cap of $3.31 trillion. It and Berkshire Hathaway are the only firms in the top 10 to see losses for the day at –0.22% and -0.14%, respectively.
At the midday point for US markets, the global total appears poised to surpass the previous all-time high established in February. Not only WOULD this mark the largest turnaround in recent market history, going from a $100.32 trillion low on April 8 to a current May 13 high of $116.15, it would also represent the fastest gain, having done so in just five weeks.
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