Is Nvidia a bubble? Not yet. The earnings are real. The demand is visceral. But the S&P 500 has become a leveraged bet on a single thesis: that the world will never have enough AI chips.
As of early 2025, Nvidia’s market cap hovers near $3 trillion, rivaling Apple and Microsoft. But unlike those consumer-facing giants, Nvidia’s revenue is concentrated in a handful of hyperscalers (Microsoft, Amazon, Google, Meta). If one of those customers blinks—if they say "we have enough GPUs for now"—the entire house of cards shivers. star sp500 driver
How did the market become a one-truck pony? Is Nvidia a bubble