Nvidia is now worth as much as the whole Chinese stock market

Feb 9, 2024
  • Nvidia is now worth the same as the whole Chinese stock market, Bank of America chief investment strategist Michael Hartnett pointed out in a new note.
  • The company’s market cap has hit $1.7 trillion, the same as all Chinese companies listed on the Hong Kong Stock Exchange.
  • Nvidia’s stock soared 239% in 2023 and is up 41% in 2024, through Thursday.

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Nvidia has grown at an eye-popping pace, to the point where it carries a valuation equal to that of China’s stock market as a whole.

In a new research note from Bank of America, chief investment strategist Michael Harnett noted that Nvidia’s $600 billion surge in value over the past two months has pushed its market cap to $1.7 trillion, on par with all Chinese-listed companies on the Hong Kong Stock Exchange combined.

The chipmaker behemoth’s market cap has nearly quadrupled since the start of last year. Its stock soared 239% in 2023, and is up 41% this year alone, through Thursday. Only four US public companies are worth more. 

Meanwhile, China’s economic malaise has sent stocks tumbling lower. Lackluster economic growth and a prolonged real-estate crash have weighed on the market. The country has also been dealing with deflation. The Hang Seng index, a benchmark for Hong Kong-listed Chinese stocks, has dropped 26% over the past year and 8% year-to-date.

But Hartnett noted there could be an opportunity for investors who can identify Chinese stocks with strong management, balance sheets, and strong earnings. He notes the precedent of Japan’s Nikkei collapse in the early 1990s, which then saw a select group of 15 companies possessing those characteristics rallying to a 400% bull market.

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