Shares of Nvidia rose more than 5% Wednesday, pushing the company's market cap above Apple for the first time.
The S&P 500 and Nasdaq hit highs and many stocks flashed buy signals on just-right economic data. Nvidia topped a $3 trillion valuation, passing Apple.
“Narrow leadership like now happens from time to time but it never lasts,” said Sean O’Hara, president of Pacer ETFs Distributors, a fund provider with $45 billion in assets under management. Nvidia rose 5% Wednesday and is now up more than 150% this year. The Nvidia rally has picked up steam in recent weeks because the company’s stock is set to split 10 for one at the end of this week.