Part 3/11:
When excluding Nvidia, the group's performance actually trails that of the S&P 500 for the year to date. Nvidia stands out as a true flagship—its earnings momentum remains exceptionally strong, and it is widely regarded as the gold standard for AI-capable GPUs that power modern AI systems. In the first half of 2024, Nvidia's shares surged more than 180%, with the company's market capitalization surpassing $3 trillion—larger than Microsoft and Apple combined. Nvidia now ranks among the world’s most valuable companies and even approaches the size of the UK economy.