LIVE: Nvidia market cap makes new all-time high of $5.26 trillion as S&P 500 hits 7,173 for the first time ever

Bitcoin climbed to a 12-week high on Monday before pulling back. The token reached $79,488 early in Europe, its strongest level since Jan. 31, then slipped back to around $77,000.

The move came after Bitcoin spent recent sessions pushing closer to $80,000. Traders had been closing short bets, while demand from larger buyers improved. Bitcoin is now up 13% in April, putting it on track for its first monthly double-digit gain since May 2025.

Demand has also returned to U.S.-listed spot Bitcoin ETFs. Net inflows for April have reached about $2.5 billion, which puts the funds on pace to roughly double March’s total. Institutional buyers had started coming back in March after four straight months of net outflows.

Strategy (MSTR) also added more Bitcoin, though at a slower pace than before. The company bought $255 million worth of the token over the past seven days, after spending $3.5 billion across the previous two weeks.

The Michael Saylor-led digital asset treasury company acquired 3,273 Bitcoin in the period ended April 27, based on a US Securities and Exchange Commission filing released Monday, which shows that the latest purchase was funded through common stock sales.

Nvidia (NVDA) jumped to a fresh all-time high of $216.61 after rising 4% on Monday after the close, its first record since last October.

The rally pushed its market cap to a new peak of $5.26 trillion, making it the only company in the world valued that high… yet again. What an honor to witness this history being made.

Sadly though, the NVDA stock is still behind the wider chip trade. The Philadelphia Semiconductor index is up more than 36% in April and is trading nearly 50% above its 200-day moving average.

Goldman Sachs (GS) traders said over the weekend that this kind of gap has not been seen since the dotcom bubble peak.

Nvidia has gained more than 20% in the same period, but that is still far below the index’s move, even though the company is its biggest member at 10.82%. The year-to-date gap is wider, with Nvidia up 15% while the Philadelphia Semiconductor index has climbed roughly 46%.

Some analysts still see room for the stock to catch up, especially if Nvidia puts more focus on shareholder returns through buybacks and dividends.

JPMorgan (JPM) analyst Harlan Sur and his team also kept the AI story front and center, writing, “We expect AI-related demand to drive a multi-year runway of growth for NVDA’s datacenter GPU business.”

The broader market also hit records on Monday. The S&P 500 rose 0.12% to close at 7,173.91, while the Nasdaq Composite gained 0.20% and ended at 24,887.10.

Both indexes also touched new intraday all-time highs. The Dow Jones Industrial Average fell 62.92 points, or 0.13%, to close at 49,167.79.

The gains stayed narrow because oil moved higher as U.S.-Iran talks remained stuck and tensions in the Strait of Hormuz escalated. West Texas Intermediate rose 2.09% to $96.37 per barrel, while Brent climbed 2.75% to $108.23.

The chip trade also showed some fatigue. The iShares Semiconductor ETF fell about 2% in Monday afternoon trading and was on track for its first down day after an 18-session winning streak.

Since the market bottom during the U.S.-Iran war on March 30, the ETF had surged nearly 50% by Friday’s close and was still up almost 46% from that low as of Monday.