Trump Calls It His Bull Market. The Numbers Say It Belongs to This Person Instead

The S&P 500 is up 10.3% year to date through May 27, but only 57% of its stocks are up and 61% of components are below the index. The index’s eighth straight winning week is attributed largely to NVIDIA. With cap-weighted benchmarks, one company’s market-cap surge can make the index look strong even when the median stock performs modestly. NVIDIA is now worth about $5.2 trillion and is carrying the index. NVIDIA’s Q1 fiscal 2027 results show $82 billion revenue, $75 billion data center revenue, 75.0% non-GAAP gross margin, $48.55 billion free cash flow, and major capital returns including an $80 billion share repurchase authorization and a dividend increase.

"The S&P 500 is up 10.3% year to date through May 27, which sounds healthy until you look underneath. Only 57% of S&P 500 stocks are green this year and 61% of components are underperforming the index. CNBC's Dominic Chu pinned the index's eighth straight winning week squarely on NVIDIA. When you hear "record highs," what you are mostly hearing is one company adding trillions in market cap and dragging cap-weighted benchmarks along for the ride. The median stock is having a fine year. The average index, thanks to NVIDIA's 14% YTD gain and its enormous weight, looks spectacular."

"That stock is NVIDIA ( NASDAQ:NVDA | NVDA Price Prediction), now worth $5.2 trillion and carrying the index on its back. Trump can claim the rally. The receipts belong to Jensen Huang. Trump's victory lap has a math problem The S&P 500 is up 10.3% year to date through May 27, which sounds healthy until you look underneath."

"NVIDIA's Q1 fiscal 2027 report, filed May 20, 2026, is the kind of document that bends an entire market. Revenue came in at $82 billion, up 85% year over year, with a $13.5 billion sequential increase that was a new company record. Data center revenue alone was $75 billion, up 92% YoY. Networking inside that segment grew 199%, which tells you the buildout now spans full racks, fabrics, and switches alongside the chips."

"Margins held at a 75.0% non-GAAP gross margin. Free cash flow was $48.55 billion in a single quarter. The board approved an additional $80.0 billion share repurchase authorization and raised the dividend from $0.01 to $0.25 per share. The details, including $119.0 billion in total supply-related commitments, sit in the"

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