Nvidia Surpasses Apple as Largest Holding in Vanguard S&P 500 ETF

The Vanguard S&P 500 ETF has an unusual composition, with Nvidia being its largest holding at 7.50% of assets, followed by Apple at 6.58%. This is a significant shift from years past when Apple was the top holding. The fund's five biggest positions account for over 25% of its $1.05 trillion in assets.

Nvidia first surpassed Apple's market value on June 5, 2024, and has since become about 18% bigger than its former rival. The concentration of Nvidia shares is particularly notable, with the company holding nearly a quarter of every dollar invested in the fund.

The S&P 500 index fund weights companies by float-adjusted market value, rather than their performance. This means that as Nvidia's revenue grew 85% year over year in its most recent fiscal quarter to $81.6 billion, its position in the fund swelled accordingly.