Topley’s Top 10 – May 22, 2023

Author

Matt Topley
May 22, 2023

1. Apple is Worth More than the Entire U.S. Small Cap Stock Index.

Barrons–But at some point in the past couple of weeks, depending on data providers, Apple’s market capitalization, at $2.76 trillion, topped the combined market cap of the entire Russell 2000RUT –0.62%  index of small-cap stocks.    And it gets worse. Today’s five biggest stocks—Apple, Microsoft (MSFT), Alphabet(GOOGL), Amazon.com (AMZN), and Nvidia (NVDA)—have a combined market cap of about $8.7 trillion, almost 25% of the S&P 500 cap and about 3.2 times the $2.7 trillion Russell cap.  That, says Michael Arone, chief investment strategist at State Street’s U.S. SPDR exchange-traded fund business, is now larger than the five biggest stocks were relative to the Russell 2000 at the peak of the dot-com boom in 1999 and 2000.

Chart AAPL vs. IWM (small cap Russell 2000)

Al Root at [email protected]

2. Apple and MSFT 14.1% of S&P….NVDA Trading at 29X Sales.

Here are the 10 highest Price to Sales Ratios in Nasdaq 100 today…

1.      NVIDIA $NVDA: 29x 

2.      Lucid $LCID: 18x 

3.      Intuitive Surgical $ISRG: 18x 

4.      Seagen $SGEN: 17x 

5.      DexCom $DXCM: 16x 

6.      Datadog $DDOG: 16x 

7.      Cadence $CDNS: 16x 

8.      CrowdStrike $CRWD: 15x 

9.      Verisk $VRSK: 15x 

10.   CoStar $CSGP: 14x 

3. NVDA Earnings this Week….Right at Pre-Tech Sell Off Highs

4. Seven Months Without New Lows.

JP Morgan Private Wealth.

5. Budweiser Only Gets 30% of Profits from U.S. and Canada.

6. Mineral Mix in Average EV Battery

Capital Group

7. Price Per Sq Foot for Offices -30% 

Torsten Slok Apollo Group

8. The Greatest Wealth Transfer in History Is Here….Baby Boomers $78 Trillion

9. Largest Endowments in World Dominated by U.S. Universities.

The Largest Endowment Funds The largest endowment funds can be compared on a grand economic scale, in terms of assets.

To put it all into perspective, the largest 50 endowment funds represent over a trillion dollars in assets. Or for a more singular example, look at Harvard’s fund, which has an endowment greater than the entire GDP of countries like Serbia, Bolivia, or Slovenia.

Here’s how the top 50 rank.

10. Late-Night TV RIP

Scott Galloway