Magnificent 7 Weekly Report - Nvidia's New ATH

By The Numbers

• $5.5 trillion — Nvidia (NVDA)'s market cap as of May 13, 2026, making it the first company in history to reach that valuation

• $227.16 — Nvidia's new all-time high stock price this week, with Jensen Huang boarding Air Force One alongside President Trump for the China summit

• +14.8% — Tesla (TSLA)'s approximate gain from last week's $389 close to this week's $447, the biggest weekly move in the group

• 875 jobs — LinkedIn employees cut by Microsoft (MSFT) on May 13, representing 5% of the subsidiary's workforce

• $97 billion — What Microsoft and OpenAI's renegotiated revenue-sharing deal is projected to save OpenAI through 2030, with the cap set at $38 billion

Nvidia just became the most valuable company in history. Not most valuable tech company. Most valuable company. Period. No company has ever reached $5.5 trillion before. Meanwhile, Tesla quietly staged one of the biggest weekly comebacks in the group, and Microsoft spent the week cutting jobs and renegotiating a deal worth nearly $100 billion. This was not a boring week.

The Full Scorecard

The Story of the Week: Nvidia Becomes History

When Jensen Huang stepped onto Air Force One alongside President Trump for the China summit, the markets noticed. Nvidia's stock hit $227.16. Its market cap crossed $5.5 trillion. No company has ever done that before. Apple got close. Microsoft got close. Nvidia did it.

Hold on. Let me stop here. This is not normal market behavior. $5.5 trillion is a number that requires context. The entire GDP of Japan is about $4.2 trillion. Every dollar of Nvidia's market cap represents someone's bet that AI infrastructure spending will not just continue but accelerate. The reason? Every Mag 7 company in this scorecard is spending billions on Nvidia chips. Meta's $145 billion AI budget. Microsoft's data center expansion. Alphabet's cloud growth. They are all flowing through Jensen Huang's company first.

Nvidia reports Q1 FY2027 earnings on May 20. That is one week away. The record market cap is the market's opening bid on what those numbers will say.

"Every company in the Mag 7 is spending billions on AI. Most of that spending becomes Nvidia revenue first."

Tesla's Quiet Comeback

Three weeks ago, Tesla was the worst performer in the group, down more than 12% for the year. This week it jumped 3.3% in a single session on May 13. From last week's close near $389 to this week's $447, that is roughly a 15% move in seven days.

The catalysts are real and specific. Belgium approved Tesla's supervised autonomous driving software for testing on public roads, a meaningful step toward European FSD expansion. The company announced a $250 million investment to boost battery production at its Berlin gigafactory. And the NHTSA cleared the 2026 Model Y on advanced driver assistance system tests.

It is kinda like a stock that had been written off going into a stretch of games and then wins three in a row. The story did not change. The environment did. Tesla's Q1 numbers were mixed, but none of the drivers that matter long term have deteriorated. Elon Musk stepping back from DOGE to refocus on Tesla was the first signal. This week's move is the second.

Microsoft's Messy Week

Microsoft managed to be the most active Mag 7 name for headlines without the stock doing much. LinkedIn cut 875 jobs, roughly 5% of its workforce, on May 13. The same day, Microsoft and OpenAI renegotiated their revenue-sharing agreement in a way that caps total sharing at $38 billion through 2030, saving OpenAI a projected $97 billion compared to the original terms.

The OpenAI deal restructure is actually interesting. Microsoft is projecting a $92 billion return from its original investment. Capping the revenue share at $38 billion is a Microsoft concession, but it also gives OpenAI more room to go public someday without the old deal hanging over the IPO valuation. Both sides come out cleaner. The market barely moved, but this is one of those structural deals that matters more six months from now than it does today.

What Happens Next

May 20 is the date the entire Mag 7 is building toward. Nvidia's Q1 FY2027 earnings will either validate the $5.5 trillion market cap or give the bears a reason to say the record was a top. If guidance confirms the AI spending cycle is still accelerating, every company in this scorecard gets a tailwind. If Nvidia disappoints, expect the CapEx fear that punished Meta and Microsoft last month to return with more force.

Apple's WWDC in June is the next catalyst after that. The company is sitting at new all-time highs with the Street expecting AI-integrated iOS and developer tools that could drive the next upgrade cycle.

You don't have to trust me. Trust the fact that no company in history has ever been worth $5.5 trillion before. Then decide what that says about where AI spending is headed.

P.S. Circle May 20. Nvidia's earnings could be the most consequential data point of the entire second quarter for every stock in this report.