It was all about Nvidia on Thursday.

By noon in the US, the company’s market cap was $205 billion higher than it was at the close of trading the prior session.

That’d be the largest one-day value pop in the history of American capital markets.

Nvidia is now destined to join the trillion-dollar club, and if you believe CEO Jensen Huang, the sky’s the limit for the business, which he described as being the undisputed pole position leader at the dawn of a new technological epoch.

ChatGPT, Huang told analysts, might’ve been an “iPhone moment.”

We may look back a year from now and think the same thing about this burgeoning mania that we now think about Web3 and the metaverse, but… well, it feels more “real,” ironic considering the “A” in “A.I.” is for “artificial.”

In any event, Nomura’s Charlie McElligott weighed in Thursday. For those interested (which will be most readers), here’s what Charlie had to say:

My take on NVDA: When you see the 4th largest stock in both the SPX and QQQ rally at one point +28% after-hours (versus an options-implied move of ~7.5% going in) on an earnings upside shock, in just an absolutely brutal display of power speaking to the extent of this generative A.I. boom being a ‘real thing,’ when the magnitude of [the] guidance beat is > the market cap of 93% of Russell 2000 stocks and while 2024 EPS estimates were $4.60 coming into the earnings print, but now some analysts are throwing around numbers almost doubling those priors for next year and after the company added 1.5 Intels of market cap overnight, it’s simply a fool’s errand to try and ‘pick a top and short’ mega-cap tech or US equities index in general on a ‘valuation’ thesis alone. These companies are proving time and time again the old ‘secular growth’ truism which is making these stocks so incredibly popular for this phase: They don’t require a hot economic cycle to beat on earnings and profits, as they are just liquid, cash-generating machines.