Since the beginning of this year, Google's performance has left Nvidia behind—with a rise of 71%, while TSL has been sideways to the point that people are about to forget it.

Looking back through the historical ledger, the S&P 500, this old index, has recorded its annual returns every year from 1874 to now, over 151 years. With one month left in the year, it is estimated that the annual return can stabilize around 17%.

But I have to mention a key point: the constituents of the S&P 500 are not cast in stone. Those lagging behind will be replaced by potential new stars. A classic example? At the end of November 24 years ago, NVIDIA replaced the then-imploding Enron in the index. The fact that the S&P is rising so sharply now is largely due to NVIDIA—looking back, that blood transfusion was truly a stroke of genius.