However, it may be premature to conclude that the Magnificent Seven will be back to the races. There are some persistent problems for the other technology giants. Tesla’s share price is down 23% for the year to date, with Elon Musk’s erratic behaviour apparently denting demand for its cars across Europe. Amazon shares are down 3% year to date, as investors worry about over-capacity. Microsoft shares have also dropped on similar concerns.

Apple is in the firing line for tariffs with a significant share of its iPhone production coming from China. It has had to promise to spend $500bn in the US, with new facilities in Michigan, Texas, California, Arizona, Nevada, Iowa, Oregon, North Carolina, and Washington. Even if Nvidia is OK, there are plenty of problems elsewhere that suggest a more complex future for the previously unassailable technology giants.

In a newsletter this week, Simon Evan-Cook, manager of the Downing Fox multi-asset fund range, says that if there is a pullback in American mega-caps, it could be longer and deeper than the technology bust in the noughties. Also, given that most UK investors have (sensibly) abandoned their home bias, they may be far more exposed to any weakness this time round.

Equally, he points out, many clients tend to equate ‘the stock market’ with the FTSE 100 Index. “If the Footsie performs well but global portfolios do not, clients may be dissatisfied. This is what happened after the tech bubble burst in 2000, when ‘global’ portfolios badly underperformed ‘classic’ portfolios for much of the next decade.”

Advised clients have done very well out of an overweight position in the US and certainly better than had they stuck with the lacklustre FTSE 100, but they may forget this pretty quickly if there is a significant sell off in the mega-caps. Evan-Cook’s view is that it is prudent to start diversifying away from the US: “Many CIP products, be they multi-asset funds, DFMs or MPSs, have been caught in the market’s gravitational pull towards the global model. So you might have more than you think.”

The mega-caps have been an easy trade for much of the past decade. They have kept delivering for investors and no-one has had to look anywhere else for growth. However, they are starting to look a little wobbly, Nvidia notwithstanding. It may be time to rethink.