Markets are pricing in a Trump landslide victory. Bitcoin jumps 4%. Nvidia overtakes Apple as world's biggest company with US$3.42 trillion val. Nasdaq 100 gains 1.7%. SMCI slumps 16%

Global stocks, along with metal and energy commodities, marched higher after Joe Rogan endorsed Trump following Musk’s interview. Bitcoin rose 3.6%. The US dollar fell 0.4%, allowing other G-10 currencies to gain. The S&P 500 rose 1.2%, with all sectors up, while the tech-heavy Nasdaq-100 $NASDAQ 100 Index (.NDX.US)$ index surged 1.7% higher. Nvidia $NVIDIA (NVDA.US)$ shares climbed 2.8%, as it once again overtook Apple as the world’s biggest company. The volatility index, the market’s fear gauge, fell back to a four-week low. Meanwhile, Trump-trading proxy Trump Media $Trump Media & Technology (DJT.US)$ shares rose 10% before trading was halted several times; it ultimately closed 1% lower.

Regardless of who wins, Nvidia $NVIDIA (NVDA.US)$ remains a focus, as it has become the world’s biggest company with a US$3.42 trillion market valuation. Nvidia has been trading places with Apple as the world’s leading company. Its rise of US$167 billion in value from its October low starkly contrasts Apple’s $Apple (AAPL.US)$ US$91 billion drop over the same period. This reflects Nvidia’s position to reap billions in new AI technology and infrastructure spending, including from other Mag-7 companies. Last week, Microsoft $Microsoft (MSFT.US)$ and the Mag 7 announced plans to spend around $200 billion this year on AI infrastructure. Amazon $Amazon (AMZN.US)$ CEO Andy Jassy called generative AI a "once-in-a-lifetime" opportunity.

The Aussie share market $S&P/ASX 200 (.XJO.AU)$ is expected to have a positive day of trade, with futures indicating a rise of 0.8% to 8,208, which would take the market back to late October levels. A key focus will be on commodities, as the copper price rose 1.3%, with demand for the "king of green metals" expected to increase. Iron ore should also do well, with prices lifting 0.5%, bringing the five-day gain to 1%. Watch iron ore and copper companies including BHP $BHP Group Ltd (BHP.AU)$ $BHP Group Ltd (BHP.US)$ Rio $Rio Tinto Ltd (RIO.AU)$ Champion Iron $Champion Iron Ltd (CIA.AU)$.

Also keep an eye on SMCI $Super Micro Computer (SMCI.US)$ as its shares are 16% lower in after hours trade as its earnings report just released, was weaker than expected and its sales forecast was soft.