3 points
In recent times? Probably to some degree, but not completely.
But I would argue that with stocks it isnt unusual for a small percentage to be the majority driver of gains. Even in smaller funds like the nasdaq100. This certainly holds true over the larger market see e.g. here.
I am sure there was a time where your sentence would have been equally true if you replace Nvidia with Tesla, Apple, Microsoft, Google and so on. At any one time it might depend on only one or a few companies, but those stocks will change and aren’t set in stone forever.
