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Big picture: Nvidia was just a few cents away from setting a new record as the most valuable company of all time on Thursday. Its market capitalization rose to $3.92 trillion in intraday trading and fell just short of the $4 trillion mark. The rapid rise of the chipmaker, fueled by demand for its advanced AI-based chips, briefly overtook Apple’s previous closing value record of $3.915 billion, set in late 2024. Nvidia’s stock value ended the trading session at $3.89 trillion. This was slightly below its all-time high, but still a testament to the company’s extraordinary rise. Joe Saluzzi is the co-manager of Themis Trading’s trading department. He told Reuters that
“When the first company crossed a trillion dollars, it was amazing. And now you’re talking four trillion, which is just incredible. It tells you that there’s this huge rush with AI spending and everybody’s chasing it right now,” .
Nvidia’s stock surge reflects a wider wave of optimism in Wall Street about the future AI. The latest chips from Nvidia are essential for training and running even the most complex AI models. This has sparked a race between technology giants in order to build powerful data centres and dominate the next computing era. Microsoft, Amazon Meta, Alphabet and Tesla are all in a race to expand their AI infrastructure. Nvidia’s specialized equipment is at the core of this transformation. According to LSEG, Nvidia’s current valuation exceeds that of all publicly-listed companies in Canada, Mexico, and the United Kingdom.
The company was valued at $500 Billion four years ago and was known for its graphics technologies used in video games. Since then, the market capitalization of the company has nearly doubled, largely due to the explosive growth of AI applications, and the company’s ability deliver high-performance chips which power them. Credit: Companies by Marketcap.
The financial performance of the company is equally impressive. In the most recent quarter Nvidia reported $44.1billion in revenue, which is a 69 per cent increase over the previous year. Data center sales contributed $39.1billion. Nvidia is now on track to reach $170 billion in revenue annually for fiscal 2026. This is up from $130.5 in 2025. Analysts expect Nvidia’s next-generation Blackwell Ultra GPUs will further accelerate growth. Wall Street anticipates that Nvidia may soon reach and possibly surpass the $4 trillion market capitalization milestone.
Nvidia has also reshaped a broader stock market. The company’s performance has made many investors, such as those who are saving for retirement with index funds, more exposed to the fortunes in the AI sector.
Microsoft is valued at $3.7 trillion and Apple at $3.19 trillion. These three companies are the most valuable. Nvidia has set new standards for what’s possible in the tech industry.
Nvidia’s dominance is not without its challenges. These include ongoing trade restrictions which limit the sale to China of its most advanced processors, as well as increasing competition from rivals who are developing custom AI hardware. The company’s innovation pipeline is robust, and its expansion into new markets, such as autonomous cars and physical AI systems signals that it will continue to be a dominant force in the tech industry.
