The chipmaker’s shares rose 2.9% to US$139.93, pushing it ahead of Apple’s US$3.38 trillion valuation and previous challenger Microsoft’s US$3.06 trillion.
This milestone caps Nvidia’s extraordinary 850% surge since late 2022, driven by unprecedented demand for its AI chips. The company now represents 7% of the S&P 500 Index and has fueled about a quarter of the benchmark’s 21% gain this year.
Though Nvidia briefly held this position in June, this achievement solidifies its role as the primary beneficiary of the global AI boom.
The tech landscape’s top players—Microsoft, Amazon, Alphabet, and Meta—are among Nvidia’s largest customers, all heavily invested in AI infrastructure. While Apple recently launched AI-enhanced iPhones, it faces growth challenges and weakening Chinese market performance.
As Nvidia prepares to report earnings later this month, analyst expectations remain robust, with revenue projected to double this fiscal year and grow another 44% the following year.
Recent developments, including Taiwan Semiconductor’s strong AI-related sales and OpenAI’s US$157 billion valuation, further strengthen Nvidia’s market position.
The company has also successfully addressed concerns about its delayed Blackwell chip development, maintaining investor confidence in its long-term growth trajectory. This remarkable rise highlights Wall Street’s growing conviction that AI technology will fundamentally reshape the global economy.
