NVIDIA becomes first company to reach $4 trillion market cap

Nvidia became the first publicly traded company to reach a $4 trillion market capitalisation, with shares touching an intraday high of $164 on 9 July 2025. The move put it ahead of Microsoft, which held roughly $3.75 trillion at the time, and Apple, the only other US companies then worth more than $3 trillion.

The climb was fast by the standards of corporate history: Nvidia had passed $1 trillion in market value in mid-2023 and $3 trillion in mid-2024, so the jump to $4 trillion took roughly a year rather than the years typically separating such milestones. The company had reported first-quarter revenue of $44.1 billion, up 69% year-on-year, and guided to around $45 billion for the following quarter, figures investors read as confirmation that demand for AI training and inference chips had not slackened despite the shock earlier in the year when DeepSeek’s low-cost models raised questions about whether frontier AI needed as much compute as Nvidia’s customers were buying.

The milestone was less a discrete event than a marker of a trend already underway: Nvidia’s data-centre GPUs remained the primary bottleneck and primary beneficiary of the buildout by OpenAI, Microsoft, Google, Meta and Amazon, and its market value functioned as a rough proxy for investor confidence in that spending continuing. The company would go on to become the first to reach $5 trillion roughly four months later, in late October 2025.