NVIDIA becomes first company to reach $5 trillion market cap

NVIDIA closed trading at a market capitalisation above $5 trillion, the first company in history to do so — reaching the figure roughly three months after it became the first to pass $4 trillion in July and a little over two years after it first crossed $1 trillion. The stock closed the day more than 3% higher, leaving the company valued at just over $5 trillion.

Coverage tied the move to two immediate catalysts: chief executive Jensen Huang had told investors the company expected roughly $500 billion in AI chip sales and described plans to build seven new supercomputers for US government and scientific customers, and President Trump made comments ahead of a planned meeting with Huang that raised optimism about NVIDIA’s prospects for selling into China. The rally also came a week after NVIDIA signed its own letter of intent to invest up to $100 billion in OpenAI as part of a wave of multi-gigawatt compute commitments across the industry.

The valuation made NVIDIA, by a wide margin, the most valuable public company on record, and reporting on the milestone increasingly paired it with the word “frenzy” — noting that the same demand for AI infrastructure driving NVIDIA’s revenue was also the subject of open debate among investors and economists over whether spending commitments across the sector, including NVIDIA’s own reciprocal investments in customers such as OpenAI, were being sustained by end-user demand or by capital circulating among a small number of interdependent companies.