Nvidia has become the first company to hit a $4 trillion market cap, riding the AI wave and sustained demand for its cutting-edge chips. Shares hit a record high Wednesday and continued climbing Thursday, as investors remain bullish on the company’s dominance in AI hardware and software. Major tech firms like Amazon, Google, and Microsoft are pouring billions into Nvidia’s chips to build out massive AI data centers.
Despite a $4.5 billion loss from U.S. export bans to China — and more to come — Nvidia continues to grow, bolstered by sovereign AI contracts and the upcoming release of its powerful new Blackwell Ultra chips.
Still, the record-setting rally has reignited concerns about overheated stock valuations. With Nvidia, Apple, and Microsoft all trading near historic highs, some analysts worry we may be approaching the top of the market, especially as AI euphoria fuels ever-higher expectations.