Nvidia hit a staggering market capitalization of $3.92 trillion on Thursday, briefly becoming the most valuable publicly traded company in history — and underscoring its central role in the global AI boom. Shares of the chipmaker climbed as much as 2.4% to $160.98 in morning trading, pushing Nvidia past Apple’s record market value of $3.915 trillion, set on December 26, 2024.
Although Nvidia later pared gains, closing at $159.60 — up 1.5% on the day — the company still finished with a market cap of $3.89 trillion, just shy of Apple’s all-time high. Still, the moment reflects Nvidia’s meteoric rise and growing dominance across global tech and equity markets.
Nvidia’s valuation now exceeds the combined market capitalizations of Canada and Mexico, and it is worth more than all publicly listed companies in the United Kingdom, according to data from LSEG.
From Gaming to Global AI Powerhouse
Co-founded in 1993 by CEO Jensen Huang, Nvidia was originally known for its graphics processing units (GPUs) designed for gaming. Today, it stands at the center of the artificial intelligence revolution, with its chips powering everything from large language models to autonomous vehicles and advanced data centers.
Nvidia’s market value has soared nearly eight-fold since 2021, when it was worth just $500 billion. That growth reflects not just bullish investor sentiment, but earnings power: Nvidia now trades at about 32 times forward earnings, below its five-year average of 41, due to consistently rising profit estimates, per LSEG data.
Resilience in Volatile Markets
Nvidia’s recent surge — more than 68% from its April 4 low — comes after markets rebounded from fears tied to President Trump’s global tariff plans. As optimism grows around potential trade deals, Nvidia and other tech giants have regained ground. The company now represents 7% of the S&P 500, and alongside Microsoft, Apple, Amazon, and Alphabet, accounts for 28% of the index.
Earlier this year, shares briefly stumbled after Chinese startup DeepSeek released a lower-cost AI model that outperformed some Western competitors. But those concerns have since been eclipsed by Nvidia’s continued strong earnings and dominance in the high-end AI chip market.
While Nvidia has not officially taken the title of the world’s most valuable company, Thursday’s near-record market cap cements its position as the defining tech company of the AI era — and Wall Street’s clearest bet on the future of artificial intelligence.
