Nvidia Surges to Record High, Reclaims Throne as World’s Most Valuable Company
AI chipmaker tops Microsoft and Apple as market cap hits $3.77 trillion.
Wall Street witnessed history on Wednesday, as Nvidia (NASDAQ: NVDA) surged past its Big Tech rivals to reclaim the crown as the world’s most valuable company. The AI chip leader ended the session up more than 4%, closing at a record high of $154.31 and pushing its market capitalization to a staggering $3.77 trillion, leapfrogging Microsoft (NASDAQ: MSFT) and Apple (NASDAQ: AAPL) in the process.
Market Cheers Nvidia’s AI Momentum
The rally capped off a remarkable run for Nvidia, which has gained over 14% in June alone and nearly 40% since early May. The surge comes despite a tightening U.S. regulatory environment that has shut Nvidia out of the lucrative Chinese market.
In April, the Trump administration barred the sale of the H20 AI chip to China, costing Nvidia $8 billion in projected sales and forcing a $4.5 billion write-down. Yet the company hasn’t missed a beat. Instead, it has leaned harder into its dominance of the global AI infrastructure market.
On Wednesday, Loop Capital analyst Ananda Baruah wrote:
While it may seem fantastic that NVDA fundamentals can continue to amplify from current levels, we remind folks that NVDA remains essentially a monopoly for critical tech, and that it has pricing (and margin) power.
Baruah also raised his price target on the stock to a Wall Street-high of $250, projecting a long-term valuation as high as $6 trillion.
Nvidia’s Strength Lifts Global Chip Stocks
Nvidia’s rise is reverberating well beyond Silicon Valley. In Asia, chip stocks rallied on the back of renewed investor optimism in artificial intelligence. Taiwan Semiconductor Manufacturing Company (NYSE: TSM), which produces Nvidia’s high-end GPUs, rose 0.47%. Foxconn (OTC: FXCOF), a key partner in Nvidia’s AI factory projects, gained 0.77%.
The broader tech sector followed suit. The Nasdaq Composite (IXIC) notched its highest level since February, while the S&P 500 (SPX) continued its march upward, fueled by inflows into high-growth AI names.
Kingsley Jones, CIO at Jevons Global, commented:
The recovery in Asian chip stocks reflects confidence in continued expansion of AI demand. The tariff fears appear to have abated, and so Japanese, South Korean and Taiwanese names are back on the menu.
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Export Curbs Don’t Deter Investors
Despite geopolitical headwinds, Nvidia has continued to post blockbuster results. The company reported a 69% increase in year-over-year revenue in May, driven largely by a 73% jump in its data center division. For fiscal 2025, analysts expect revenue to surge 53% to nearly $200 billion, according to LSEG estimates.
Nvidia CEO Jensen Huang didn’t shy away from the export restrictions during last month’s earnings call. “The $50 billion China market is effectively closed to U.S. industry,” Huang said. Still, he remained bullish on future growth.
“We have many growth opportunities across our company, with AI and robotics the two largest, representing a multitrillion-dollar growth opportunity,” Huang commented at Wednesday’s annual shareholder meeting.
Wall Street Buys the Vision
Investor sentiment appears to be firmly behind Huang’s vision. Even with the loss of China revenue and mounting pressure from Chinese rivals like Huawei, Nvidia’s stock has not only recovered, it’s thriving.
The company’s earlier lows in April, when shares dipped below $95, now feel like a distant memory. Since then, deals with Gulf nations, surging enterprise demand, and fresh optimism in tech have fueled a jaw-dropping rebound. At its current trajectory, Nvidia could soon break yet another record.
With AI demand showing no signs of slowing and competitors still playing catch-up, Wall Street’s latest favorite looks ready to stay on top, at least for now.
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