With a 2.4% increase in its share price on Wednesday, the chipmaker’s stock hit $164, strengthening its place at the top of the global tech hierarchy, above Apple and Microsoft.

Not without challenges, the California-based firm, which was founded in 1993, surged past a $2 trillion valuation earlier this year in February, then blew past $3 trillion in June. 

Now, in under seven months, Nvidia has doubled its worth, a feat unmatched in stock market history. And it did all of this amid geopolitical friction, export bans, and a volatile tech environment.

Despite being locked out of the $50 billion Chinese chip market due to tightening U.S. export controls, Nvidia’s performance has barely flinched. In fact, CEO Jensen Huang was apt on how this affects them: “The $50 billion China market is effectively closed to U.S. industry,” he said in May, adding that losing China would be a “tremendous loss.”

But even with an $8 billion sales gap from blocked shipments of its H20 chips to China, Nvidia’s machine has not stalled. In the first quarter of FY2026 alone, the company posted $44.1 billion in revenue, a 69% jump from the same period last year. It’s now guiding for $45 billion in Q2. Some analysts are projecting as much as $200 billion in full-year revenue, with expectations rising to $250 billion by FY2027.

So, what’s driving this engine? Nvidia has built a near-monopoly in the data centre GPU market, with a 90% share. It supplies the processing muscle behind OpenAI’s GPT-4, Google’s Gemini, xAI’s Grok, and enterprise AI workloads across Microsoft, Amazon, Meta, and Tesla. 

Despite murmurs earlier this year noting OpenAI might explore alternatives, the firm publicly reaffirmed its reliance on Nvidia’s chips, silencing any talk of defection.

From Europe to the U.S., policy changes are tilting in Nvidia’s favour. CEO Huang has hinted at big expansion plans for Europe, where AI infrastructure uptake still lags. Back in the U.S., legislative tailwinds are pushing forward.

The newly passed “Big Beautiful Bill” is expected to increase semiconductor tax credits, strengthening Nvidia’s already-tight supply chains.

Even Nvidia’s market cap now tells a global story: it’s worth more than the entire London Stock Exchange and overshadows the combined value of all public companies in Canada and Mexico.

While some might see the company’s meteoric rise as a bubble waiting to pop, Wall Street seems to disagree. Nvidia’s stock has surged 74% since April and risen more than fifteenfold over five years.

And unlike the dot-com era’s inflated valuations, Nvidia’s growth is backed by tangible demand, from governments, corporations, and developers looking to harness artificial intelligence.

While other tech giants are trying to diversify or catch up, Nvidia has entrenched itself as the foundation of AI infrastructure worldwide. 

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This achievement followed a 2.2% rise in the chipmaker’s share price on Thursday, as investors’ positive view surrounding the latest U.S. election outcome, which saw Donald Trump reclaim the presidency. 

Market watchers are hopeful that this political change will bring about tax cuts and reduced regulatory issues, boosting business sentiment overall.

Nvidia’s new valuation places it at $3.65 trillion, surpassing Apple’s previous record of $3.57 trillion, which was reached on 21 October. 

Despite Apple’s own 2.1% share price increase on Thursday, which lifted its market value to $3.44 trillion, Nvidia retained its lead as the most valuable company worldwide. 

The growth also spurred gains across the technology sector, with the S&P 500 technology index climbing over 4% since Trump’s victory.

The surge in Nvidia’s value results from the expanding AI sector, with the company’s specialised chips driving advancements for companies like Microsoft and Alphabet. 

This month alone, Nvidia’s stock has jumped 12%, stressing the company’s position in AI hardware. Its valuation has more than tripled in 2024, making it the U.S. stock market’s top performer among AI-focused firms.

As of now, Nvidia’s valuation eclipses that of numerous major corporations combined, including Eli Lilly, Walmart, JPMorgan, Visa, UnitedHealth Group, and Netflix. 

Analysts are optimistic about Nvidia’s future, projecting an 80% year-on-year revenue increase for the upcoming quarter, with expectations set around $32.9 billion. 

This growth has kept Nvidia in close competition with fellow tech giants Microsoft and Apple, which have all traded near the top ranks in market capitalisation.

Microsoft, valued at approximately $3.16 trillion following a 1.25% rise in its share price on Thursday, remains a strong competitor, although Nvidia currently holds the crown in market value in the intensifying race to lead in AI technology. 

Nvidia is preparing to release its quarterly results on 20 November, we anticipate seeing if it maintains its record-breaking momentum.

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This surge follows a 180% increase in share value this year alone, with a commendable climb from its earlier high of $135.58 in June. 

Since the start of 2023, Nvidia’s shares have multiplied more than nine-fold, booming in the artificial intelligence (AI) hardware market.

The company’s success is closely tied to the ongoing demand for AI infrastructure, particularly from major tech companies such as Microsoft, Meta, Google, and Amazon. 

These firms are investing in Nvidia’s advanced graphics processing units (GPUs), which are essential in developing and deploying sophisticated AI systems. 

The appetite for AI has only grown since the introduction of applications like OpenAI’s ChatGPT, making Nvidia a primary supplier of AI training and inference chips.

Nvidia holds a dominant share of this market, controlling nearly 95%, according to experts at Mizuho. While tech giants prepare to announce their third-quarter earnings, much attention is focused on how their AI spending will benefit Nvidia’s future performance.

The company has seen its revenue more than double in recent quarters, tripling in some cases. However, analysts predict a slightly slower growth rate for the remainder of the year. 

Projections estimate Nvidia’s revenue will increase by 82%, reaching $32.9 billion in the quarter ending in October. Despite this expected deceleration, demand for Nvidia’s next-generation AI GPU, known as Blackwell, has been described as extraordinary, with the company anticipating substantial earnings from the product in the fourth quarter.

Nvidia’s market capitalisation now stands at $3.4 trillion, making it the second-largest publicly traded company in the U.S., trailing only Apple.

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