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What just happened? Despite numerous warnings that Nvidia’s staggering growth over the past 22 months might soon hit a major snag, we have yet to see any indication of a slowdown. Nvidia’s stock has surged to an unprecedented high as it seems poised to reclaim the title of the world’s most valuable company.
Nvidia’s stock price has been rising steadily since it was $14.86 in January 2023. The company is responsible for producing an estimated 80% or more of the advanced GPU hardware essential for training and implementing AI models, such as the A100 and H100 series. With the generative AI boom in full swing, Nvidia’s stock has reached a new peak of $138.07, marking an astonishing 829% rise over the past eighteen months.
The increase in stock price has raised Nvidia’s market capitalization to $3.39 trillion, placing it second among the world’s largest companies by market cap—above Microsoft’s $3.12 trillion and just a step behind the leader, Apple’s $3.52 trillion.
If current trends hold, Nvidia is on track to overtake Apple as the most valuable company globally, a position it briefly held in June when it surpassed both Apple and Microsoft atop the rich list.
| Rank | Name | Market Cap | Price | Today | Country |
|---|---|---|---|---|---|
| 1 | Apple | $3.516 T | $231.30 | +1.65% | USA |
| 2 | Nvidia | $3.386 T | $138.07 | +2.43% | USA |
| 3 | Microsoft | $3.115 T | $419.14 | +0.68% | USA |
| 4 | Alphabet (Google) | $2.038 T | $166.35 | +1.11% | USA |
| 5 | Amazon | $1.968 T | $187.54 | -0.68% | USA |
| 6 | Saudi Aramco | $1.746 T | $7.22 | -0.37% | Saudi Arabia |
| 7 | Meta Platforms (Facebook) | $1.493 T | $590.42 | +0.08% | USA |
| 8 | TSMC | $996.81 B | $192.21 | +0.73% | Taiwan |
| 9 | Berkshire Hathaway | $988.52 B | $459.98 | -0.05% | USA |
| 10 | Broadcom | $851.49 B | $182.31 | +0.46% | USA |
Last week, it was reported that the overwhelming demand for Nvidia’s upcoming Blackwell GPUs led to a 12-month backlog. Tech giants like Microsoft, AWS, and Google have purchased every Blackwell GPU, including the B200 GPU and GB200 Grace super chip, that Nvidia and its partner TSMC can produce for the next four quarters.
To meet the heightened demand for Blackwell, Nvidia is teaming up with Foxconn to greatly increase production. The Taiwanese manufacturer announced it is establishing the largest GB200 manufacturing facility worldwide in Guadalajara, Mexico.
Seeing its stock price hit an all-time high is a relief for Nvidia, especially after previous warnings that the AI bubble had burst had pushed concerns. Last month, a report on the manufacturing sector along with unfounded claims (later denied) of an antitrust investigation by the Department of Justice erased $279 billion from Nvidia’s market cap, marking the largest single-day drop in US history. Nonetheless, the company quickly rebounded.
