Nvidia Tops $4.5 Trillion Market Cap

Nvidia has become the first company to surpass US$4.5 trillion in market value (image source)

Nvidia became the first company in history to surpass a US$4.5 trillion market valuation after its shares closed at a record high on 30 September, a milestone driven by surging demand for AI data-centre chips and a string of major strategic deals that have cemented its central role in global AI infrastructure.

Nvidia’s stock gained 2.6% to finish at US$186.58, lifting its market capitalisation to about US$4.53 trillion, according to market trackers. The jump capped an extraordinary run that has seen the company vault from US$1 trillion in 2023 to US$4 trillion in July 2025.

Drivers of growth Investors credited three factors: reports of a plan for Nvidia to take an equity stake of up to US$100 billion in OpenAI; announced multi-centre AI infrastructure projects with Oracle and other partners; and persistent shortages of high-end GPUs that power generative AI models. Wall Street analysts raised price targets after Nvidia’s fiscal Q2 results in July showed data-centre revenue and new Blackwell-class GPUs driving margins and demand.

“GPU demand for training and inference remains structurally strong, and Nvidia sits at the centre of the AI hardware supply chain,” said one semiconductor analyst. Citi and other brokerages lifted targets after the OpenAI news, reinforcing institutional investor momentum.

Valuation risks The milestone underlines Nvidia’s dominance and the heavy market sentiment concentrated around AI hardware. But observers warn of valuation risks: the company’s premium multiples leave the stock vulnerable to a slowdown in AI spending or competition from hyperscaler-designed silicon. Analysts also flagged governance concerns around vendor-customer overlaps in large strategic partnerships that could draw regulatory attention.

Market ripple effect Nvidia’s rise boosted AI-adjacent firms across chips, cloud and infrastructure, with investors rotating into the sector. Deals such as CoreWeave’s supply arrangement with Meta and OpenAI’s “Stargate” project were cited as evidence of an expanding AI ecosystem reliant on Nvidia GPUs.

From US$1 trillion in 2023 to US$4.5 trillion today, Nvidia’s valuation reflects an AI supercycle of demand, product cadence and strategic alliances. Investors now look to Q3 guidance, shipment volumes and potential regulatory reactions to determine whether the company can translate market confidence into durable growth.