Nvidia (NVDA) has become the first company in history to reach a $5 trillion market capitalization, with its market cap surging in the past week. NVIDIA’s stock rose as much as 3.4% at the market open on Wednesday, pushing its market cap above the elusive mark.
The rally followed CEO Jensen Huang’s keynote at the company’s GTC conference in Washington, D.C., where he unveiled U.S. manufacturing expansions along with strategic partnerships. Nvidia revealed partnerships with Nokia and Palantir, including multiple billion-dollar investments into both. This year, the chip giant has exploded in investor interest and value, leading the ongoing AI wave. Other major companies and tech stocks like Amazon and Apple have followed suit, but Nvidia is the first to reach the $5 trillion market cap milestone.
At press time, Nvidia (NVDA) shares trade at $210, up over 40% YTD but over 1,000% in the past five years. Outside of the Nokia and Palantir announcements, Nvidia also revealed Tuesday it is working with the US Department of Energy to build seven new supercomputers, including one that will use 10,000 Blackwell GPUs. Other announcements include da deal to work with Uber (UBER) to build a fleet of self-driving cars and an agreement to sell 1,000 GPUs to drugmaker Eli Lilly (LLY). Those companies’ stocks also climbed in the last 24 hours.
Also Read: AMD Stock Continues 9% Pop Before Earnings, UBS Ups Forecast
Several Wall Street experts have hiked up their forecasts for Nvidia (NVDA) stock after yesterday’s presentation. Barclays analyst Tom O’Malley reinforced his purchase rating on Nvidia shares with a price target of $240. O’Malley pointed out that the commentary regarding shipping 3 million Blackwell chips may indicate that this company will exceed its expectations in the coming quarter of October, approximating $43.5 billion in Blackwell revenue compared to its previous forecasts of $40.9 billion.