Nvidia nears $5 trillion market cap after product slate and demand surge
Company cites roughly $500 billion orders for H100 and Blackwell GPUs
Plans US Department of Energy AI supercomputers strengthen government demand
Nvidia is on the verge of becoming the first company to reach a $5 trillion market capitalisation, after its shares rose in pre-market trading on Wednesday amid a sweep of product announcements, huge order visibility and signs that access to the Chinese market could expand, Reuters reported.
Investors were buoyed by Chief Executive Jensen Huang’s disclosure that Nvidia has roughly $500 billion of orders tied to its current and forthcoming AI chip families through 2026, a figure that underpins Wall Street’s lofty revenue forecasts for the firm and helped trigger the latest rally.
The company also said it would build multiple AI supercomputers in partnership with the US Department of Energy, further cementing demand for its data-centre systems.
Market Move & Timing
Nvidia shares rose more than 3 per cent in pre-market trade, a gain that analysts said would push the company above the $5tn threshold when US markets opened.
The jump follows an earlier rally that took Nvidia to a $4tn valuation only months ago, underscoring the speed of the firm’s ascent since the modern AI investment cycle accelerated. The stock surge was further fuelled by comments that US–China discussions may touch on Nvidia’s Blackwell chips.
US President Donald Trump said he planned to raise the matter with China’s President Xi Jinping, stoking hopes that limited access to Chinese customers, curtailed under current export controls, could be eased or selectively restored. That prospect matters because China represents a large addressable market for advanced AI processors.
Why Investors Care
Nvidia’s products, notably its H100 and Blackwell families, are central to the infrastructure used to train and run large language models and other generative AI systems. The combination of large multi-quarter orders, government projects and the potential for resumed sales into China has convinced many investors that Nvidia’s addressable market and revenue runway are expanding rapidly.
The company’s stock has surged dramatically in recent years, moving from roughly $400bn in market value before the modern generative-AI wave to trillions today. Analysts reportedly warn, however, that the valuation leaves little margin for disappointment: any slowdown in AI capex, intensifying competition from other chipmakers, or prolonged export restrictions would test lofty expectations. Nvidia’s outsized weighting in major indices also amplifies its market impact.
