The stock rose 4.3 per cent to US$154.31, taking out an all-time high that has stood since January. The record is only the latest milestone for the company, which has risen 63 per cent off an April low, a rally that has added nearly US$1.5 trillion to its market capitalisation.
With the day’s gain, Nvidia stands as the world’s largest stock, with a market cap of about US$3.77 trillion, overtaking Microsoft at US$3.66 trillion.
Prints from Microsoft, Meta Platforms, Alphabet and Amazon.com – which together make up more than 40 per cent of Nvidia’s revenue, per supply chain data compiled by Bloomberg – further underlined how the company’s biggest customers continue to spend aggressively building out their AI infrastructure.
“My confidence in Nvidia’s growth is higher than it was a couple of months ago, and it seems the AI arms race will continue through 2025 and probably 2026,” said Michael Smith, co-portfolio manager at Allspring Global Investments.
