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It’s Official: Nvidia Becomes the First $5T Company in History

Oct 29, 2025 06:32:00 -0400 by Adam Clark | #Chips

It took Nvidia only 78 days to go from $4 trillion to $5 trillion. Above, CEO Jensen Huang. (Photo by PATRICK T. FALLON/AFP via Getty Images)

Key Points

Nvidia reaches yet another milestone.

The chip maker ended Wednesday with a market cap of $5.034 trillion, becoming the first company to close above $5 trillion in history. It reached that level only 78 trading days after it hit $4 trillion in market cap.

That’s a huge number. According to Dow Jones Market Data, Nvidia is larger than the GDP of every country in 2024 except for the U.S. and China. It’s also larger than the combined market caps of Broadcom, Taiwan Semi, AMD, ASML, Micron, Lam Research, Qualcomm , Intel, and Arm Holding.

The stock gained 3% today, closing at $207.04. A stunning revenue forecast has analysts backing it to keep heading higher.

Created with Highcharts 9.0.1Nvidia market capSource: FactSet

Created with Highcharts 9.0.12021'2500.51.01.52.02.53.03.54.04.55.0$5.5 trillion

CEO Jensen Huang made a flurry of announcements in a speech at the company’s developer conference, with the biggest surprise being his statement that the company has “visibility” into $500 billion in revenue from its cutting-edge chips through 2026.

On top of that, the market could be more optimistic about Nvidia being allowed to resume chip sales in China. President Donald Trump told reporters he might speak with Chinese leader Xi Jinping about Nvidia’s Blackwell AI processors at the two politicians’ meeting on Thursday, Reuters reported. Huang is expected to attend the South Korea summit where the Trump-Xi meeting will take place.

Wall Street analysts are rushing to update their forecasts in line with Huang’s speech.

Melius Research analyst Ben Reitzes raised his price target on Nvidia stock to $300 from $275, reiterating a Buy rating, in a research note.

Huang’s comment suggests that revenue for each of the next five quarter could be around $5 billion more than current estimates, just based on current orders, according to Reitzes. If a trade deal allowing the resumption of sales to China is struck, that would increase by between $5 billion-$10 billion a quarter.

“We are more confident in the prospects for AI infrastructure
spend on compute/networking to reach around $2 trillion annually by the end of the decade – which presents Nvidia with the possibility to reach over $800 billion in revenue by 2029/2030,” wrote Reitzes.

Demand for AI chips was underlined on Wednesday as South Korea’s SK Hynix, an Nvidia supplier, said it had sold out its entire chip production for the coming year.

William Blair analyst Sebastien Naji said the statement by Huang indicates roughly $435 billion in additional revenue from Nvidia’s Blackwell and Rubin chips over the next six quarters, well ahead of current consensus estimates of nearly $370 billion for data-center revenue over the same period.

“Even with a healthy margin for error, the implication from this latest disclosure by Huang is that consensus numbers for Nvidia are too low,” Naji wrote in a research note.

He noted the shares trade at 30 times his earnings estimate for calendar 2026 and reiterated an Outperform rating.

Write to Adam Clark at adam.clark@barrons.com