Nvidia is on track to become the most valuable company in history
This surpassed Apple's record of $3.91tr set in December 2024, even though Nvidia's market capitalisation dipped once again below this level at market close.
The chipmaker's shares traded as high as $160.98 at their peak on Thursday, before the price dipped below this level, placing the market capitalisation at around $3.89tr when daily trading wrapped up.
Tech companies' shares benefitted from a better-than-expected nonfarm payrolls report in the US, an indicator of a resilient US economy.
This optimism was boosted by forecasts that businesses would continue to spend on AI advances, boosting demand for AI chips.
Nvidia shares are up more than 50% in just less than two months. Analysts expect that the company will break the valuation record soon and retain its elevated share price by the close of the trading day.
'Chip giant Nvidia is on track to achieve a new closing high,' said Dan Coatsworth, investment analyst at AJ Bell, adding that the 'AI revolution is still intact'.
AJ Bell head of financial analysis Danni Hewson added that, 'After all the gloomy predictions that this might be the year the AI bubble bursts, Nvidia's found another gear. The chipmaker is on track to smash a coveted record and become the world's most valuable company ever.'
The value of Nvidia currently is more than three times the total market capitalisation of the stock market in Spain and more than four times that of the Italian stock exchange.
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