Nvidia's market value tops $4trln
Nvidia's high-end processors are at the center of a race between Microsoft, Amazon, Alphabet, Meta Platforms and other Wall Street heavyweights to build AI data centers and dominate the emerging technology.
Nvidia is also exposed to conflict between Washington and Beijing over trade, including restrictions on exports to China of its most powerful chips.
"Trade tensions and tariffs are a risk, as is competition. Greater AI adoption could shift part of the demand toward cheaper alternatives," Swissquote Bank senior analyst Ipek Ozkardeskaya wrote in a client note.
Nvidia achieved a $1 trillion market value for the first time in June 2023 and tripled it in about a year, faster than Apple and Microsoft, the only other U.S. firms with market values above $3 trillion.
Microsoft is the second most valuable U.S. company, with a market capitalization of $3.73 trillion. Its shares dipped 0.4% on Thursday.
Apple's stock has tumbled 15% so far in 2025, leaving its market value at $3.17 trillion, reflecting investor worries that the iPhone maker has been slow to introduce AI into its products and services.
Even after its meteoric rally, Nvidia's stock is valued at about 33 times expected earnings, below its five-year average of 41, according to LSEG.
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