Nvidia's market cap has first exceeded $4.5 trillion, following its shares increasing almost 3% to an all-time high on Tuesday. The shares are now up around 39% so far this year, solidifying the chipmaker's dominance in the race for artificial intelligence.
The spurt comes as a series of multi-billion-dollar transactions highlighting Nvidia's supremacy in AI hardware. Last week, OpenAI revealed that Nvidia would have an equity stake of as much as $100 billion and provide hardware for the "Stargate" project, a bold $500 billion effort to construct five huge new data centers in collaboration with Oracle. These will be driven by hundreds of thousands of Nvidia's sophisticated graphics processing units, which are responsible for around 70% of the AI data center expenditure, CEO Jensen Huang said.
Wall Street has taken notice. Citi analysts raised their price target on Nvidia from $200 to $210, citing stronger forecasts for AI infrastructure spending driven by OpenAI’s expansion. “We believe OpenAI came to Nvidia asking for help as Nvidia has a very compelling product, and as the number of users and compute being consumed per user basis is growing,” analyst Atif Malik wrote in a client note.
Outside OpenAI, Nvidia's chips are increasingly in demand in the tech world. CoreWeave, which is an Nvidia-backed cloud provider, announced a $14.2 billion deal to provide AI infrastructure services for Meta. Google and other hyperscalers are also increasing expenditures, keeping Nvidia at the forefront of the AI boom.
Nvidia's velocity has carried it past all other megacap peers this year, except for Broadcom, which enjoyed similar OpenAI-fueled growth and rose approximately 40% in 2025.
For Nvidia, the milestone comes not only from record valuations but also from its position as a creator of the backbone of worldwide AI infrastructure, a status that investors increasingly see as unrivaled.
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