Nvidia made history Wednesday, becoming the world’s first company to reach a $5 trillion market capitalization as shares surged more than 3% in early trading. The milestone cements the chipmaker’s position as the most valuable company globally, pulling ahead of Microsoft and Apple, which are both valued at approximately $4 trillion.
The surge followed remarks from CEO Jensen Huang at the company’s GTC developer conference in Washington on Tuesday, where he disclosed Nvidia has secured more than $500 billion in orders for its AI chips through the end of 2026. The announcement represents what Huang described as unprecedented visibility into future revenue for a technology company.
“I think we are probably the first technology company in history to have visibility into half a trillion dollars [in revenue],” Huang said, referring to orders for the company’s current Blackwell generation and upcoming Rubin chips scheduled to launch next year.
The potential for expanded access to China’s market added momentum to Wednesday’s gains. President Donald Trump said aboard Air Force One he planned to discuss Nvidia’s Blackwell chip with Chinese President Xi Jinping during their meeting Thursday in Busan, South Korea. Trump praised the Blackwell processor as “super duper” and said it is “probably 10 years ahead of any other chip.”
The discussion carries significant implications for Nvidia, which has been effectively locked out of China—previously one of its largest markets—due to U.S. export controls and Chinese government restrictions. Huang confirmed earlier in October the company’s market share in China had fallen from 95% to zero. The loss has cost Nvidia billions in revenue, with the company reporting only $2.8 billion from China in its most recent quarter, down from $15.5 billion in the prior period.
Nvidia had been operating under a proposed arrangement in which it would share 15% of revenue from sales of its H20 chip—a less powerful processor designed to comply with U.S. export restrictions—with the U.S. government in exchange for export licenses. However, the company said in August the agreement had not been formalized, and no H20 chips have been shipped to China under the framework.
During Tuesday’s conference, Huang also announced Nvidia is manufacturing its Blackwell GPUs in full production at a facility in Arizona, a move he attributed to Trump’s push to bring manufacturing back to the U.S. The company revealed it has shipped 6 million Blackwell chips over the past four quarters and expects to deliver an additional 14 million units over the next five quarters.
Nvidia unveiled partnerships with Nokia, investing $1 billion to develop telecommunications equipment incorporating its chips for 5G and 6G networks. The company also announced plans to collaborate with Oracle on building seven supercomputers for the U.S. Department of Energy, with the largest system featuring 100,000 Blackwell AI chips.
Huang emphasized capital spending by major cloud computing companies—Amazon, Meta, Google, Microsoft, Oracle, and CoreWeave—is projected to reach $632 billion by 2027. Morgan Stanley analysts estimated total hyperscaler capital expenditures would grow 24% next year to nearly $550 billion, while Citi analysts raised their forecast to $490 billion for 2026, up from an earlier estimate of $420 billion.
Nvidia reached the $5 trillion threshold just three months after becoming the first company to hit $4 trillion in July. The chipmaker’s ascent has been swift: It crossed $1 trillion in June 2023, $2 trillion in February 2024, and $3 trillion in June 2024. The company was valued at approximately $400 billion before the debut of OpenAI’s ChatGPT in late 2022.
The stock has risen more than 50% in 2025 alone, adding more than $400 billion in market capitalization across just two trading days. Nvidia’s shares closed above $200 on Tuesday for the first time before climbing further Wednesday morning.
Nvidia’s dominance stems from its graphics processing units, which are essential for training and running large language models used in artificial intelligence. The company controls an estimated 90% market share of AI chips used to build server farms that power the AI systems of Microsoft, Meta, Amazon, OpenAI, and other major technology companies.
Apple and Microsoft joined Nvidia in the $4 trillion club this week. Apple reached the milestone Tuesday after strong demand for its iPhone 17 models, while Microsoft’s valuation also crossed $4 trillion following news about its stake in a restructured OpenAI.
For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.
