Nvidia Now Worth More Than Every Coin Combined, Even the Ones You Forgot You Had 🪙

Nvidia shares touched a record $237.88 in Friday morning trading, pushing the chipmaker's market capitalization to roughly $5.7 trillion and making it the most valuable publicly traded company on Earth. It is the first closing high since May. The stock has climbed more than 40% from its March 30 low of $165.17, and the rally was helped by a softer-than-expected U.S. jobs report that showed employers added just 29,000 positions in September against forecasts near 90,000, with unemployment ticking up to 4.2%. The weaker print cooled expectations of further Federal Reserve rate hikes, which would make borrowing more expensive for the companies financing sprawling AI data center buildouts.

The scale of Nvidia's valuation now dwarfs the broader crypto market, which sits at just above $3 trillion in total capitalization. By contrast, Nvidia was worth $1.18 trillion in August 2023, at the time roughly equal to the entire crypto market. The company passed Apple at $3 trillion in June 2024 and became the first business to reach $5 trillion in October 2025. Nvidia manufactures GPUs, or graphics processing units, originally designed for video games but now central to training and running artificial intelligence models. Tech giants buy them by the hundreds of thousands; Amazon's cloud arm plans to deploy about 1 million through 2027, while xAI's facilities, which also serve Anthropic, already hold half a million chips with plans to triple that figure in the near future.

For its fiscal quarter ended July 26, Nvidia reported $96.2 billion in revenue, up 106% from a year earlier, with $89 billion of the total generated by data centers. "Now, compute is revenue," CEO Jensen Huang said in the earnings release, a reference to the computing power the company's chips supply and a recognition that Nvidia's sales are effectively the AI budgets of its customers. On Monday, the board added $150 billion to its share repurchase authorization, lifting the total to $235 billion through fiscal 2028 and what the company described as the largest increase in history. A buyback reduces the number of shares in circulation, leaving each remaining share a larger slice of the company.

Nvidia's influence extends beyond its own stock, as a member of the S&P 500, meaning investors holding index funds already own a piece of the company. The hardware ecosystem around Nvidia continues to expand as well: on Sept. 23, Supermicro announced it had begun shipping data center racks built on Nvidia's newest Vera Rubin platform, with each rack carrying 72 Rubin GPUs. Nvidia has also deepened its ties to the AI companies it serves, committing up to $100 billion to OpenAI in September 2025, with the financing structure still being finalized as of the most recent reports.