Today, October 29, Nvidia made history as the first company to reach a market value of $5 trillion. This happened amid the global artificial intelligence boom.
Since 2022, when the company launched ChatGPT, its shares have risen 12-fold as AI hype pushed the S&P 500 to record highs.
The new milestone comes just three months after Nvidia surpassed the $4 trillion mark.
It exceeds the total market value of cryptocurrencies and is equal to about half the size of the European Stoxx 600 stock index.
“Nvidia reaching a $5 trillion market cap is more than a milestone, it’s a statement that Nvidia has transformed itself from a chip maker into an industry creator ,” said Matt Britzman, an analyst at Hargreaves Lansdown, which owns shares of the company.