Nvidia shares hit a fresh record on Friday, rising to $237.88 in morning trading and lifting the chipmaker’s market value to about $5.7 trillion. It was the stock’s first all-time high since May.
Market capitalization is calculated by multiplying the share price by all shares outstanding. By that measure, Nvidia is now worth more than any other company in the world. Decrypt said the company was valued at $1.18 trillion in August 2023, when it topped the entire crypto market. It passed Apple at $3 trillion in June 2024, then became the first company to reach $5 trillion in October 2025. The total crypto market capitalization, including Bitcoin and the rest of the sector, currently stands just above $3 trillion.
The stock has gained more than 40% from its March 30 low of $165.17. Nvidia is also a member of the S&P 500, which means investors holding index funds in retirement accounts likely already own exposure to the company.
AI chip demand remains central
Nvidia makes GPUs, or graphics processing units. The chips were originally built for video games, but they became a core tool for training and running AI systems. Large technology companies are buying them in very large volumes.
According to the report, Amazon’s cloud division plans to deploy about 1 million Nvidia chips through 2027. xAI’s facilities, which also serve Anthropic, already own 500,000 chips and plan to triple that amount in the near future.
Nvidia reported $96.2 billion in revenue for the quarter ended July 26, up 106% from a year earlier, according to its earnings release. Data center operations, which house the servers used to run AI workloads, generated $89 billion of that total.
CEO Jensen Huang said in the same release, 「Now, compute is revenue.」 In industry terms, compute refers to computing power, which is what Nvidia’s chips provide. As Decrypt framed it, Nvidia’s sales effectively reflect other companies’ AI spending.
Buyback, server shipments, and jobs data shaped the latest move
On Monday, Nvidia announced a larger share repurchase program. Its board added $150 billion to the company’s buyback authorization, bringing the total to $235 billion through fiscal 2028. Nvidia described that as the largest increase in history. A buyback reduces the number of shares in circulation by using company cash to repurchase stock.
On Sept. 23, Supermicro said it had started shipping server racks built on Nvidia’s newest platform, Vera Rubin. Racks are the standard cabinets used to hold servers inside data centers. Each rack carries 72 Rubin GPUs.
Friday’s U.S. jobs report also drew attention. Employers added 29,000 jobs in September, below forecasts near 90,000, while unemployment rose to 4.2%. Stocks still moved higher after the release. Decrypt said the weaker figures cooled expectations that the Federal Reserve would raise interest rates. Higher rates increase borrowing costs, including for companies building AI data centers. The report added that, given Nvidia’s dominant position in the sector, tighter financing conditions may hurt rivals more than Nvidia.
Nvidia’s own capital commitments remain in focus
Nvidia has also committed capital to customers. In September 2025, it pledged up to $100 billion to OpenAI, though the final stake came to $30 billion. Another $10 billion went to Anthropic.
The company has also disclosed $366 billion in multiyear AI infrastructure commitments, with $279 billion tied mostly to memory procurement.
For the current quarter, Nvidia has forecast $108 billion in revenue. It also still has $235 billion in buyback authority available through January 2028.