Nvidia outpaces Microsoft and Apple on path to $4 trillion valuation

Stock tanked early this year amid fears over China’s DeepSeek AI, but has soared almost 80% from April’s bottom

Jensen Huang: Nvidia chief executive has hailed AI and robotics as a 'multitrillion-dollar opportunity'. Photograph: I-Hwa Cheng/AFP/Getty Images
Jensen Huang: Nvidia chief executive has hailed AI and robotics as a 'multitrillion-dollar opportunity'. Photograph: I-Hwa Cheng/AFP/Getty Images

Nvidia is leading the race to become the world’s first $4 trillion (€3.4 trillion) company.

Apple had seemed destined to get there, peaking at $3.85 trillion in December 2024. However, Nvidia ($3.8 trillion) and Microsoft ($3.65 trillion) are now the frontrunners.

Apple ($3 trillion) has fallen well behind, with new product cycles and the disappointing Vision Pro yet to make a major impact.

Nvidia’s turnaround is striking. The stock tanked early in 2025 amid fears over China’s DeepSeek AI and tariff threats, but has soared almost 80 per cent from April’s bottom.

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Too far, too fast? No, says Loop Capital, which envisions a $6 trillion valuation. Barclays sees $5 trillion on the horizon.

Nvidia chief executive Jensen Huang is similarly bullish, hailing AI and robotics as a “multitrillion-dollar opportunity” at Wednesday’s shareholder meeting. Indeed, Bank of America’s Vivek Arya goes further, calling Nvidia a “value stock” despite its rapid ascent, “given the kind of growth opportunity” it presents.

Market sentiment is fickle. For now, however, Nvidia is the frontrunner in the $4 trillion club.

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Proinsias O'Mahony

Proinsias O'Mahony

Proinsias O’Mahony, a contributor to The Irish Times, writes the weekly Stocktake column