Nvidia hits record $5 trillion mark as CEO dismisses AI bubble concerns

On Wednesday, Nvidia became the first company in history to reach a $5 trillion market capitalization, fresh on the heels of a GTC conference keynote in Washington, DC, where CEO Jensen Huang announced $500 billion in AI chip orders and plans to build seven supercomputers for the US government. The milestone comes a mere three months after Nvidia crossed the $4 trillion mark in July, vaulting the company past tech giants like Apple and Microsoft in market valuation but also driving continued fears of an AI investment bubble.

Nvidia’s shares have climbed nearly 12-fold since the launch of ChatGPT in late 2022, as the AI boom propelled the S&P 500 to record highs. Shares of Nvidia stock rose 4.6 percent on Wednesday following the Tuesday announcement at the company’s GTC conference. During a Bloomberg Television interview at the event, Huang dismissed concerns about overheated valuations, saying, “I ...