Nvidia today became the first public company to reach a $5 trillion market capitalization, hitting the milestone 3.5 months after surpassing $4 trillion.
Over the past week, Nvidia's shares have climbed 14.5 percent due to demand for its GPUs and the possibility that it might be able to sell its most advanced chips in China. As of now, the U.S. prevents Nvidia from selling its Blackwell AI chips to China, and China has also restricted Chinese companies from importing some Nvidia chips because of national security concerns. Trump said that he would discuss Nvidia's "super duper chip" with Chinese president Xi Jinping on October 30, leading to hopes that the situation might change.
Nvidia's AI chips are key for developing and training large language AI models, and almost every major tech company is working on some kind of AI product. Apple, for example, is building out AI infrastructure to power Apple Intelligence and other future AI capabilities. Apple is using Apple Silicon chips, but it has also reportedly invested in Nvidia server technology.
Nvidia's growth has outpaced Apple, Microsoft, and other tech companies, but Apple reached a milestone of its own yesterday. Just ahead of Thursday's earnings call, Apple briefly reached a $4 trillion valuation. Apple's stock price has dropped slightly since then, but the company is close to hitting that target again.
Apple is pumping out its own artificial intelligence servers, and the first units started shipping out this month. It is unlikely that Apple will compete with Nvidia in the server market because its servers are designed for internal use.
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