Nvidia just became the first $5 trillion company. Here's how big that really is.

By Emily BaryBritney Nguyen

A $5 trillion market capitalization is larger than the combined market values of Broadcom, TSMC, AMD, ASML, Micron, Lam Research, Qualcomm, Intel and Arm

Nvidia's Jensen Huang impressed investors with a Tuesday keynote address.

Just 78 trading days after Nvidia Corp. first closed a trading session with a $4 trillion market capitalization, the company has hit its next trillion-dollar milestone.

With its stock closing at a new record high Wednesday, Nvidia (NVDA) became the first-ever $5 trillion company, according to Dow Jones Market Data. The company's shares closed at $207.16 for the day, giving it a market cap of $5.03 trillion, according to Dow Jones Market Data.

Numbers this big can be hard to conceptualize, so Dow Jones Market Data sought to put some context around Nvidia's next threshold. A $5 trillion market cap is larger than the 2024 gross domestic products of every country except the U.S. and China, and it would roughly equal what the International Monetary Fund projects for Germany's nominal GDP this year.

More from MarketWatch: The 'Magnificent Seven' have never been this important to the stock market - and a big test lies ahead

And while chip companies like Broadcom Inc. (AVGO), Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) (TW:2330) and Advanced Micro Devices Inc. (AMD) have seen their market caps swell as well in recent years, Nvidia's $5 trillion market cap would be bigger than those three combined - plus the market values of ASML Holding N.V. (ASML), Micron Technology Inc. (MU), Lam Research Corp. (LRCX), Qualcomm Inc. (QCOM), Intel Corp. (INTC) and Arm Holdings PLC (ARM).

Nvidia's recent surge toward the $5 trillion mark comes on the heels of a well-received presentation by Chief Executive Jensen Huang at the Washington, D.C., iteration of its GTC event on Tuesday. Huang's keynote speech featured product announcements, a few financial updates and warm words directed at the U.S. government.

See also: Nvidia moves closer to a $5 trillion valuation. Here's what's driving its momentum.

It was a "home run" performance, according to Melius Research analyst Ben Reitzes.

"The most important thing learned was that Blackwell and initial Rubin orders over the next five quarters amount to what seems to be over $340 billion and these don't include new orders, Rubin CPX, China and Hopper," he wrote in a note to clients, though networking is included in that expectation.

If the company's order commentary is "taken literally," it "implies meaningful upside to Street estimates for revenue since it doesn't include new orders, which seem inevitable given growth prospects in the Middle East and excitement around the Rubin products" in the second half of 2026, Reitzes added.

Read: Microsoft just beat out Apple to join Nvidia in the elite $4 trillion club

Bernstein analyst Stacy Rasgon asked if Nvidia just gave a "soft guide" for more than $300 billion in data-center revenue for the next fiscal year. The consensus view is only at $257 billion, according to FactSet data.

With a roughly 54% year-to-date gain, Nvidia's stock "has still lagged many other AI peers as investors worry about AI overexuberance (if not a bubble)," Rasgon wrote. "But it seems clearer and clearer that the time to worry is not now. And the Nvidia story looks really strong, with an increasingly solid setup into next year, with likely further upside to numbers, and attractive valuation relative to other players in the AI space."

Bank of America's Vivek Arya said the GTC event gave him more confidence in Nvidia, noting its revenue visibility through 2026 and "strong alignment" with memory-chip suppliers and other parts of its supply chain. With the company not including China in its outlook, "any resolution to trade issues" would be incremental, Arya said.

Meanwhile, Huang said during his keynote address that while application-specific integrated circuits, or ASICs, can do AI, the company's graphics processing units can handle more operations for accelerated computing, and that customers should feel safe leaning into the company's tech offerings. Nvidia is facing increasing threats from its customers partnering with chip makers such as Broadcom on ASICs, which are custom-built chips for specific AI tasks.

Arya noted Huang's "confidence in maintaining leadership" against its chip rivals, "which have no experience (yet) of standing racks," while Nvidia is on its second generation of Blackwell racks.

-Emily Bary -Britney Nguyen

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

10-29-25 1638ET