Nvidia extended its historic rally on October 29, climbing over 8% and closing in on a record-breaking $5 trillion market capitalization a milestone no company has ever reached before. The AI chipmaker has now gained more than 45% year-to-date, fueled by unprecedented demand for its high-performance GPUs that power AI models, cloud computing, and autonomous systems. Data-center revenue surged 154% YoY to roughly $30 billion, accounting for more than two-thirds of total sales. Analysts credited sustained enterprise demand, partnerships with Microsoft and Amazon, and booming AI infrastructure investment as catalysts behind the valuation climb.

The company’s CEO, Jensen Huang, described this moment as the dawn of a “new industrial revolution,” where every industry is being reshaped by AI. Nvidia’s margins have expanded sharply, but skeptics warn that its valuation now exceeds the combined worth of entire stock exchanges. With the stock representing over 6% of the S&P 500, some strategists worry about concentration risk and potential volatility if AI enthusiasm fades.