Up 4% in premarket, Nvidia could become the first $5 trillion company today

By Emily Bary

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

Nvidia's Jensen Huang spoke in Washington, D.C. on Tuesday.

Just 78 trading days after Nvidia first closed a trading session with a $4 trillion market capitalization, the company is on track to hit its next milestone.

If Nvidia's (NVDA) premarket gains carry through to Wednesday's close, the company would become the first $5 trillion company, according to Dow Jones Market Data. The stock is up 3.6% in premarket action to indicate at $208.26. Any closing price of $205.76 or more would get the company into $5 trillion territory.

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 would be larger than the gross domestic products of every country except the U.S. and China last year, and it would roughly equal what the International Monetary Fund projects for Germany's nominal GDP this year.

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And while companies like Broadcom (AVGO), Taiwan Semiconductor (TW:2330) and Advanced Micro Devices (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 (ASML), Micron Technology (MU), Lam Research (LRCX), Qualcomm (QCOM), Intel (INTC) and Arm Holdings (ARM).

Nvidia's recent surge toward the $5 trillion mark comes on the heels of a well-received presentation by CEO 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 next fiscal year. The consensus view is only at $257 billion, according to FactSet data.

With a roughly 50% year-to-date gain, Nvidia's stock "has still lagged many other AI peers as investors worry about AI over-exuberance (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 set-up into next year, with likely further upside to numbers, and attractive valuation relative to other players in the AI space."

-Emily Bary

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10-29-25 0724ET