Nvidia made history Wednesday, becoming the world’s first company to reach a $5 trillion market capitalization as shares surged more than 3% in early trading. The milestone cements the chipmaker’s position as the most valuable company globally, pulling ahead of Microsoft and Apple, which are each valued at approximately $4 trillion.

The surge followed remarks from CEO Jensen Huang at the company’s GTC developer conference in Washington, D.C., on Tuesday, where he disclosed Nvidia has secured more than $500 billion in orders for its AI chips through the end of 2026. The announcement represents what Huang described as unprecedented visibility into future revenue for a technology company.

“I think we are probably the first technology company in history to have visibility into half a trillion dollars [in revenue],” Huang said, referring to orders for the company’s current Blackwell generation and upcoming Rubin chips scheduled to launch next year.

During Tuesday’s conference, Huang also announced Nvidia is manufacturing its Blackwell GPUs in full production at a facility in Arizona, a move he attributed to Trump’s push to bring manufacturing back to the U.S. The company revealed it has shipped 6 million Blackwell chips over the past four quarters and expects to deliver an additional 14 million units over the next five quarters.

Nvidia unveiled partnerships with Nokia, investing $1 billion to develop telecommunications equipment incorporating its chips for 5G and 6G networks. The company also announced plans to collaborate with Oracle on building seven supercomputers for the U.S. Department of Energy, with the largest system featuring 100,000 Blackwell AI chips.

Huang emphasized capital spending by major cloud computing companies—Amazon, Meta, Google, Microsoft, Oracle, and CoreWeave—is projected to reach $632 billion by 2027. Morgan Stanley analysts estimated total hyperscaler capital expenditures would grow 24% next year to nearly $550 billion, while Citi analysts raised their forecast to $490 billion for 2026, up from an earlier estimate of $420 billion.

Nvidia reached the $5 trillion threshold just three months after becoming the first company to hit $4 trillion, in July. The chipmaker’s ascent has been swift: It crossed $1 trillion in June 2023, $2 trillion in February 2024, and $3 trillion in June 2024. The company was valued at approximately $400 billion before the debut of OpenAI’s ChatGPT in late 2022.

The stock has risen more than 50% in 2025 alone, adding more than $400 billion in market capitalization across just two trading days. Nvidia’s shares closed above $200 on Tuesday for the first time before climbing further Wednesday morning.

Nvidia’s dominance stems from its graphics processing units, which are essential for training and running large language models used in artificial intelligence. The company controls an estimated 90% market share of AI chips used to build server farms that power the AI systems of Microsoft, Meta, Amazon, OpenAI, and other major technology companies.

Apple and Microsoft followed Nvidia into the $4 trillion club this week. Apple reached the milestone Tuesday after strong demand for its iPhone 17 models, while Microsoft’s valuation also crossed $4 trillion following news of its stake in a restructured OpenAI.