Nvidia shares hit all-time high
As a US-China trade deal lifts markets, Nvidia’s share price has resumed its winning streak and its market cap is closing in on the $4 trillion landmark


Having looked for months like 2025 would be a challenging year for Nvidia’s share price, the world’s most valuable company has reached an all-time high.
When Nvidia announced quarterly earnings on 28 May, a notable headline figure was the $4.5 billion dent in its profits thanks to a charge for excess inventory and purchase obligations of its H20 chips, which were hit by export controls to China during the quarter.
On 26 June, though, Donald Trump mentioned that a US-China trade deal has been signed, indicating a thawing of relationships between the two superpowers. Nvidia shares gained 0.5% on the day to close at $155.02, their highest ever close.
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Nvidia’s share price has now gained 15.4% so far this year, despite headwinds like Trump’s tariff regime, global geopolitical instability and the emergence of DeepSeek, which saw almost $600 billion wiped off Nvidia’s market cap in a single day.
But the latest share price gains put Nvidia’s market cap at $3.78 trillion, followed by its Magnificent Seven colleague Microsoft at $3.70 trillion.
“We believe both Nvidia and Microsoft will hit the $4 trillion market cap club this summer and then over the next 18 months the focus will be on the $5 trillion club,” said Dan Ives, global head of technology research at Wedbush Securities.
Nvidia’s share price was up 0.8% in premarket trading on 27 June, indicating that the stock could be set to register yet more all-time highs.
How has Micron boosted Nvidia’s share price?
Nvidia’s share price was boosted further by strong results from memory chip manufacturer Micron, one of Nvidia’s key suppliers.
Micron beat on second quarter earnings and also raised its guidance for the upcoming quarter.
“Strong demand for Micron can be read as a positive for Nvidia’s own shipments,” said Derren Nathan, head of equity research at Hargreaves Lansdown. “The results helped Wall Street’s most valuable company build on recent gains with Nvidia shares at an all-time high of $155, up 25% from 12 months prior.”
With Nvidia itself acting as a bellwether for the broader US economy, it is no surprise that these developments also saw the S&P 500 gain 0.8% on 26 June, which also benefitted from positive news around the US-China trade deal.
Are Nvidia’s shares good value?
The hefty valuation of Nvidia’s shares has given plenty of investors pause for thought over the last two years – even if it is now well below the 100-times trailing earnings the stock traded at during 2023.
Following this year’s gains, Nvidia stock now trades at 50 times trailing earnings and 32 times projected earnings, according to data from stockanalysis.com (as of US market close on 26 June).
Nvidia bulls – of which Ives is one of the most emphatic – argue that its status as the world’s most valuable company is fully justified given its central role in AI technology.
“Over the last few years, we have discussed the AI Revolution constantly as in our opinion it represents the biggest tech transformation in over 40 years,” he said. “The start of this $2 trillion of AI spending all began with the launch of ChatGPT at the end of 2022 and [was] built out by Godfather of AI Jensen [Huang, CEO of Nvidia] and Nvidia as they are the only game in town with their chips the new gold and oil.”
“It’s not just the chips that make Nvidia’s product so appealing: the CUDA software platform that enables users to optimise the hardware is key,” said Nathan. “AI has the scope to transform practically every industry, and Nvidia is proving to be a key partner in everything from healthcare through to self-driving vehicles.”
As always when considering buying shares, it is important that investors conduct their own thorough research and consider the downside risks.
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Dan is a financial journalist who, prior to joining MoneyWeek, spent five years writing for OPTO, an investment magazine focused on growth and technology stocks, ETFs and thematic investing.
Before becoming a writer, Dan spent six years working in talent acquisition in the tech sector, including for credit scoring start-up ClearScore where he first developed an interest in personal finance.
Dan studied Social Anthropology and Management at Sidney Sussex College and the Judge Business School, Cambridge University. Outside finance, he also enjoys travel writing, and has edited two published travel books.
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