Artificial intelligence chip-maker Nvidia Corp has once again become the world’s most valuable company — reclaiming the top spot for the first time since January 24.
The company’s shares closed with a market capitalisation of $3.45 trillion, narrowly surpassing Microsoft’s $3.44 trillion valuation.
Despite facing challenges such as export restrictions and tariff-related uncertainties, Nvidia has maintained its strong growth trajectory. The stock has surged 24 percent over the past month, adding $1 trillion in market capitalisation in just two months.
In its most recent quarterly results, Nvidia reported a 69 percent jump in revenue to $44.06 billion, with earnings per share (EPS) of $0.96 — both exceeding analyst forecasts. The performance was largely driven by soaring demand for its AI chips, used by companies including OpenAI.
The results helped ease investor concerns about the potential impact of US restrictions on advanced chip sales to China, including whether such measures might slow revenue growth or hinder production of the company’s new Blackwell chips.
Even after the sharp rally, Nvidia trades at around 29 times its projected earnings for the next year — still below its 10-year average of 34 times. In comparison, the Nasdaq 100 index trades at 26 times earnings, despite significantly slower forecasted growth.
Nvidia’s price-to-earnings-to-growth (PEG) ratio stands below 0.9 — the lowest among the so-called "Magnificent Seven" tech giants, which include Apple, Amazon, Alphabet, Meta, and Tesla.
China accounted for 13 percent of Nvidia’s revenue last quarter, and ongoing US–China trade tensions remain a key risk. However, the company has sought to diversify, recently securing purchasing agreements in the Middle East during US President Donald Trump’s visit to the region.
