Nvidia could regain world’s most valuable company title after $160bn overnight gain

Microsoft and Apple are the other contenders who have been holding the title over the past few year

Nvidia is set to open almost five per cent higher when stock markets begin trading in the US on Thursday, following yet another stellar quarterly report from the chip maker.

With futures showing a 4.9 per cent gain in pre trading, it equates to a $160bn (£119bn) rise in the value of the company overnight - taking the total market capitalisation to around $3.45 trillion (£2.56tn) and potentially seeing it usurp Microsoft as the world’s most valuable public listed business again.

Microsoft closed at $3.4tn on Wednesday, but is itself showing a 1.2 per cent gain - giving it a market cap of $3.44tn. Additional trading in the coming hours - and during the day once markets open - will confirm if the AI bellweather firm has regained top spot for the first time since the middle of 2024. Microsoft regained the lead from Apple - which closed just under $3tn on Wednesday - at the start of 2025.

Shares in Nvidia touched around $150 in price by the end of 2024 as American equities surged after Donald Trump started his second term as president, but they sank to below $95 in April after Liberation Day tariffs were announced.

When Thursday’s market opens, they will be back above $140 once more, at least 20 per cent up over the past year but only just above flat for year-to-date 2025.

Investors reacted positively overnight to Nvidia’s first quarter earnings, which showed revenue of $44.1bn, beating analysts’ estimates, though earnings per share came in under expectations partly due to an $8bn writedown on H20 chips which were due to be sold to China, only to be blocked by the Trump administration last month.

During his speech to investors, CEO Jensen Huang said he world was “recognising AI as essential infrastructure — just like electricity and the internet — and Nvidia stands at the centre of this profound transformation.”

Mr Huang also criticised President Trump’s approach to tariffs, which is expected to cost Nvidia around $10bn in lost earnings.

“The US has based its policy on the assumption that China cannot make AI chips. That assumption was always questionable, and now it’s clearly wrong.” he said. “Export controls should strengthen US platforms, not drive half of the world’s AI talent to rivals.”

However, he also added that Mr Trump had “outlined a bold vision to reshore advanced manufacturing, create jobs, and strengthen national security” within the States.