Nvidia Reclaims Top U.S. Spot as AI Chip Demand Accelerates

​Nvidia has once again become the most valuable public company in the U.S., finishing Tuesday with a market cap of $3.45 trillion after its stock surged 2.8%. The company overtook Microsoft, whose market value sat at $3.44 trillion, marking Nvidia’s first return to the top since March.

The rally reflects continued investor confidence in Nvidia’s dominance in the booming AI chip market. According to analysts at Jefferies, the company remains the “dominant supplier of AI accelerators” for data centers, a segment expected to expand rapidly as demand for artificial intelligence infrastructure grows.

Nvidia’s latest earnings showed an adjusted gross margin of 71.3%, excluding a $4.5 billion hit tied to U.S. restrictions on H20 chip exports to China. For the current quarter, the company projects margins of 72%, with growth driven by the rollout of its Blackwell AI platform. UBS and Jefferies both expect margins to climb into the mid-70% range by year-end.

Looking ahead, Nvidia sees a strong setup in the second half of 2025 as it scales its Blackwell Ultra and GB300 platforms. Jefferies also highlighted Nvidia’s sovereign AI deals, including a major partnership with Saudi Arabia’s Humain to deploy 18,000 chips over five years.

Bottom line: Nvidia’s surge back to the top spot underscores how central AI hardware remains to the market’s biggest bets. With its Blackwell platform gaining traction and new global deals in motion, Nvidia looks poised to extend its lead in the AI arms race.







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