Nvidia Hits First Record High Since May as Market Value Nears $6 Trillion

Nvidia (NVDA) shares broke to an intraday all-time high of about $237.88 on Friday, Oct. 2, their first record since May, lifting the company's market value to roughly $5.7 trillion and within reach of the $6 trillion mark no company has crossed. The stock did not hold the peak: it closed at $233.95, up 1.3% on the day, a touch below its May closing record of $235.74.

The rally caps a comeback from a two-month selloff that erased more than $1 trillion of market value before the shares bottomed in late July. On Friday's close the stock was about 23% above its late-July low and up about 25% for the year.

Two developments earlier in the week fed the move. Nvidia's board approved an additional $150 billion in share repurchases, bringing remaining authorization to $235 billion through fiscal 2028. Morgan Stanley also named Nvidia its top semiconductor pick, which Investing.com described as an analyst upgrade; the bank kept its Overweight rating, so it was a reiteration rather than a rating change. Investing.com also pointed to guidance for $108 billion in third-quarter revenue, 4% above consensus.

Not everyone reads the breakout as clean. Chart analyst Ali Martinez said the stock had reached the top of a six-month channel and could pull back toward $220 before another test, with $260 in view only if the breakout holds. Separately, Amazon is reportedly exploring a financing vehicle for about $8 billion of Nvidia chips, a structure that drew questions about how hyperscalers fund their buildouts.

From here, attention turns to whether the stock can close above its May record and push through $6 trillion, and to big tech earnings and Nvidia's GTC events as the next tests of AI spending.