Nvidia becomes first company to reach $4T in market value (www.ft.com)

Nvidia became the first publicly traded company to reach a $4 trillion market capitalization, a milestone driven largely by explosive demand for its GPUs and software across AI research and commercial generative AI deployments. The jump reflects investors’ conviction that Nvidia’s hardware—especially its datacenter lineup—and software stack are central to training and running large-scale transformer models. That market vote of confidence also underscores how critical high-throughput matrix-multiply acceleration (tensor cores, multi-GPU NVLink/NVSwitch fabrics) has become to modern AI workloads. Technically, Nvidia’s leadership rests on its H100/Blackwell-era accelerators, the supporting Grace CPU line, and a software ecosystem (CUDA, cuDNN, Triton, DGX systems) that together shorten the path from model prototype to production. The milestone signals major implications: it tightens Nvidia’s leverage over chip and cloud pricing, puts pressure on competitors (AMD, Intel, Google TPU) to close architectural and software gaps, and raises questions about compute concentration and valuation risk as markets price in years of growth. For researchers and practitioners it means better performance and tooling but also potential access and cost pressures for large-scale training unless competition or new architectures broaden supply.