Nvidia’s (NVDA) stock has hit a new all-time high on a split adjusted basis of $154.45 U.S. amid a broader rally in the market.
NVDA stock rose 4% on June 25 and closed at a record high for the first time since January of this year.
The rise in Nvidia’s share price comes as the broader stock market rallies, with the benchmark S&P 500 less than 1% from a new all-time high.
Investors appear to be shaking off concerns that Nvidia’s leadership in artificial intelligence (A.I.) microchips will be hurt by U.S. export controls to China.
With its share price at a new all-time high, Nvidia now has a market capitalization of $3.77 trillion U.S., making it the largest publicly traded company in the world.
Nvidia is once again ahead of Microsoft (MSFT) and Apple (AAPL), which occupy second and third place in terms of market cap.
While investors remain bullish on Nvidia, the company’s China issues do remain.
Earlier this year, the U.S. government issued new rules that limit the sale of Nvidia’s H20 A.I. processor into China.
Nvidia’s management team said on their most recent earnings call that China restrictions cost the company $8 billion U.S. in lost sales.
Going forward, Nvidia has said that it is no longer counting on any sales from China.
“The $50 billion China market is effectively closed to U.S. industry,” Nvidia CEO Jensen Huang said in May of this year.
NVDA stock hit its new all-time high on the same day that the company was holding its annual meeting of shareholders.
