Nvidia shares climbed to an intraday record of $174.16 on 17 July, lifting the chipmaker’s market capitalisation to about $4.2 trillion. The advance comes only a week after the company crossed the $4 trillion threshold, cementing its status as the most valuable U.S.-listed firm. At the new valuation, Nvidia is worth more than Apple and Tesla combined and more than $1 trillion above the collective market value of the Russell 2000 small-cap index. The company now sits less than $600 billion shy of overtaking the entire Euro Stoxx 50. The stock has surged roughly 1,090% since late 2022, propelled by demand for its graphics processors that power large-scale artificial-intelligence systems. For the quarter ended April, Nvidia reported revenue of $26 billion, up 18% from the prior quarter and 262% from a year earlier. Wall Street optimism remains high, with at least one strategist lifting his price target to $185. Investors, however, are monitoring U.S. export restrictions on advanced chips bound for China and a growing debate over whether electricity supplies can keep pace with the data-centre build-out driving Nvidia’s breakneck growth.