On October 29, local time, Nvidia's share price rose sharply. As of the close, Nvidia reported US$207.04, with the latest total market value of US$5.03 trillion. Its market value increased by US$146 billion overnight (approximately RMB 1,036.381 billion).

The picture shows Nvidia's stock price trend

Nvidia's total market value jumped from US$4 trillion to US$5 trillion in just 113 days, while it took 410 days to go from US$3 trillion to US$4 trillion. The total market value of US$5 trillion has long exceeded the total market value of the stock markets of Britain, France, Germany and other countries. This figure is approaching the total value of Indian stocks(from $5.3 trillion to $5 trillion)

With Nvidia¡¯s stock price rising sharply, the Forbes real-time wealth list showed that Mr. Yuan¡¯s personal wealth rose to eighth place in the Forbes wealth list.

Jensen Huang's personal wealth rose to the eighth place on the Forbes Rich ListCredit: Forbes Rich List

A netizen forwarded a screenshot of Nvidia's market value once exceeding US $5.1 trillion on the social platform X, and Tesla CEO Elon Musk also expressed his admiration.

Musk forwarded a screenshot of Nvidia's market value once exceeding US$5.1 trillion

Early in the morning of October 29, Beijing time, NVIDIA held the GTC conference in the U.S. capital, and the company's CEO, Huang Yong Yong, stood on the table to talk about the cutting-edge prospects of the AI industry.

Different from previous press conferences with clear focus, Huang Renxun's speech covered a wide range of topics, including 6G, quantum computing, physical AI and robotics, nuclear fusion, and autonomous driving, which are hotly speculated in the global capital market.

Huang Renxun took the stage to talk about the frontier prospects of AI industry (data map/vision china)

Huang Renxun said at the press conference that Blackwell and a newer generation of Rubin chips are pushing the company into an unprecedented sales growth cycle. Huang Renxun also refuted concerns about a bubble in the artificial intelligence market, saying that the company's latest generation of chips is expected to generate up to $500 billion in revenue in the next few quarters.

The latest Wall Street financial giant Goldman Sachs report found that $500 billion was significantly larger than Wall Street expected.

The bank¡¯s analytics team noted that the target was 12 percent higher than the market consensus of $447 billion reflected through Visual Alpha Consensus Data, and 10 percent higher than Goldman Sachs¡¯s forecast of $453 billion.

Daily Economic News Information

Disclaimer: The contents and data of the article are for reference only and do not constitute investment advice.

Extended reading

From 95% to 0, Huang Renxun: Hurting China is worse for the United States

Since the beginning of this year, due to the capricious chip export policy of the Trump administration to China, the operating conditions of U.S. chip giant Nvidia in the China market have been like a roller coaster.

After a lot of trouble, the company's founder and CEO Huang Renxun recently stated that Nvidia's share of China's advanced chip market has dropped from the past 95%. He warned that the United States 'technological blockade against China not only "harms China," but "often harms the United States, or even worse."

Earlier this month, Mr. Zhang delivered the speech at an event hosted by Citadel Securities in New York City. On October 15 local time, Mr. Zhang released a video of a conversation between Mr. Zhang and his Red Ridge capital partner, Konstantine Buhler, entitled ¡°Nevada¡¯s Mr. Zhang talks about artificial intelligence (AI) and the next frontier of growth.¡±

During this conversation, Blair asked Huang Yi, what is the right practice for the United States in exporting AI computing to China?

In response, Huang said U.S. policymakers hoped that their country would win the AI race, ¡°but it¡¯s important to remember that what hurt China can often hurt the United States, and even worse,¡± and ¡°maybe one should step back and reflect on what policies are good for the United States before rushing to launch policies that are harmful to others.¡±

He pointed out that the core of the software industry is developers, and it is necessary to win developers to create future platforms. China has "about 50% of the world's AI researchers, excellent schools, and great concern and enthusiasm for AI." It is a mistake not to let these researchers build AI on American technology.

Huang Ying-young attended an event hosted by Citadel Securities in New York on October 6 (video)

In his view, the central question is how the U.S. should balance ¡°keep technology ahead¡± and ¡°assure the world is built on the U.S. technology stack¡±? he believes that the U.S. needs a subtle strategy, not black and white. It should form a time-changing, subtle strategy to keep the U.S. ahead of technology and continue to win researchers around the world.

Huang Renxun revealed that Nvidia's market share in China has dropped from 95% to 0."Currently, we have withdrawn 100% from the China market." "I can't imagine any policymakers thinking it's a good idea that the policies we (the United States) implemented caused the United States to lose one of the world's largest markets and drop it to zero."

He said that at present, all Nvidia's shareholder forecasts assume that China business is zero. If the company makes any new progress in China, it will be an extra gain."I hope we can continue to explain and explain (to the U.S. government), and hope that the policy will change."

Hong Kong's "South China Morning Post" noted on the 16th that the remarks of Huang Yingluo appealed to his consistent position that if NVIDIA cannot sell products in China, the market will be taken over by Chinese competitors such as Huawei.

China's "Finance" magazine learned through several supply chain people that the conservative calculation, in 2024 China market NVIDIA H20 series chip shipments will be about 600,000-80,000 units. some mainstream domestic AI chip shipments will be about 300,000-40,000 units. that is, NVIDIA's share of the Chinese market in 2024 is much more than 60%.

Nvidia's 2025 fiscal year report shows that its revenue in mainland China and Hong Kong is US$17.1 billion, a year-on-year increase of 66%. Mainland China and Hong Kong accounted for 13.1% of Nvidia's revenue market. US export controls have caused Nvidia's share of revenue in mainland China and Hong Kong to decline for three consecutive years.

With the rapid development of AI technology, Nvidia's graphics processor (GPU) has helped it become one of the hottest companies in the world. This year, it also became the world's first company with a market value of US $4 trillion.

However, since 2022, the U.S. government has implemented strict export controls to suppress the development of chips in China. Nvidia is prohibited from exporting high-end GPUs for AI applications to China, including A100, H100 and H200.

This year, after the Trump administration came to power, the United States once banned Nvidia from exporting to China its castrated version of the H20 chip specifically for the China market. Later, after Nvidia lobbied and agreed to pay the U.S. government 15 percent of its sales in China, the U.S. restored H20 export licenses to China in July.

However, the controversy surrounding Nvidia has continued to spread since then.

On July 31, in order to maintain the network security and data security of Chinese users, the Chinese side interviewed Nvidia and asked it to explain the security risks of the backdoor vulnerability of the H20 computing power chip sold to China and submit relevant supporting materials. Yuyuan Tantian, a new media account owned by China Central Radio and Television Station, issued an article naming the H20 chip as "not environmentally friendly, not advanced, and not safe" and not a "good choice".

On August 10, the Financial Times that NVIDIA and Superview Semiconductor (AMD) had agreed to "pay back" to the U.S. government (or can be called "refund") 15% of their chip sales revenue in China in exchange for export licenses issued by the Trump administration.

Nine months after an investigation was launched into Nvidia for suspected violations of the Anti-Monopoly Law in December last year, the Chinese regulatory authority issued a statement on September 15 this year stating that Nvidia violated the Anti-Monopoly Law and decided to conduct further investigations in accordance with the law.

Reuters at the time that China's latest statement brought more uncertainty to NVIDIA's business in China, with the Chinese market accounting for 13 percent of its total sales last year.The U.S. New York Times also quoted analysts as saying, "This is part of China's broader efforts to use its own regulatory policy toolbox and diplomatic negotiations to increase China's access to advanced semiconductors and outperform foreign competitors and ultimately reduce dependence."

Public opinion generally believes that China's confidence in dealing with chip giants' violations of laws and regulations stems from the collective breakthrough of China's technology industry.

In September, Huawei rarely announced a three-year vision with the goal of challenging Nvidia's dominance in the AI field. Bloomberg noted that Huawei's next-generation Shengteng chips will adopt a "SuperPod" design, connecting 15,488 Shengteng AI chips together through Huawei's independently developed UnifiedBus interconnection protocol, claiming to be faster than NVIDIA's next-generation NVLink144 solution. 62 times faster. NVIDIA's current-generation NVLink72 allows the company to connect 72 Blackwell GPUs and 36 Grace CPUs together.

According to the South China Morning Post, in addition to Huawei, Chinese Internet giants such as Alibaba, Tencent, ByteDance and Baidu are also increasing investment in self-developed chips and strengthening supply chain control through internal R&D or external investment.

In July of this year, people asked Yuan Yong, in the face of the ongoing trade conflict between China and the United States, will NVIDIA continue to invest in China, or maintain the status quo? At that time his answer was, if you want to maintain the status quo, you have to increase the investment. The market develops so quickly, the competition is so fierce, there is no competitor inining the status quo, they are all increasing the investment. So NVIDIA must continue to progress every day. China is the second largest technology market and develops rapidly. So this is a very important market, full of vitality.

Huang Jinping has publicly pointed out that China is the world's second largest computing market, and by 2026, China's artificial intelligence market will reach the size of $50 billion, entering this market means huge opportunities for NVIDIA, and will boost U.S. tax revenue, employment and growth.

According to the Financial Times, at present, NVIDIA stillins a huge investment in China, with a huge team of engineers still in China. The team will help Chinese technology companies to adapt domestic models such as General Motors and DeepSeek on compliant H20 chips, so that these large models can fully perform on NVIDIA's chips.

The latest news shows that sales of the NVIDIA H20 chip in China have almost stopped.For this reason, NVIDIA hopes to actively push the custom version of its current generation of Blackwell GPU based on China to obtain US export control licenses.

Huang Renxun commented on a podcast last month that China is only "a few nanoseconds" behind the United States in the chip field and has great potential in chip research and development and manufacturing. He called on the U.S. government to allow U.S. technology companies to compete in markets such as China in order to "increase the influence of the United States".

The Australian news website ¡°inkl¡± said in September that Yuan¡¯s words meant that NVIDIA could only benefit from a stable partnership with China, and that while the company currently continues to lead in the field of AI chips, Huawei¡¯s progress in the next three years will be interesting.