Nvidia’s stock surged 3% on Wednesday, crossing the 150 USD level. This marks the third time the stock has surpassed this level this year, following similar breakthroughs on January 6 and 7.
However, Nvidia has yet to close above 150 USD. Its record closing price of 149.43 USD was set on January 6.
By afternoon trading, Nvidia’s stock had jumped 4.46 USD (3.02%) to 152.36 USD.
Despite the Trump administration’s semiconductor export restrictions to China, investors were once again focusing on Nvidia’s leadership in the AI sector, driving its stock price upward.
Nvidia’s market cap reached $ 3.719 trillion, edging out Microsoft’s $ 3.647 trillion.
While Microsoft also saw gains, rising 0.50 USD (0.10%) to 490.61 USD, it wasn’t enough to retain its position as the world’s most valuable company.
Nvidia demonstrated its resilience in reclaiming the top spot, even as it effectively withdrew from the Chinese market, which reportedly accounted for over 20% of its total revenue.
The Trump administration’s export restrictions, which were expanded in April to include Nvidia’s H20 chip designed to circumvent earlier regulations, dealt a significant blow to the company.
In its earnings report last month, Nvidia projected an $ 8 billion revenue hit due to Chinese export restrictions and recorded a $ 4.5 billion charge for the unsold inventory of semiconductors.
Nvidia can no longer be confident about its future revenue from China.
Nvidia CEO Jensen Huang expressed concern last month that the Trump administration’s additional regulations have effectively locked U.S. companies out of the 50 billion USD Chinese market.
