Nvidia shares reached a record price of $237.88 each, leading to an increase in the company's market capitalization to approximately $5.7 trillion. This is the highest level among all companies worldwide. On September 28, Nvidia's board of directors increased the share buyback program by $150 billion, bringing the total to $235 billion by the end of fiscal 2028. Meanwhile, the number of jobs added by employers in the U.S. in September was only 29,000, significantly below the forecasted 90,000. This contributed to strengthening the stock market, among other things, leading to a rise in Nasdaq. Nvidia was valued at $1.18 trillion in August 2023, surpassing the entire cryptocurrency industry. In June 2024, it overtook Apple with a market capitalization of $3 trillion, and in October 2025, it became the first company to reach the $5 trillion mark. For reference, the current total market value of cryptocurrencies, including Bitcoin, is just over $3 trillion. Since the low of $165.17 on March 30, Nvidia shares have risen by more than 40%. It is important to note that Nvidia is part of the S&P 500 index, which means that if you have a pension fund containing an index fund, any holder already owns a part of Nvidia.
Nvidia reported revenue of $96.2 billion for the quarter ended July 26, which is 106% more than the same period last year. Data centers accounted for $89 billion of this amount. Nvidia CEO Jensen Huang stated, "Now computing is revenue." That is, Nvidia's revenue is mainly formed from the budget allocated by other companies for artificial intelligence. On September 28, a share buyback was also announced. Nvidia's board of directors increased the share buyback authorization by $150 billion, marking the largest increase in the company's history. A share buyback means the company uses its funds to purchase its own shares, reducing the number of shares in circulation and increasing the share of the remaining shares.
On September 23, Supermicro began shipping racks containing servers based on the new Nvidia Vera Rubin platform. Each rack accommodates 72 Rubin graphics processors. Weak labor market reports led to shares returning to an upward trajectory, as these data cooled expectations of Federal Reserve rate hikes. Higher rates can increase borrowing costs for all companies, including those building data centers for AI, making life more difficult for Nvidia's competitors. Additionally, Nvidia itself finances its clients. In September 2025, it committed to investing up to $100 billion in OpenAI, but the final amount was $30 billion, with an additional $10 billion allocated to Anthropic. In its documents, Nvidia indicated $366 billion in multi-year AI infrastructure commitments, of which $279 billion is mainly related to memory procurement. The company forecasts revenue of $108 billion for the current quarter, according to its own forecast, and has authorization for a share buyback of $235 billion until January 2028.
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