Nvidia (NVDA) shares rose as much as 1.9% in early trading Tuesday, hitting another all-time high at $243.37.
The stock has gained roughly 28% this year, adding about $1.3 trillion to Nvidia’s market capitalization and taking its value to just below $5.8 trillion.
That puts Nvidia within striking distance of becoming the first company to reach a $6 trillion market capitalization.
Nvidia has also become the largest contributor to the S&P 500’s roughly 14% gain in 2026, underscoring the chipmaker’s growing influence on the broader market.
Nvidia rally gains momentum
The latest advance marks a sharp reversal from earlier in the year, when Nvidia shares were down 11% as of March 30.
At the time, investors were increasingly questioning whether the hundreds of billions of dollars being committed to AI infrastructure could generate sufficient returns.
Sentiment has since shifted as AI spending has continued and Nvidia has provided a stronger revenue outlook.
The company has also announced a record buyback program, giving investors another reason to reassess the stock.
The combination of strong expected earnings growth and a valuation that remains relatively low compared with Nvidia’s historical levels has helped support the latest rally.
Cantor sees growth extending through 2028
Cantor Fitzgerald reiterated an ‘Overweight’ rating and a $350 price target on Nvidia following a recent non-deal roadshow.
The firm said consensus estimates remain too low and expects Nvidia to deliver another strong year of growth extending into 2028.
Cantor also expects Nvidia to increase its share of overall revenue across 2027 and 2028, describing the stock as positioned for a potential catch-up trade.
The view reflects expectations that AI infrastructure spending will remain elevated even as investors increasingly debate the sustainability of the current investment cycle.
BNP Paribas raises Nvidia target
Earlier this week, BNP Paribas raised its price target to $345 from $285, citing Nvidia’s broad portfolio spanning AI hardware, CUDA software and networking products.
BNP Paribas expects Nvidia to maintain its leading position in AI computing as workloads increasingly shift toward inference, the process of running AI models after they have been trained.
That transition could broaden demand beyond the initial wave of spending on model training infrastructure.
The brokerage also expects Nvidia to maintain gross margins above 70% despite increasing competition from custom chips and other semiconductor companies.
$6 trillion milestone comes into view
Nvidia’s latest rally has brought the company within roughly $200 billion of the $6 trillion valuation threshold.
The milestone would further extend Nvidia’s lead as the largest company in the S&P 500 and reinforce its role as one of the biggest drivers of US equity-market performance.
The stock’s gains also come despite a challenging macroeconomic backdrop, suggesting investors remain focused on the company’s earnings growth and the durability of AI infrastructure demand.
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