Nvidia's market cap has soared to $5.4 trillion, despite losing all revenue from China. The milestone comes as ongoing US-China tensions over advanced semiconductor exports hit a new peak. Since October 2022, the Bureau of Industry and Security has imposed strict export controls on Nvidia's AI chips, with new rules effective April 9, 2025, eliminating its China market share entirely.
CEO Jensen Huang confirmed the company now expects $5.5 billion in charges tied to these controls. Despite the headwinds, prediction markets give Nvidia an 83.5% chance of being the world's largest company by market cap on June 30, and a 94.2% chance of holding that title on May 31.