Nvidia closes at $239.24, below $248 needed for $6 trillion market value

Nvidia's intraday market value reached $5.84 trillion on 6 October, Yahoo Finance reported, about $160 billion short of $6 trillion. The close left the stock just below an all-time high set in afternoon trading. CNBC reported on 5 October that $248 a share was the level needed to cross the threshold on the current share count.

The threshold matters for the wider market: Nvidia accounts for 13% of the Nasdaq-100 and 8% of the S&P 500, CNBC reported.

Options traders had been pricing the move. In its 5 October report, CNBC said market-maker pricing of deltas on Nvidia options implied about a 50% chance of a $6 trillion valuation by the end of October, a 13% chance that week and a 67% chance by 18 December. The same pricing implied roughly a 1-in-16 chance of $7 trillion by 20 November. CNBC also reported that Nvidia had notched its first record since May the previous Friday, adding 1.3% and ending seven weeks of sideways trading, with a market value just under $5.7 trillion.

What the multiple assumes

Nvidia's August second-quarter report showed revenue of $96.2 billion and third-quarter guidance of $105.8 billion to $110.1 billion, Yahoo Finance reported. The quarter topped Wall Street expectations and the outlook came in better than anticipated.

Financial Express put Nvidia's price-to-earnings multiple at about 41, compared with 29 for Alphabet and Microsoft and 33 for Amazon.

Options positioning also leaned toward a rally. CNBC reported that some Nvidia call options traded at higher implied volatility than equivalent puts, and Barchart data showed such 'call skew' was a sign traders were hedging for a rally. Ben Emons, managing director at Highline Asset Management, wrote in a note to clients that Nvidia's buyback announcement was a bright spot and called it 'a capital-allocation event that asserts confidence in long-run AI demand.'

Nvidia also faces growing competition. AMD has launched a rack-scale system to compete with Nvidia, and Amazon and Google are increasingly offering custom chips to third-party clients, Yahoo Finance reported. Investors have also repeatedly asked whether the AI trade is a bubble and whether circular investing, in which Nvidia backs customers that then buy its chips, inflates demand.

The $5 trillion base

Nvidia became the first company to close above a $5 trillion market value on 29 October 2025, about three months after it became the first to cross $4 trillion. At that level it was worth more than the combined stock markets of every country apart from the United States, China and Japan. Chief executive Jensen Huang said then that the company expected $500 billion in GPU sales through the end of 2026. Nvidia's total revenue was just over $100 billion in the first two quarters of 2025.

What happens next

The options bets CNBC described were tied to contracts expiring that week and on 30 October. On the current share count, the trigger remains $248.