Nvidia Surges 11.6% to Reclaim No. 1 in Global Market Cap, Overtaking Apple

Biggest Weekly Gain in 15 Months
Closed at $2,223.96 on August 7

Nvidia shares have posted their biggest gain in 15 months.

According to the U.S. financial media outlet MarketWatch on August 9 (local time), Nvidia shares closed at $2,223.96 on August 7, rising 11.6% over the week. This is the highest weekly gain since May 16 last year, when shares rose 16.1% in a week. Just last week, Nvidia’s market capitalization increased by $562 billion (about 791 trillion won), marking its largest weekly gain ever.

With the sharp rise in the share price, Nvidia also reclaimed the top spot in global market capitalization, a position it had briefly lost to Apple at the end of last month. As of August 7, Nvidia's market capitalization stood at $5.42 trillion (about 7,630 trillion won), exceeding Apple's $4.57 trillion by $850 billion (about 1,200 trillion won).

This surge in Nvidia’s share price was directly influenced by comments from Elon Musk. On August 4, during SpaceX's first earnings conference call, Musk described Nvidia's next-generation Vera Rubin chip architecture as "the best AI computer," and said that based on an agreement with Nvidia, SpaceX would secure a significant portion of next year’s GPU supply. He also said that SpaceX plans to build its infrastructure using only Nvidia products. SpaceX is expected to establish around 10 gigawatts (GW) of computing capacity by next year.

In addition to SpaceX’s announcement, Google, Amazon, and Meta Platforms raising their capital expenditure forecasts for the year also provided a boost for Nvidia’s share price. Analysts noted that as major tech companies continue to ramp up investment in AI infrastructure, expectations for demand for Nvidia's GPUs have grown accordingly.

Such plans are also raising the possibility that a shortage in GPU supply may again become a key constraint in the AI infrastructure market going forward. BNP Paribas analyst Stephane Slominski pointed out that computing service providers without strong strategic relationships with Nvidia could fall behind in the supply competition, while companies able to secure allocations from Nvidia or expand their own semiconductor production will benefit the most.

Slominski cited the gap between the memory production growth rate and AI demand growth rate presented by SpaceX to suggest that a shortage in AI computing supply could persist through 2027. As a result, he forecast that the current favorable price environment will likely not normalize in the short term.

Meanwhile, Nvidia's upcoming earnings announcement at the end of this month is also seen as a key variable for its share price. AvaTrade's lead analyst Kate Leaman suggested that some investors may already be taking positions ahead of the release. However, she added that, given the high level of market expectations, a correction is still possible.

This content was produced with the assistance of AI translation services.