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FollowingNvidia: The extraordinary journey from a semiconductor giant to a trillion-dollar wealth engine
A chart that traces the changes in Nvidia's market value since September 1999 shows one of the most extreme wealth creation stories in open market history. However, the most shocking number is not the leap from about $1.5 billion in September 1999 to about $5.56 trillion today, but the astonishing performance of the past year.
In September 2025, Nvidia's market value was approximately US$4.3 trillion. Its current market value is between US$5.55 trillion and US$5.56 trillion, which means that the company has increased its market value by approximately US$1.25 trillion to US$1.3 trillion in just 12 months. This increase alone exceeds Nvidia's entire market value of approximately US$1.03 trillion in September 2023. In other words, Nvidia has created more value for shareholders in the past year than the company's overall valuation three years ago.
Explosive growth after 2022
Historical data series also reveals the nonlinear nature of this story. For most of the 2000s and early 2010s, Nvidia remained a relatively modest semiconductor company. Between 2009 and 2014, its September market value hovered between US$6 billion and US$10 billion many times. Even in 2015, Nvidia's value was only about US$12 billion.
Then, the curve turned. Its market value reached approximately US$33 billion in 2016, rose to US$105 billion in 2017, and exceeded US$310 billion by September 2020. But the most drastic revaluation occurred after the sell-off of technology stocks in 2022. In September 2022, Nvidia's market value was approximately US$340 billion; four years later, its market value was approximately US$5.6 trillion, an increase of approximately 16 times.
This shift not only reflects the fact that investors have simply given Nvidia a higher valuation multiple, but also reflects the rapid expansion of its underlying business. Nvidia's latest fiscal quarter revenue reached US$96.2 billion, a year-on-year increase of 106%, of which data center business revenue was approximately US$89 billion. Management expects revenue to reach approximately US$108 billion for the next quarter. Analysis shows that the company has rapidly transformed from a mere chip supplier to a core revenue engine for the AI infrastructure boom.
Beyond chip trading: Nvidia's strategic transformation
The second eye-catching perspective is that Nvidia no longer behaves just as a purely semiconductor company. This week, it agreed to acquire Hugging Face for approximately $12.93 billion, gaining a significant position in open source AI models, developer tools and model distribution.
This is in line with its broader strategy of selling GPUs, controlling the software ecosystem, and increasingly influencing the infrastructure and developer levels above hardware. The report pointed out that Nvidia is pushing itself beyond the chip field, and its broader AI infrastructure footprint now covers network, power, cooling and data center spending.
Nvidia is also large enough to influence the broader U.S. stock market. Its valuation of approximately $5.2 trillion earlier this week represented approximately 8% of the S & P 500, which means that relatively small movements in NVDA's share price can have a substantial impact on the index.
This may be the clearest revelation in Nvidia's September history: The company has been hovering below $20 billion for more than a decade, only crossing the $1 trillion threshold in 2023, and is now worth more than five times that level. The amazing thing is no longer that Nvidia has become a trillion-dollar company, but its continued and amazing ability to expand.
