Nvidia Approaches $6 Trillion Market Cap in AI Stock Explosion

Those of a certain age will recall The Six Million Dollar Man, a 1970s television show that followed the adventures of a badly injured astronaut saved by some very expensive tech. Well, Jensen Huang is no astronaut, but he’s also no stranger to pricey gadgets, and the blistering success of Nvidia has his chipmaking behemoth hurtling toward uncharted space: a $6 trillion market capitalization.

The company’s shares continued their meteoric rise on Thursday, extending a 20% rally over the past seven days as investors continue to dismiss bubble narratives in favor of plowing cash into chipmakers profiting from all the spending (and circular deals) on artificial intelligence. Huang, as CEO of the biggest fish in the pond, has overseen Nvidia’s domination of that dynamic.

The company’s climb is the latest reflection of how intensely investors are gravitating toward perceived AI winners, with semiconductors at the epicenter. Nvidia also drew attention this week after Huang joined US President Donald Trump on his visit to China as a last-minute addition.

The broader revival of the AI trade is again fueling momentum across equities, driving the S&P 500 above 7,500 for the first time. Here’s your markets wrap. —David E. Rovella

What You Need to Know Today

Motorists queue at a PT Pertamina gas station in Jakarta, Indonesia, on Thursday, Sept. 4, 2025. Shell Plc and BP Plc-branded gas stations in Indonesia have run low on fuel as supplies are curbed by import restrictions.

Bloomberg Opinion

The Energy Crisis Is Becoming a Currency Crisis

Look at the worst-performing currencies since the start of the US-Israel war with Iran, and a striking pattern emerges, David Fickling writes.

With the US seemingly on the back foot in the Middle East, amid damaged bases, depleted weapons stocks and a largely shuttered Strait of Hormuz, Chinese President Xi Jinping appeared to press his advantage during this week’s summit in Beijing. After Xi honored Trump with goose-stepping soldiers and flag-waving children, he warned the US president that differences over the fate of Taiwan could lead to “clashes” between the superpowers.

The statement amounted to a geopolitical thunderclap. China came into the summit already emboldened, having deflected Trump’s trade volleys by weaponizing its monopoly on rare earths. Today’s brusque message also arrived as the Washington Post detailed a US intelligence report contending China’s goal is to exploit America’s weakened position following Trump’s decision to attack Iran.

Donald Trump shakes hands withXi Jinping at the Great Hall of the People in Beijing on May 14.

Superpowers

Why XI Raised the ‘Thucydides Trap,’ and Why You Should Know What It Is

It’s a phrase that goes to the heart of Beijing’s ambitions for the China-US relationship—and the grave risks that lie ahead.

Serial Silicon Valley entrepreneur Andrew Feldman has already been involved in selling three companies and taking another public. But none of that compares with Thursday’s debut of his AI-chip manufacturer.

Shares of Cerebras Systems, a company he co-founded in 2015, soared about 68% in Nasdaq trading in New York. It’s the year’s biggest initial public offering and gives the company a market value of roughly $67 billion, and Feldman a stake worth $3.2 billion. AI chipmakers have been among the hottest stocks since OpenAI launched ChatGPT in 2022, with Nvidia the clear market leader.

State Representative Todd Warner, a Republican from Tennessee, attempts to enter the House Floor draped in a Trump flag during a special legislative session at the Tennessee State Capitol in Nashville, Tennessee, US, on Thursday, May 7, 2026. Tennessee Gov. Bill Lee approved a new congressional map Thursday, shortly after legislators passed a redistricting plan aimed at helping Republicans win all nine of the state's US House seats. Photographer: Madison Thorn/Bloomberg

Bloomberg Opinion

Of Course the South’s Redistricting Isn’t ‘Race-Neutral’

Within hours of a ruling by the Supreme Court gutting the Voting Rights Act, former member states of the Confederacy lined up to erase decades-old congressional districts that had given a voice to minority communities.

Four tankers of mostly Iraqi oil managed to find their way through the Strait of Hormuz in the past four days. In normal times, about 80 tankers of unsanctioned crude would have exited the Persian Gulf over the same period.

Iran earlier this month laid out an updated process for ships wanting to cross the narrow waterway that involved dealing with a body called the Persian Gulf Strait Authority. At the same time, the US has maintained a blockade, from the edge of the Gulf of Oman, on Iranian ports.

“There’s been an increase but the levels are so low that it won’t make much of a difference,” said Georgios Sakellariou, a freight analyst at Signal Maritime. “The major issue is that even if all the tankers inside leave, new ones won’t be entering anytime soon.”

Brent Crude Hovers at $106 a Barrel Amid Gulf Standoff

The Iran war has driven global oil inventories down at a record pace, and the market will remain “severely undersupplied” until October even if the conflict ends next month, according to the International Energy Agency.

Weekly Documentary

How the US Can Break China’s Rare Earths Grip

Rare earths are the backbone of modern tech, and China has cornered the global market for them. As it uses that dominance as geopolitical leverage, can other countries break its grip?

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