Nvidia closed at a record $238.90 on October 5, pushing its market capitalization to roughly $5.7 trillion to $5.78 trillion — just 3.8% short of becoming the first public company ever valued at $6 trillion. A fresh $150 billion buyback and bullish options pricing underline the shift in sentiment since the stock's late-July low.
Record close extends a sharp rally
Nvidia shares closed at a record $238.90 on October 5, gaining 2.12% in the session and touching an intraday peak of $240.10. The move put the chipmaker's market capitalization at approximately $5.7 trillion to $5.78 trillion, just 3.8% short of the $6 trillion mark no public company has reached.
The rally did not appear overnight. Nvidia has climbed nearly 25% from a low in late July.
Sentiment got a further lift on September 28, when the company announced a record $150 billion increase to its share repurchase authorization, bringing the total to $235 billion. A day later, President Donald Trump met with key AI executives, including Nvidia CEO Jensen Huang, a meeting that further lifted investor optimism.
Options market leans toward $6 trillion
Pricing in the options market reflects that optimism. As of early October, options pricing implies roughly a 50% chance that Nvidia crosses $6 trillion by the end of the month. That probability rises to 67% of surpassing the threshold by December 18.
Morgan Stanley reiterated its overweight rating with a $300 price target, citing solid AI spending and strong revenue forecasts for Q2 and Q3 2026. Nvidia reported Q2 revenue of $96.2 billion and guided Q3 revenue to a range of $105.8 billion to $110.1 billion.
One stock, outsized index weight
As of early October, the company accounts for around 13% of the Nasdaq and 8% of the S&P 500. The next clear checkpoint is the Q3 report: delivering inside or above the $105.8 billion to $110.1 billion range would support the bull case, while a miss would test how much optimism is already priced in.
Source: Crypto Briefing
Trading involves risk.