AI Boost: Nvidia' Surges 1,000% in 30 Months

There’s a popular meme that perfectly explains Nvidia’s meteoric rise from just another chipmaker to most valuable company in the world - all within two years. The meme shows three gold diggers – Microsoft, Alphabet and Meta – and a fourth person selling shovels – Nvidia. “When everyone digs for gold, sell shovels,” the tagline reads, meaning that Nvidia’s chips are the shovels in the AI gold rush we’re currently witnessing. “A trillion dollars of installed global data center infrastructure will transition from general purpose to accelerated computing as companies race to apply generative AI into every product, service and business process,” Nvidia CEO Jensen Huang said in May 2023. His company makes the chips that power said transition, aka the shovels.

Ever since Huang first revealed how much he expects his company to profit from the rise of AI in May 2023, Nvidia’s share price has seemingly known only one way: up. As of today, July 10, 2025, Nvidia's share price is up 437 percent since May 24, 2023 and more than 1,000 percent since January 2023, making the chipmaker the first $4-trillion company in the world.

As our chart shows, the ride hasn't always been smooth, though, as Nvidia's share price has seen some wild swings on the way up, particularly in the past 12 months. As Nvidia's valuation reached ever more lofty heights, shareholders began questioning whether a $3+ trillion valuation was really justified and, more importantly, how much upside there was left. Any sign of a slowdown in AI investment has since caused a sell-off, but so far Nvidia has always recovered relatively quickly. The news of DeepSeek-R1 needing significantly fewer of Nvidia's GPUs to achieve similar results as OpenAI's latest models sparked a steep sell-off in January 2025, as did Trump's tariff announcements in March and April. Ever since Nvidia's share price bottomed out at $94 on April 4, two days after Trump's "Liberation Day" announcements, it has known only one way, though: up. On Thursday, the stock closed at a record high of $164.1, up 74 percent since April 4.