Nvidia is closing in on a number no company has ever reached. The AI chipmaker's shares closed at a record $238.90 on Monday, Crypto Briefing reported, putting its stock market value at roughly $5.7 trillion to $5.8 trillion. A gain of about 3.8% more would make it the first company worth $6 trillion.

The rally has been steep. Nvidia stock is up 28% this year, adding $1.2 trillion in value, Bloomberg reported in a story carried by Deccan Chronicle. On March 30, it was down 11% for the year, as investors questioned the hundreds of billions being spent on AI data centers.

Why it matters beyond Wall Street: Nvidia makes up about 8% of the S&P 500 and about 13% of the Nasdaq, Crypto Briefing reported. It is the biggest single driver of the S&P 500's 14% gain this year, Bloomberg said. An S&P 500 index fund in a 401(k) owns a slice.

Two things fueled the latest run. On Sept. 28, Nvidia added $150 billion to its stock buyback plan, bringing the total to $235 billion. Buybacks shrink the number of shares and tend to lift earnings per share. CEO Jensen Huang said the move "reflects our confidence in the long-term opportunity ahead."

The second is price. Nvidia trades at about 17 times expected earnings, near its lowest level in 10 years and below the S&P 500's 19 times, Bloomberg reported. Some investors also see big tech as a safer place if the Federal Reserve raises interest rates.

Nvidia still trails chip stocks overall. The Philadelphia Semiconductor Index is up 86% in 2026, with Micron, Marvell and Intel each up more than 200%.

The next test is Nvidia's third-quarter report. The company has forecast revenue of $105.8 billion to $110.1 billion, up from $96.2 billion last quarter.

What we know: Nvidia is at a record and about 4% from $6 trillion.
What we don't: Whether it crosses the line before its next earnings report.