94Ha ViewpointIn the short trading day before the July 4 Independence Day holiday in the United States, the share price of Nvidia (NVDA.US), the leader in artificial intelligence chips, rose by 1.33%, hitting an all-time high of $160.98 during the session, and its market value rose to $3.89 trillion. The stock once rose by more than 2% during the session, and its market value reached a maximum of $3.92 trillion, just one step away from the record of $3.915 trillion set by Apple (AAPL.US) at the end of 2024.
In contrast, Apple’s market value has continued to decline recently. Affected by the slow progress of innovation in the field of artificial intelligence, Apple has gradually fallen behind in the AI competition with technology giants such as Microsoft (MSFT.US) and Nvidia (NVDA.US). In addition, US President Trump’s resumption of the tariff issue and the threat of imposing tariffs on Apple’s overseas-produced products have also exposed it to additional uncertainty.
Nvidia’s stock price has been rising steadily since the release of its financial report at the end of May. Since the stock price fluctuated at the beginning of 2025, Nvidia’s current year-to-date increase has exceeded 19%.
Wedbush analyst Dan Ives said in a report to clients on Thursday that he expects Nvidia’s market value to exceed $4 trillion this summer and may even challenge the $5 trillion mark in the next 18 months.
He said: “We think technology stocks will perform very strongly in the second half of this year. The market still underestimates the growth wave brought by the $2 trillion investment of companies and governments in AI technology and its applications in the next three years.”
However, not all market observers are optimistic about the AI boom. In an interview, well-known short seller Jim Chanos pointed out that the current market atmosphere around AI reminds him of the Internet bubble period.
Chanos warned that the revenue sources of AI-related companies are somewhat fragile. Once investors or companies cut spending, capital expenditures may be quickly cut, and related projects will be delayed or shelved, which will be quickly reflected in revenue and profit expectations. He said: “We are not yet in the bubble bursting stage, but this risk does exist and may be seriously underestimated by the market.”
