Nvidia's Market Cap Is Now Higher Than GDP Of 189 Countries, But Goldman Sees More Upside Despite Rally Past $4 Trillion

On Wednesday, Nvidia became the world’s first company with a market capitalization of $4 trillion, as the Jensen Huang-led enterprise rides the artificial intelligence wave to beat titans of the tech industry, like Apple and Microsoft.

Nvidia’s shares were trading slightly in the red on Thursday after scaling a new high on Wednesday. Stocktwits data showed the retail sentiment around the NVDA stock on the platform remained in ‘neutral’ territory over the past week.

At the time of writing, Nvidia’s market capitalization stood at $3.972 trillion, slightly down from a peak of $4.012 trillion that the stock scaled on Wednesday.

While it’s not an apples-to-apples comparison, to put it into context, Nvidia’s market capitalization is currently higher than the nominal gross domestic product of 189 countries in the world, out of the 194 as estimated by the International Monetary Fund for 2025.

Only five countries have a nominal GDP that is higher than Nvidia’s market capitalization – that includes the U.S. at $30.5 trillion, China at $19.2 trillion, Germany at $4.7 trillion, and India and Japan at $4.2 trillion each.

Nvidia’s recent bull run prompted the analysts at Goldman Sachs to initiate coverage on the stock, assigning it a ‘Buy’ rating to begin with, according to The Fly. The brokerage has a price target of $185, which implies an upside of nearly 14% from the current Nvidia share price.

Goldman’s James Schneider underscored Nvidia’s widening customer base and its dominance in the accelerated computing space as two of the reasons for the bullish outlook on the company.

“We believe the AI investment cycle is in a state of transition, but [it] can sustain growth from current levels,” Schneider said in the note.

The analyst added that Nvidia stands to benefit the most from the ongoing capital expenditure cycle in AI, which could drive Nvidia stock’s outperformance.

Nvidia’s stock has gained 21% year-to-date and in the past 12 months.

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