Can AI boom drive Nvidia to a 4tn valuation despite investor doubt?

When Jensen Huang spoke at the Nvidia annual general meeting last week, he made no mention of a share price slide. The US chipmaker, buoyed up by its key role in the artificial intelligence boom, had briefly become the world's most valuable company on 18 June but the crown slipped quickly. Nvidia shed about 550bn ( 434bn) from the 3.4tn ( 2.68tn) peak market value it had reached that week, as tech investors, combining profit-taking with doubts about the sustainability of its rocketing growth, applied the brakes. Huang, however, spoke like the CEO of a business that took 30 days this year to go from a valuation of 2tn to 3tn – and sees 4tn coming into view. He described a forthcoming group of powerful new chips, called Blackwell, as potentially "the most successful product in our history" and perhaps in the entire history of the computer.