By Adam Spatacco
Publication Date: 2026-01-20 00:30:00
Nvidia’s market cap has soared more than tenfold over the last three years.
When OpenAI commercially launched ChatGPT in November 2022, Nvidia (NVDA 0.44%) was worth about $345 billion. A little more than three years later, the semiconductor powerhouse is now worth $4.5 trillion, making it the most valuable company in the world.
While Nvidia has emerged as the king of the generative artificial intelligence (AI) boom thus far, what if I told you the company’s epic run was just getting started?
Below, I’ll explore a number of catalysts it has for 2026 and break down how the company could notch its next trillion-dollar milestone by year-end.
Image source: Nvidia.
Why 2026 could be another huge year for Nvidia
According to reporting from FactSet Research and Goldman Sachs, AI hyperscalers, including Microsoft, Alphabet, Meta Platforms, Amazon, and OpenAI could have up to $527 billion in capital expenditures (capex) this year.
A few months ago, Nvidia CEO Jensen Huang said that the company’s backlog was in the range of $500 billion. However, management was quick to clarify his statement by saying that a portion of this backlog had already been recognized.
Nevertheless, the company’s chief financial officer, Colette Kress, recently told investors that the order backlog is growing exponentially. This sounds reasonable considering that Nvidia recently signed a major deal with Anthropic, which will be using the company’s new Vera Rubin chip architecture.
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