Nvidia's Market Capitalization Surpasses Canada's GDP, As McKinsey Projects $1.7 Trillion AI Data Center Spend By 2030
Nvidia Corp.'s market capitalization has reached $4.32 trillion, surpassing Canada's GDP of $2.24 trillion, making it the world's most valuable company. McKinsey projects AI data center spending will exceed $1.7 trillion by 2030, with Nvidia playing a central role as AI workloads are expected to account for 70% of total capacity. Despite record earnings and a positive outlook, Nvidia faces scrutiny in China due to an anti-monopoly probe related to its acquisition of Mellanox Technologies.
Nvidia Corp.’s NVDA market capitalization has reached a staggering $4.32 trillion, surpassing the gross domestic product (GDP) of Canada's entire economy, as new forecasts point to explosive global demand for AI-driven data centers.
Check out the current price of NVDA stock here.
Nvidia Tops Global Rankings With $4.32 Trillion Valuation
On Monday, prediction market platform Kalshi highlighted Nvidia's historic milestone: the chipmaker is now worth more than Canada's GDP.
The World Bank estimates Canada's 2024 GDP at about $2.24 trillion, while Nvidia's market capitalization stands at $4.32 trillion, making it the most valuable company in the world.
Nvidia shares are up 28.51% year to date and 52.21% over the past 12 months, according to Benzinga Pro. The stock currently trades at a forward price-to-earnings ratio of 39.68, underscoring investor confidence in its AI dominance.
AI Data Centers Set To Fuel Multi-Trillion-Dollar Market
The valuation surge comes as McKinsey & Company released a report projecting a 3.5-fold increase in global AI-specific data center capacity by 2030.
Power demand for AI workloads is expected to rise from 44 gigawatts in 2025 to 156 gigawatts by decade's end.
Overall, McKinsey forecasts that data center capital spending, excluding IT hardware, will exceed $1.7 trillion by 2030. AI workloads are projected to account for 70% of total capacity, cementing Nvidia's central role in the sector.
Record Earnings And Guidance Boost Confidence
In August, Nvidia reported second-quarter revenue of $46.74 billion, a 56% year-over-year jump that beat Wall Street's $46.02 billion estimate.
Blackwell data center revenue climbed 17% quarter-over-quarter, while the company confirmed no H20 sales to China during the quarter.
Looking ahead, Nvidia guided third-quarter revenue between $52.92 billion and $55.08 billion, largely in line with expectations. The outlook excludes potential H20 shipments to China, reflecting ongoing export restrictions.
Rising Tensions With China
Despite its global dominance, Nvidia faces growing scrutiny in China.
On Monday, Beijing extended an anti-monopoly probe into the company, citing alleged violations tied to its 2020 acquisition of Mellanox Technologies.
The investigation coincides with China's broader push for homegrown AI chip development. Wei Shaojun, a professor at Tsinghua University, has urged Beijing to reduce reliance on U.S. GPUs, warning that overdependence poses strategic risks.
Benzinga's Edge Stock Rankings show that NVDA continues to perform strongly across short, medium, and long-term horizons. More detailed insights are available here.
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