Nvidia's threefold revaluation in three years eclipses any mega-cap precedent

Nvidia's market cap has climbed from below $1 trillion to $4.7 trillion since 2023—a re-rating with no parallel among companies of comparable scale. The compression reflects sustained market conviction that hyperscaler artificial-intelligence spending will continue at present intensity. This valuation arc, not the daily horse race with Apple, is what matters for understanding how aggressively capital is betting on one structural theme.