Catenaa, Tuesday, October 06, 2026- Nvidia stock rose to an all-time high on Tuesday and is on its way to a $6 trillion market cap after Foxconn reported record sales in Q3.
Nvidia stock rose by 1.6% to $242.80 on Tuesday. The company’s market capitalization stands at $5.83 trillion.
On Monday, Foxconn, formerly known as Hon Hai Precision Industry, reported $95.4 billion in sales revenue for the quarter ending in September, which is more than the market estimates, as analysts expected sales revenue to be $89 billion.
Foxconn expects its AI-related operations to continue growing during the fourth quarter.
Barron’s reported that Foxconn’s business with US firms centers around the assembly of iPhones in its facilities in China and India, but the bulk of its business comes from cloud and networking infrastructure, notably AI servers built around Nvidia chips.
Quartz said that Nvidia stock’s all-time high performance comes at a moment when the chipmaker has been trading at a historically low valuation relative to its earnings growth.
Nvidia’s valuation has also attracted attention as investors assess the stock’s recent gains against expectations for strong earnings growth. The company had been trading at a relatively low forward earnings multiple compared with its projected growth, according to Quartz.
According to Barron’s, citing FactSet, Nvidia traded at a forward price-to-earnings ratio of 17.1 times as of the close on Monday.
Last month, Nvidia CEO Jensen Huang said that the chipmaker is “the world’s first and only growth value stock” and described Nvidia as “incredibly misunderstood”, which impacted the valuation of the stock.
Barron’s said, citing FactSet, that analysts covering Nvidia have set a consensus price target of $334.45 on the shares.
Moreover, Quartz said that Nvidia authorized a $150 billion increase to its share repurchase program last week, bringing the total remaining buyback authorization to $235 billion, the largest such authorization increase in history, the company said.
The company expects to complete the total remaining program through fiscal year 2028, according to Quartz.
