Nvidia Holds $5.45 Trillion Cap as Cerebras IPO Spurs Rotation Talk

As of May 23 2026 Nvidia trades above $235 with a $5.45 trillion market cap after U.S. approval to sell H200 chips to China. The stock rose only 7-14% YTD through mid-May while the PHLX Semiconductor Index jumped 61% from March lows and peers such as AMD, Marvell, Intel and Micron posted gains of 89-200%. Despite sector-rotation concerns and fresh competition from Cerebras’ blockbuster IPO that surged 68% on debut, Nvidia maintains AI leadership with FY26 revenue of $215.94 billion up 65% YoY, gross margins above 70% and strong demand for its upcoming Vera Rubin platform keeping investor attention focused on the chip giant even as smaller AI names attract speculative flows.