Nvidia surged past the US$5 trillion market-cap milestone on strong momentum in artificial-intelligence infrastructure and a deal pipeline that includes $500 billion in chip orders and seven government supercomputers. The company’s transformation from graphics hardware to global AI key-supplier underscores its central role in the technology trend. Analysts caution that valuation levels are becoming stretched and leadership concentration in ‘mega-cap’ tech may raise systemic risks for broader market breadth and rotation prospects.