Shares of Nvidia Corp. show steady investment attractiveness despite reaching record price levels, after the American semiconductor giant officially topped the list of the most valuable public companies in the global market.

Nvidia securities are currently trading at a forward P/E multiple of 23.5, which only slightly exceeds the S&P 500 index average of 22.

The company’s recent market value of around $5.1 trillion exceeds the capitalization of second-place Alphabet Inc. by approximately $600 billion, which is comparable to the entire value of payment giant Visa. The massive gap is driven by unprecedented demand for Nvidia’s graphics processing units (GPUs), which have become the universal and uncontested standard for AI infrastructure among tech giants worldwide.

Nvidia successfully dismisses investor concerns regarding a potential slowdown in the AI boom thanks to massive capital expenditure plans from major hyperscalers. Following a record $650 billion in data center investments recorded in the current period, these expenditures are expected to exceed $1 trillion next year, allowing Nvidia’s revenue to grow by another 41% and providing the stock with a powerful momentum for further growth.