NVIDIA hits $5.72 trillion market cap as interest rates rise despite weak jobs data
U.S. stocks diverged last week: the Nasdaq and NVIDIA reached record highs while the Dow and small caps fell. NVIDIA briefly touched $237.87, pushing its market capitalization to $5.72 trillion. The September jobs report showed only 29,000 non-farm payrolls added, far below the 85,000–90,000 forecast, and the implied probability of an October Fed rate hike dropped from 64% to 16%. Yet the…
Key points
- NVIDIA briefly hit $237.87, reaching a $5.72 trillion market cap
- September non-farm payrolls came in at +29,000 versus an 85,000–90,000 forecast
- 10-year Treasury yield closed at 5.277% after reversing from a low of 5.157%
At the same time, market observers are questioning the funding behind massive AI capital expenditures. They point to Broadcom's $42 billion financing and chip purchase deal for Anthropic, reports that Amazon moved $8 billion of NVIDIA chips off its balance sheet, and Alphabet's free cash flow turning negative for the first time. The FOMC minutes from the September meeting are due October 7 at 14:00 ET and could clarify the Fed's stance on a December hike.
Interest Rates Rise Despite 'Employment Downturn': 3 Anomalies Lurking in NVIDIA's Record Highs and the AI Market
note.com · 4 October 2026
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