Nvidia Reclaims $5 Trillion as Shortages Turn Into Pricing Power

Nvidia has reclaimed a $5 trillion market capitalisation on a roughly 3% move, closing a loop in which every tightening constraint of the past month — grid-power lobbying, a $4,000 black-market HBM price, a 51% non-China client rule — reads to shareholders as evidence of pricing power rather than cost.