(Bloomberg) -- Nvidia Corp. is on the verge of becoming the first company with a $6 trillion market capitalization as investors rotate back into the artificial-intelligence chipmaker.

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The stock is once more at a record high after the company gave a robust revenue outlook and announced the biggest buyback in history, which takes advantage of a valuation that's near multi-year lows. Those twin pillars — strong growth and a cheap multiple — stand out, especially as investors grapple with high interest rates and tepid economic data.

"Nvidia is attractive on both a growth basis and a value basis, and it looks like a haven from any damage higher rates could do to the economy," said Jim Awad, senior managing director at Clearstead Advisors, which owns Nvidia shares. "All of which makes it such an attractive proposition here and a place people should continue to gravitate to if they have concerns."

The shares are up 28% this year in a rally that has added $1.2 trillion to Nvidia's market capitalization, bringing it to just shy of $5.8 trillion. The company also is by far the biggest contributor to the S&P 500 Index's 14% gain in 2026.

The move is particularly striking considering the stock was down 11% for the year on March 30 as investors questioned the hundreds of billions of dollars being spent on AI infrastructure. Since then, sentiment around the AI landscape has flipped, with more existential questions about the potential threats it poses to humanity now leading the conversation. Meanwhile, inflation risks and the likelihood of interest-rate hikes by the Federal Reserve have made megacap technology companies like Nvidia look relatively safe to investors.

"As rate hike fears have materialized money starts to move into these megacap tech stocks because they're a little bit more resistant to rate hikes," said Larry Tentarelli of Blue Chip Daily, adding that the semiconductor sector has also seen a rebound spurred by Meta Platforms Inc.'s Muse AI agent. There's "big rotation back into semis, a big rotation back into the megacaps and both of those play out well for Nvidia."

The lure for investors was underlined by Nvidia's authorization of an additional $150 billion under its existing share-repurchase program, which Chief Executive Officer Jensen Huang said "reflects our confidence in the long-term opportunity ahead." Prior to that, he called Nvidia "the world's first and only growth value stock."