New Delhi, May 8 -- The artificial intelligence (AI) frenzy has created a new financial superpower. Nvidia, once known primarily for gaming chips, is now worth more than India's entire equity market - the world's fifth largest - highlighting how AI has become Wall Street's biggest growth story in recent times.

At $5.05 trillion, Nvidia's market cap overshadows Dalal Street's $5 trillion valuation. In less than three years, Nvidia's valuation has surged almost fivefold from $101 trillion as of 2023, driven by its swift transformation from a niche graphics-chip designer into the backbone of the global AI industry and record-breaking earnings.

During this period, Nvidia's stock has surged from sub-$50 to $211.50, recording 323% increase in...