Nintendo’s Switch 2 Sparks $39 Billion Surge This Year

Nintendo Co. Switch 2 game consoles at a Bic Camera Inc. electronics store in Tokyo, Japan, on Thursday, June 5, 2025. Nintendo Co. fans from Tokyo to Manhattan stood in line for hours to be among the first to get a Switch 2, fueling one of the biggest global gadget debuts since the iPhone launches of yesteryear. Kiyoshi Ota | Bloomberg | Getty Images

Nintendo shares hit a fresh record high on Wednesday, continuing this year’s massive rally that has been fueled by excitement around the company’s newly released Switch 2 console. Shares of the Japanese gaming giant have jumped 46% this year, adding roughly $39 billion to the stock’s value, according to a CNBC calculation of data from S&P Capital IQ.

The Switch 2 is the successor of the original Switch console, which was released in 2017. Nintendo unveiled details of the Switch 2 in January, and the device went on sale this month, leading to shortages of the console in some markets and even prompting stores to operate special opening hours.

Nintendo this month reported selling 3.5 million units of the Switch 2 in the four days following its launch. The company has previously forecast sales of 15 million units in its fiscal year ending March 2026, though many analysts expect that this estimate could be conservative.

Nintendo’s original Switch is its second-most successful console in history, having sold over 152 million units since its launch through the quarter ended March this year. Its appeal lies in its hybrid nature—users can play the console on a TV but can also detach it to use it on the go.

Investors are hopeful that the Switch 2 will replicate the success of its predecessor. Nintendo has enhanced the success of its consoles through games featuring strong franchises with characters and brands like Super Mario, Zelda, and Pokémon. Additionally, the company has leveraged its recognizable intellectual property in movies and theme parks to further enhance the success of its core video game product.

For Nintendo investors, this strategy has proven effective. Since March 2017, when the original Switch was released, Nintendo shares have surged nearly 470%, according to S&P Capital IQ data. More than $81 billion has been added to the company’s market capitalization over that period.