Nintendo’s stock has reached an all-time high as anticipation for the Switch 2 continues to mount. There is also speculation that Saudi Arabia is preparing to make further investments in Japanese video game stocks.

According to Nikkei Asia, Nintendo’s shares briefly reached a record 7,902 on Japan’s Nikkei stock index today, marking a 5% increase from the previous day. This surge has pushed Nintendo’s market capitalization over 10 trillion yen ($69bn) for the first time since November 2007 (VGC).

The surge in Nintendo’s share price can be attributed to two main factors. Firstly, there are high expectations for the company’s growth, driven by the success of its intellectual property business, as well as the recent announcement of a live-action The Legend of Zelda movie and the anticipated launch of the Switch 2.

Additionally, there are strong speculations that “oil money” from Saudi Arabia might be looking to acquire more Japanese video game stocks. The controversial sovereign wealth fund of Saudi Arabia, the Public Investment Fund, recently purchased additional shares in Koei Tecmo Holdings. This move follows the fund’s previous increase in stake in Nintendo, making it the company’s largest outside investor, with a 8.26% share as of February 2023.

As for the Switch 2, Nintendo has yet to officially confirm its existence, but reports suggest that the company conducted closed-door developer presentations for the new hardware at last year’s Gamescom. While Nintendo has denied these claims, persistent reports and news of high-profile individuals being briefed on the new hardware point to a potential late 2024 release for the Switch 2.