Nvidia stock rises to new record, exceeding June high as AI trade is rekindled

Shares of Nvidia rose to a new record Thursday as investors piled back in to the artificial intelligence trade, which had stalled a bit since the summer. The stock rose more than 3% at one point to briefly tap a new intraday high of $140.89.

The new high bested a previous record of $140.76, which was set June 20. Shares closed the day up about 1% at $136.93.

Nvidia’s intraday record comes after Taiwan Semiconductor Manufacturing Company, the world’s largest chip producer, beat third-quarter earnings estimates and posted a 54% increase in profit. The company produces chips for companies such as Apple, Nvidia, AMD and ARM.

Nvidia stock hit a closing high of $138.07 on Monday, topping its prior record of $135.58 set June 18. Shares are up 180% year to date and have increased more than ninefold since the beginning of 2023.

Companies including Microsoft, Meta, Google and Amazon are purchasing Nvidia GPUs in massive quantities to build increasingly large clusters of computers for their advanced AI work. Those companies are all slated to report quarterly results by the end of October.

Nvidia recently said demand for its next-generation AI GPU, called Blackwell, is “insane” and it expects billions of dollars in revenue from the new product in the fourth quarter.

— CNBC’s Kif Leswing contributed to this report.