Nvidia shares hit a new intraday high on October 2, pushing the AI chip company’s market capitalization to about $5.7 trillion.
The stock climbed to $237.88 in early trading after opening at $236.06, surpassing its previous intraday record of $235.54.
Nvidia’s valuation has continued rising alongside large-scale global investment in artificial intelligence infrastructure.
The company supplies GPUs, networking products, and other computing systems used to train and run AI models and has become one of the primary beneficiaries of data center and AI computing-capacity spending.
Nvidia’s latest record follows strong fiscal second-quarter results announced in August.
The company reported quarterly revenue of $96.2 billion and exceeded Wall Street expectations on both revenue and earnings.
Nvidia also guided fiscal third-quarter revenue to $105.8 billion to $110.1 billion.
The company’s growth comes as technology companies, governments, and AI developers continue to invest heavily in computing infrastructure.
Nvidia is also facing increased competition.
AMD has launched its own rack-scale AI computing system, while hyperscale customers including Amazon and Google are increasingly developing proprietary AI chips and making them available to external customers.
Nvidia has also invested in companies that buy its chips, a practice that has sparked discussion about circular financing in the AI industry.
Despite those competitive and market concerns, continued AI infrastructure spending pushed Nvidia shares to another record and lifted its intraday valuation to $5.7 trillion.
