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

Shares of Nvidia rose to a new record on Thursday as investors piled back in to the artificial intelligence trade that 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 on June 20. Shares were trading at about $139.59 as of 10.26 a.m. ET.

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 like Apple, Nvidia, AMD and ARM.

Nvidia stock hit a closing high of $138.07 earlier in the week, topping its prior record of $135.58 set on June 18. Shares are up 180% year-to-date and have increased more than nine-fold 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.