Nvidia co-founder and CEO Jensen Huang speaks at an event in Taipei, Taiwan, June 2, 2024.
Annabelle Chronicle | Bloomberg | Getty Images
Nvidia shares rose to new highs on Thursday as investors returned to artificial intelligence trading that had stalled slightly since the summer. The stock rose more than 3% at one point, hitting a new intraday high of $140.89.
The new high broke the previous record of $140.76 set on June 20. As of 10:26 a.m. ET, shares were trading at about $139.59.
NVIDIA, 5 years
Nvidia hits intraday record British SemiconductorThe world’s largest chip maker’s third-quarter profit exceeded expectations, with profit growing 54%. The company produces wafers for apple, nvidia, AMD and arm.
Earlier this week, Nvidia shares hit a closing high of $138.07, surpassing the all-time high of $135.58 set on June 18. The stock is up 180% year to date and has risen more than ninefold since the start of 2023.
Companies such as Microsoft, Meta, Google and Amazon are buying up Nvidia GPUs in large quantities to build ever-larger clusters of computers for their advanced artificial intelligence work. The companies are all scheduled to report quarterly results at the end of October.
Nvidia recently said demand for its next-generation AI GPU, called Blackwell, is “insane” and it expects the new product to bring in billions of dollars in revenue in the fourth quarter.
—CNBC’s Kif Leswing contributed to this report.
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