Nvidia stock hits new all-time high, market cap at $5.7 trillion

Nvidia (NVDA) stock hit a new all-time intraday high on Friday, eclipsing its prior high of $235.54 a share.

The stock reached $237.55 in early trading, after opening at $236.05. The company’s intraday market cap hit $5.7 trillion.

Nvidia is riding high on continued spending on AI infrastructure amid the broader global build-out. The company, which designs graphics processing units (GPUs) and their associated networking and other systems, is the poster child for the AI hardware race.

CEO Jensen Huang serves as one of the AI industry’s most prominent leaders, frequently making appearances alongside President Trump during AI and tech-focused events and traveling the world to meet with foreign leaders.

235.30 +4.44 (+1.92%)

As of 11:50:51 AM EDT. Market Open.

In its August Q2 earnings report, Nvidia topped Wall Street’s already lofty expectations on both the top and bottom lines, reporting revenue of $96.2 billion and offering a better-than-anticipated outlook for its third quarter. The company said it expects sales of between $105.8 billion and $110.1 billion.

The AI trade has faced frequent ups and downs since OpenAI debuted ChatGPT in Nov. 2022, with investors regularly questioning whether the market is in an AI bubble and, if so, when it will burst.

Nvidia and its cohort have also raised questions about so-called circular investing, deals in which it invests in its own customers who then turn around and purchase additional chips from Nvidia.

It also faces growing competition from the likes of AMD (AMD), which recently launched its own rack-scale system to compete with Nvidia, as well as from customers like Amazon (AMZN) and Google (GOOG), which are increasingly offering up their own custom chips to third-party clients.