Nvidia shares rise to new record, surpassing June high as AI trading revives

Nvidia shares rose to a new record on Thursday as investors jumped back into artificial intelligence trading, which had stalled somewhat since the summer. The stock rose more than 3% at one point and briefly reached a new intraday high of $140.89.

The new high surpassed the previous record of $140.76 set on June 20. Shares were trading at about $139.59 as of 10:26 a.m. ET.

Nvidia's intraday record follows Taiwan Semiconductor Manufacturing Companythe world's largest chipmaker, beat third-quarter earnings estimates and posted a 54% increase in profits. The company produces chips for companies such as Apple, Nvidia, AMD And ARM.

Nvidia shares hit a closing high of $138.07 on Monday, surpassing their previous record of $135.58 set on June 18. Shares are up 180% year-to-date and have increased more than nine-fold since the start of 2023.

Companies like Microsoft, Meta, Google and Amazon are buying Nvidia GPUs in bulk to build ever-larger computing clusters for their advanced AI work. These companies are all expected to report their quarterly results by the end of October.

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

— CNBC's Kif Leswing contributed to this report.