Nvidia, the AI chipmaker, just hit another record high

Nvidia shares hit a record high on Monday, closing at $138.07 as Wall Street anticipates earnings updates from Microsoft, Meta, Google and Amazon on their AI infrastructure spending.

The stock’s climb has been stupefying — surging nearly 180% this year, following a rapid climb last year; it’s also a reflection of Nvidia’s renowned stronghold on the AI chip market, 70% to 95% of which is controlled by the outfit, per estimates by Mizuho Securities. Indeed, with a market cap of $3.4 trillion, Nvidia is now the second-most valuable U.S. company, behind only Apple.

At the center of it all is Nvidia CEO Jensen Huang, now himself worth an estimated $121.5 billion, per Forbes. The ride looks to continue, too. Alongside continuing demand for its current chips, Huang said earlier this month Nvidia is seeing “insane” demand for its next-generation Blackwell chips, which are slated to roll out in the fourth quarter. According to Morgan Stanley, which recently hosted meetings with Huang and other Nvidia execs, the chips are already sold out for the next 12 months.