Nvidia (NASDAQ:NVDA) stock reached a historic peak on Tuesday, soaring above $1,100 for the first time, propelled by investor enthusiasm in artificial intelligence technologies.
This surge positions Nvidia to potentially exceed its previous record closing high.
The rally in Nvidia's shares gained momentum following an announcement by Elon Musk's AI startup, xAI, which disclosed a substantial $6 billion Series B funding round on Sunday.
The news sparked an 8% increase in Nvidia's stock value during Monday's trading session.
Further fueling the stock's ascent, The Information reported that Musk plans to incorporate Nvidia's chips in a new "supercomputer" aimed at powering xAI's advanced chatbot, Grok.