Nvidia Shares Kept Rally 1% After Hitting Record High On Wednesday

Nvidia shares kept rally 1% after hitting record high on Wednesday.

Nvidia shares rose more than 4% on Wednesday and closed at a record for the first time since January, as investors gain confidence that the company’s leadership in artificial intelligence won’t be dampened by Chinese export controls.

The stock finished at $154.31, exceeding its prior closing high of $149.43 on Jan. 6.

Nvidia is now worth $3.77 trillion, making it the largest company in the world by market cap, slightly beating out Microsoft, one of its main customers. Apple is third at about $3 trillion.

While Nvidia remains the clear leader in graphics processing units, or GPUs, that are being used to build large language models and run AI workloads, the strength of this year’s rally is surprising given that the company has said it is locked out of the world’s second-biggest economy.