Nvidia (NVDA) stock traded above $1,100 for the first time ever on Tuesday, a move that allowed shares to surpass their previous record closing high. Shares finished the day above $1,140.
The milestone moment comes after Elon Musk’s artificial intelligence startup xAI said Sunday that it raised $6 billion in a Series B funding round, sending Nvidia stock up as much as 8% the following trading day.
The flurry of AI investment has continued to boost optimism over Nvidia’s growth rate as the chipmaker continues its record-setting stock rally. Last week, Nvidia reported first quarter results that more than impressed Wall Street with adjusted earnings surging 461% year over year while revenue grew by 262%.
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