Nvidia Stock Hits New Record as AI Trade Rebounds

On Thursday, October 19, the Nvidia stock record hit new heights, rising over 3% to hit an intraday high of $140.89, as investors reignited their interest in AI stocks.

Shares of Nvidia stock support levels surpassed the previous intraday of $140.76 set in June. Shares closed at $136.93, up about 1%, following TSMC’s strong third quarter (Q3) earnings, which saw a 54% net profit increase.

As the world’s largest chip manufacturer, TSMC makes chips for some of the biggest companies, such as Apple, Nvidia, AMD, and ARM.

AI Demand Takes Nvidia to New High-End

The Nvidia killer stock surge is mainly attributed to major companies like Microsoft, Meta, Google, Amazon purchasing huge quantities of Nvidia’s graphic processing units (GPU) to power their AI initiatives. Such a strong demand has driven investors to look into the Nvidia stock to buy by an incredible 180% Year-to-Date (YTD), with shares more than ninefold higher since the start 2024.

Nvidia closed the session at $136.93, up around 1% as the chip giant maintains its dominion over the AI hardware market.

This was after TSMC reported robust third-quarter earnings where, according to reports, the world’s largest chip manufacturing powerhouse posted its quarterly profit surged 54%.

Demand for AI Powers Nvidia Stock Record

AS Nvidia stock record surged to a new level, supported by exceptional growth pushed by demand for AI technologies. The company provides state-of-the-art GPUs and AI solutions, positioning it as a dominant player in the booming AI market.

Demand for GPUs has skyrocketed recently with Nvidia terming the demand for the Blackwell GPU as “insane,” anticipating more revenue growth in the fourth quarter (Q4). As long as companies continue to invest hugely in AI infrastructure, Nvidia remains poised for more success at the forefront of advanced computing technology.

With quarterly results from Microsoft, Meta, Google and Amazon all due later this month, Nvidia stock record is a standard for the technology industry’s growing focus on AI -and an increasing powerful computing showing that there is no room for a Nvidia stock fall.

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