Nvidia shares reach record high as AI demand drives stock surge

Nvidia shares reached a record high of $138.07 on Monday, driven by expectations of earnings reports from major tech companies regarding AI spending. The stock has surged nearly 180% this year, reflecting Nvidia's dominance in the AI chip market. Nvidia now holds a market cap of $3.4 trillion, making it the second-most valuable U.S. company after Apple. CEO Jensen Huang's wealth has also increased, estimated at $121.5 billion. The company is experiencing strong demand for its current chips and its upcoming Blackwell chips, which are already sold out for the next year.