Nvidia’s stock on track for record closing high, $1.2 trillion market cap

Nvidia Corp.

shares were on track to resume their year-to-date push higher Tuesday, as the stock eyed its first new record closing high in more than a month. Nvidia shares rallied nearly 5% Tuesday to an intraday high of $490.81, while the S&P 500 index SPX, +1.24% gained 1.3%. Last week, shares surpassed the $500 mark for the first time, reaching an all-time intraday high of $502.66, but walked back those gains to close marginally higher, just below July’s record of $474.94.

announced that the chip maker’s cutting-edge data-center chips are powering Google Cloud Platform and its PaxML large language model. Nvidia shares are up 235% year to date, compared with a 17% gain on the S&P 500.

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