Nvidia Corp. NVDA, +4.54% 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, +1.37% 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. Nvidia’s market cap is also on track to close above $1.2 trillion for the first time with a close of $485.83 or above, according to Dow Jones Market data. Nvidia has added $931 billion in market cap since 2022’s stock price low, hit on Oct. 14, according to Dow Jones data. At that time, Nvidia’s stock was melting down because it had to replace some $400 million in expected data-center sales to China with equipment that would clear a U.S. ban on AI tech. Nvidia shares were also the second most active on the S&P 500 Tuesday, with more than 51 million shares of volume exchanged, second only to Tesla Inc.’s TSLA, +6.88% more than 100 million shares exchanged by afternoon trading. On Tuesday, Nvidia and Alphabet Inc. GOOG, +2.75% GOOGL, +2.68% 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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