Nvidia Corporation's shares reached an all-time high at close on Monday in the aftermath of the technology giant's market capitalization coming at $3.4 trillion. The company's stock increased 2.4%, closing at $138.07, besting the previous record of $135.58 in June this year.
Viewed annually, Nvidia's shares saw an increase of 180% while the increase was almost nine-fold compared to the start of 2023.
Such a dramatic rise in the value of chipmaker's shares comes as a result of rapid advances in AI, with large tech giants such as Google and Amazon relying on Nvidia's graphic processing units (GPU) for the development of their advanced AI models.
The company's stock increased 0.15% in the after-hours trade, selling for $138.28 at 4:41 pm ET.
