Nvidia (NVDA) stock jumped 2% Monday, putting the AI chip giant within striking distance of an all-time high after a furious turnaround over the past two months.
The company continues to ride high on sales of its powerful AI chips to both hyperscalers and foreign countries seeking to build out their own sovereign AI systems.
Shares closed at $144.69 each, about 3% off its record closing high.
The latest jump comes after Nvidia held its GTC Paris event in the French capital last week. CEO Jensen Huang also attended the Viva Technology conference in the country.
The company, which reported strong first quarter earnings in May, has been expanding into several spaces, including sovereign AI, which describes data centers funded, owned, or run by individual countries seeking to build out their AI capabilities.
Nvidia took a starring role in President Trump’s visit to the Middle East, where he struck deals with Saudi Arabia and the United Arab Emirates that will see the countries receive thousands of Nvidia AI chips.
But the company is also dealing with the fallout from the Trump administration’s ban on the sale of its chips to China. Nvidia reported a $4.5 billion hit during its most recent earnings announcement due to the ban and says it anticipates an additional $8 billion write-down in the current quarter.
Despite that, the company beat on revenue expectations thanks to the sale of its latest Blackwell chips and related server equipment.
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