Nvidia hits first record since May as value nears US$6 trillion

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Photo by Samuel Boivin/NurPhoto via Getty ImagesNvidia Corp. shares hit a record for the first time since May as investors pile back into the stock after a two-month selloff that wiped more than US$1 trillion off its market value.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountShares of the world’s most valuable public company gained 2.9 per cent on Friday, extending a nearly 25 per cent rally from a late July low when fears surrounding the outlook for artificial intelligence pressured the stock.This advertisement has not loaded yet, but your article continues below.The rally has been buoyed in recent weeks by optimism that AI agents like Meta Platforms Inc.’s Muse could drive increased demand for semiconductors. Shares got a further boost after Nvidia announced Monday that it was increasing the size of its buyback plan by a record US$150 billion.Canada's best source for investing news, analysis and insight.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Investor will soon be in your inbox.We encountered an issue signing you up. Please try againNvidia’s rebound comes after months of quickly shifting sentiment around the state of the AI landscape, including questions over the hundreds of billions of dollars being spent by firms on its infrastructure and safety risks that the technology could pose to humanity.The Santa Clara, California-based chip developer unveiled a new double-layered AI security system on Monday, meant to stop AI agents from going awry. Nvidia said the new system would have stopped the recent breach of Hugging Face by OpenAI’s models — at a time when investors have become more concerned with AI safety.All told, Nvidia shares have gained about 27 per cent so far this year, on track for their fourth consecutive year of double-digit returns. Its market capitalization now stands at roughly US$5.7 trillion, leaving it less than US$300 billion away from becoming the first company in history to hit the US$6 trillion level.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.