Nvidia nears record as chip stocks rally, boosted by strong Q1 and Middle East AI deals

Benzinga

Nvidia stock rose 2.6% Tuesday to $147.90, its highest close since January and just shy of its record $149.43. The AI chipmaker has surged over 9% since its strong Q1 earnings report on May 28, outperforming the S&P 500. Despite earlier struggles due to President Donald Trump's trade restrictions—including an $8 billion projected hit from a China chip ban in the 2nd quarter—Nvidia has rebounded, buoyed by chip deals with Saudi Arabia and the UAE. Broader chip stocks also rallied, with Intel, AMD, Broadcom, and TSMC all posting gains. Tech sector momentum pushed the Nasdaq 100 and Nasdaq Composite to multi-month highs.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02NVIDIA's stock rose 2.6% Tuesday at $147.90, its highest close since January, just shy of its record $149.43.

00:12The AI chipmaker has surged over 9% since its strong Q1 earnings report on May 28th, outperforming the S&P 500.

00:19Despite earlier struggles due to President Donald Trump's trade restrictions,

00:23including an $8 billion projected hit from a China chip ban in the second quarter, NVIDIA has rebounded.

00:28Pullied by chip deals with Saudi Arabia and the UAE.

00:31Broader chip stocks also rallied with Intel, AMD, Broadcom, and TSMC all posted gains.

00:38Tech sector momentum pushed the NASDAQ 100 and NASDAQ deposit to multi-month highs.

00:43For all things money, visit Benzinga.com.

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