Nvidia Hits Record High after Announcing Partnership with Google

The share price of Nvidia rose 4.16% on Tuesday to close at a record high after the company announced a partnership with Google to expand the distribution of its artificial intelligence technology to Google’s users.

Under this partnership, Google’s cloud customers will have further access to technology powered by Nvidia’s powerful H100 GPUs.

Nvidia closed at $487.84 on Tuesday, its record high. Share prices of the world’s leading chipmaker rose to a record intraday high of $502.66 a few days ago after the company reported a better-than-expected 2Q23 earnings that showed how fast its chipmaking for AI technology has grown. The share price continued to rise after hours on Wednesday with a gain of 0.26%.

Nvidia is now up more than 230% so far this year, making it the top gainer in S&P 500. Facebook parent Meta comes in at second place with 148% gain.