Nvidia needs to be stopped by competition regulators.
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Nvidia has surged over the last couple of sessions, but there’s an important distinction between the recent high and its all-time high.
What happened
- Wednesday, September 2, 2026: NVDA jumped 3.21%, closing at $224.41, after its latest earnings report reinforced expectations of exceptionally strong AI-chip demand. It traded as high as $227.95.
- Thursday, September 3: it rose another 1.8%, closing at $228.45 and reaching an intraday high of $230.40.
- That puts it very close to its 2026 all-time high, rather than actually establishing a new all-time high. The previous official intraday record was $236.54 on May 14, 2026; the record closing price was $235.47.
Why the sudden strength?
There are three big things happening simultaneously:
- The earnings outlook remains extraordinarily strong. Investors are increasingly convinced Nvidia’s AI accelerator demand isn’t rolling over. The market is particularly focused on the company’s projection of 70%+ revenue growth for fiscal 2028.
- The Hugging Face acquisition is being interpreted strategically. Nvidia announced a roughly $12.9bn acquisition of Hugging Face, giving it a much stronger position in the open-source AI ecosystem. The interesting point is that this isn’t primarily about the immediate revenue — it gives Nvidia a way of influencing the software/model layer that drives future demand for its hardware. Reuters describes it as effectively an insurance policy against AI customers developing alternative chips or becoming too powerful.
- The macro environment suddenly became more favourable to high-growth tech. On Thursday, Treasury yields fell and markets became less concerned about another Fed rate hike. The Nasdaq gained about 1.4%, with Nvidia among the companies pulling it higher.
So the really interesting number is $230.40 on September 3. Nvidia was only about 2.6% below its May all-time intraday record of $236.54.
If you’re asking because you’re wondering whether Nvidia is about to break $236.54 and establish a new record, that’s a rather interesting question — the technical and fundamental picture has changed quite substantially over the past week.
