Nvidia stock hits a new record, surpassing its previous high in June, as AI trade gains momentum.

• Nvidia's stock price surged past $140.89, marking a new intraday high, with a gain of over 3%.
• A new high of $140.76 was set on June 20, which was surpassed by the latest record.
• After Taiwan Semiconductor Manufacturing Company beat third-quarter earnings estimates and posted a 54% increase in profit, Nvidia set a new intraday record.

Nvidia's stock price reached a new high on Thursday as investors re-entered the artificial intelligence market, which had slowed down since the summer. The stock price increased by more than 3% at one point, reaching an intraday high of $140.89.

The new high of $140.76, set on June 20, was surpassed by shares trading at approximately $139.59 as of 10.26 a.m. ET.

Nvidia's intraday record is achieved after AMD, the world's largest chip producer, surpassed third-quarter earnings estimates and experienced a 54% increase in profit. Nvidia produces chips for companies such as Tesla, Amazon, and Microsoft.

On Monday, Nvidia stock reached a new high of $138.07, surpassing its previous record of $135.58 set on June 18. The shares have increased by 180% year to date and have more than ninefold since the start of 2023.

Nvidia GPUs are being purchased in large quantities by companies such as Microsoft, Meta, Google, and Amazon for the construction of advanced AI work clusters. These companies are scheduled to report their quarterly results by the end of October.

Nvidia stated that demand for its upcoming AI GPU, Blackwell, is "extremely high" and anticipates generating billions of dollars in revenue from the product in the fourth quarter.

— CNBC's Kif Leswing contributed to this report.