AsianFin -- Nvidia shares closed at an all-time high on Thursday, gaining 1.3% in a holiday-shortened trading session and bringing the AI chipmaker within striking distance of surpassing Apple as the most valuable company in history.

The stock briefly climbed more than 2% during the session, lifting Nvidia’s market capitalization to $3.92 trillion before settling at $3.89 trillion by the close—just shy of Apple’s peak $3.915 trillion valuation reached in late 2024.

While Apple has stumbled amid concerns over its AI strategy and renewed tariff threats from President Donald Trump targeting overseas-manufactured devices, Nvidia continues to soar on investor enthusiasm for its dominance in artificial intelligence hardware.

The company’s strong quarterly results in May—showing robust demand despite U.S. export restrictions on China—fueled renewed momentum in the stock. Nvidia has now notched a series of record highs since late June, marking a sharp rebound from a turbulent start to 2025. Shares are up more than 19% year-to-date.