Nvidia’s share price climbed to an intraday peak of $237.75 on October 2, setting a new all-time high, according to Investing.com.

The surge was fueled by an expanded share repurchase authorisation approved on September 28 and Morgan Stanley reaffirming the stock as its top pick.

The chipmaker’s rally comes amid the AI infrastructure build-out, with Big Tech companies continuing to pour money into data centres and accelerators. Nvidia’s graphics processors remain the backbone of AI training workloads worldwide.

Investors have also been watching the company’s expanding role beyond hardware. Reports this week noted Anthropic’s $100 million commitment to train 10,000 engineers and Broadcom’s chip-leasing financing arrangements tied to AI compute demand.

The all-time high cements Nvidia’s position as the most valuable beneficiary of the AI boom. Market watchers say the buyback expansion signals the board’s confidence in the company’s cash flow, even as regulators in several regions increase scrutiny of AI supply chains.