Nvidia shares touched a new all-time intraday high of $237.88 on Friday, pushing the chipmaker's market value past $5.7 trillion, a level no public company has reached before. The stock closed at $233.95.

The rally was powered by Morgan Stanley, which named Nvidia its top semiconductor pick and kept a $300 price target after meetings with CEO Jensen Huang and CFO Colette Kress. Analyst Joseph Moore pointed to a new product cycle and strong demand from AI labs.

Nvidia added another tailwind on September 28, authorizing an extra $150 billion in share buybacks, taking the remaining program to $235 billion. Huang said the move reflected confidence in the long-term opportunity ahead.

The broader market helped. A weaker-than-expected US jobs report pushed investors away from near-term Fed hike bets and into AI stocks.

The numbers behind the rally are large. Nvidia's August quarter brought revenue of $96.2 billion, up 106 percent from a year earlier, with adjusted earnings of $2.22 a share. Wall Street's average 12-month target is around $324, though the valuation debate is far from settled.