Nvidia shares hit a record high of $237.55 in intraday trade on October 2, valuing the chipmaker at about $5.7 trillion, as the AI rally continued on Wall Street.

Morgan Stanley named Nvidia its top chip pick with a $300 price target. The company’s third-quarter results are expected in November, with guidance of around $108 billion in revenue. Nvidia’s board has also authorised a $150 billion increase in its share buyback, taking total authorisation to $235 billion.

Indian markets were closed on October 2 for Gandhi Jayanti, so the first reaction will come on Monday. IT stocks are expected to respond, given their exposure to US technology spending and the AI build-out.

Reports also noted that AI startup Anthropic lost $42 billion on $4.6 billion of revenue, according to IPO prospectus disclosures, a reminder that the AI boom’s economics remain uneven even as chipmakers mint money Analysts will watch hyperscaler capital spending for signs the rally can continue.