Nvidia stock rose 2.6% Tuesday to $147.90, its highest close since January and just shy of its record $149.43. The AI chipmaker has surged over 9% since its strong Q1 earnings report on May 28, outperforming the S&P 500. Despite earlier struggles due to President Donald Trump's trade restrictions—including an $8 billion projected hit from a China chip ban in the 2nd quarter—Nvidia has rebounded, buoyed by chip deals with Saudi Arabia and the UAE. Broader chip stocks also rallied, with Intel, AMD, Broadcom, and TSMC all posting gains. Tech sector momentum pushed the Nasdaq 100 and Nasdaq Composite to multi-month highs.
