Nvidia has rebuilt the optimism around its stock, which was dented earlier this year when a breakthrough by China’s DeepSeek led to concerns about the durability of Nvidia’s dominant position in the global AI infrastructure market. That event wiped nearly $600bn from the company’s market value.

Nvidia's stock hit a record high on Wednesday, and the chipmaker reclaimed the crown as the world's most valuable company after an analyst said the chipmaker was set to ride a "Golden Wave" of artificial intelligence.

The gains come amid bullish predictions for the AI chip market on Wall Street. Loop Capital analyst Ananda Baruah on Wednesday raised his price target on Nvidia shares to $250, the highest of Wall Street analysts tracked by Yahoo Finance,