Nvidia Stock Notches New Record. 2 Reasons for the Rally.

Nvidia chips are the favored choice for training artificial-intelligence models. (Joel Saget/AFP via Getty Images)

Nvidia stock closed at another all-time high Friday, its 19th this year. A new artificial-intelligence model from OpenAI and the potential for increased spending from Tesla look set to keep the rally in shares going.

Nvidia shares closed up 1.09% at $182.74. The stock closed at $180.77 yesterday, its 18th record close in 2025. It’s up 36% year to date and nearly 75% over the last 52 weeks, with a market capitalization of $4.46 trillion.

The company got a boost this week despite President Donald Trump’s proposed 100% tariff on chip imports. That’s because there appear to be widespread exemptions for companies like Nvidia that make semiconductors in the U.S. Nvidia also announced in April that it plans to produce up to $500 billion in AI infrastructure in the U.S. over the next four years.

There appear to be few obstacles to strong investment in AI technology. OpenAI launched GPT-5 on Thursday, the latest model to power the popular ChatGPT. OpenAI CEO Sam Altman named Nvidia as one of the key partners for the technology, and it was the only pure-play chip company mentioned.

Nvidia could also be set to receive more cash from Tesla, which is slimming down its internal chip lineup. The electric-vehicle maker is disbanding its Dojo supercomputing team and associated in-house AI training chips, and will rely more on hardware from Nvidia and Advanced Micro Devices, Bloomberg reported, citing people familiar with the matter.

“It doesn’t make sense for Tesla to divide its resources and scale two quite different AI chip designs,” Tesla CEO Elon Musk said in a post on social-media site X late on Thursday.

Musk said Tesla’s focus will be on its AI5 and AI6 chips that specialize in inference—producing output from AI models—rather than training, where Nvidia’s hardware is dominant. Tesla didn’t immediately respond to a request for comment early on Friday.

Among other chip makers, Advanced Micro Devices closed up 0.21% and Broadcom closed up 0.4%.

Write to Adam Clark at adam.clark@barrons.com and Anita Hamilton at anita.hamilton@barrons.com