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.

Nvidia hit an all-time intraday high and headed for a record close as investors gain confidence that the chipmaker will power through China restrictions.