Nvidia (NVDA) stock is closing in on its all-time intraday high in early trading on Monday, after eclipsing its prior high on Friday.

The stock opened trading at $236.07 and climbed to $237.15 at about 10:15 a.m. ET. The company's intraday market cap hit $5.73 trillion.

Nvidia is riding high on continued spending on AI infrastructure amid the broader global build-out. The company, which designs graphics processing units (GPUs) and their associated networking and other systems, is the poster child for the AI hardware race.

CEO Jensen Huang is one of the AI industry's most prominent leaders, frequently appearing alongside President Trump at AI- and tech-focused events and traveling the world to meet with foreign leaders.

In its August Q2 earnings report, Nvidia topped Wall Street's already lofty expectations on both the top and bottom lines, reporting revenue of $96.2 billion and offering a better-than-anticipated outlook for its third quarter. The company said it expects sales of between $105.8 billion and $110.1 billion.

The AI trade has faced frequent ups and downs since OpenAI debuted ChatGPT in November 2022, with investors regularly questioning whether the market is in an AI bubble and, if so, when it will burst.

Nvidia and its cohort have also raised questions about so-called circular investing, deals in which it invests in its own customers, who then purchase additional chips from Nvidia.

It also faces growing competition from the likes of AMD (AMD), which recently launched its own rack-scale system to compete with Nvidia, as well as from customers like Amazon (AMZN) and Google (GOOG, GOOGL), which are increasingly offering up their own custom chips to third-party clients.

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