With investors betting on strong demand for its next-generation Blackwell AI processors, the Santa Clara, California company's stock climbed 2.8% to $138.57, just short of its intraday record high of $140.

Shares of Nvidia increased by more than 3% Monday morning, putting the chip maker’s stock on pace for a record close as it nears an intraday high as the company is once again on the cusp of becoming the world’s most-valuable company ahead of Apple.

One analyst says customers are in a “prisoner’s dilemma” that will keep them spending, while another was encouraged by recent Nvidia commentary on the company’s “moat.”

The chips company has a market valuation of $3.31 trillion, $150 billion below the iPhone maker’s $3.46 trillion.

Nvidia stock is climbing Monday in a base and is on pace to break a record closing high. Shares have gained 180% so far this year.