The previous day, Nvidia’s shares climbed more than 3% to reach a record close of $149.43 per share — cents higher than its previous record close of $148.88 in early November. The chipmaker’s shares rallied Monday ahead of chief executive Jensen Huang’s keynote at the Consumer Electronics Show.

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Nvidia (NASDAQ: NVDA) stock hit a new all-time high Monday morning, shaking off its mid-December slump and jumping as much as 5.3%. As of 1:19 p.m. ET, the stock was still up 4.7%. There were a couple of developments that sent the artificial intelligence (AI) chipmaker higher,

Nvidia and Apple are neck and neck in the contest to become the largest U.S. company. The chip maker’s market value briefly surpassed Apple’s in intraday trading Monday, according to Dow Jones Market Data.