Nvidia stock up 25% in a month as stock closes in on new record [Video]

Nvidia shares have surged 25% in the last month and are closing in on a record ahead of tech earnings season in the coming weeks, when top customers like Meta, Microsoft and Alphabet will update shareholders on their expected investments in artificial intelligence.

Following a brief but dramatic dip in late August and early September, Nvidia has rebounded sharply. The stock closed down slightly on Wednesday at $132.65, just shy of its closing high of $135.58 reached in June. Nvidia has surpassed Microsoft as the second-most valuable company, behind only Apple.

Nvidia has been the biggest beneficiary of the AI boom, as companies including Meta, OpenAI, Alphabet, Microsoft and Oracle continue to unveil technologies and products that require hefty investments in its graphics processing units, or GPUs.

In August, Nvidia reported fiscal second-quarter earningsthat showed revenue rose 122% year over year while net income more than doubled to $16.6 billion. The …