Shares of chipmaker Nvidia closed near the mark of $500 after rising 4.2 percent on Tuesday to a record high of $487. The company announced a partnership with Google that could expand the distribution of its Artificial Intelligence technology.

With Tuesday's surge, shares of Nvidia are now up 234 percent in 2023, by far the best performing stock on the S&P 500 index. Facebook-parent Meta comes a distant second, with gains of 148 percent.

Through its latest partnership, Google's cloud customers will have greater access to technology powered by Nvidia's powerful H100 GPUs.

“Our expanded collaboration with Google Cloud will help developers accelerate their work with infrastructure, software and services that supercharge energy efficiency and reduce costs,” Nvidia CEO Jensen Huang said in a blog post.

Nvidia’s GPUs are also available on competing cloud platforms from Amazon and Microsoft.

Huang appeared at a Google conference on Tuesday to tout an AI agreement between the two companies.

Nvidia's quarterly revenue doubled from a year ago in its most recent quarterly results and its forecast indicated that the current quarter revenue is likely to grow by as much as 170 percent year-on-year.

Shares of Nvidia ended 4.16 percent higher at $487.84.

First Published:Aug 30, 2023 5:30 AM IST