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.

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,

Key Takeaways Major U.S. indexes gained at midday Monday as tech stocks surged. Nvidia and Apple supplier Foxconn posted strong fourth-quarter results, sending shares of Nvidia and other chip companies higher.

Nvidia reached a level that would be a new closing high amid further signs of strong demand for artificial-intelligence chips as CEO Jensen Huang is set to deliver a keynote speech at the CES tech show in Las Vegas on Monday.