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 earnings that showed revenue rose 122% year over year while net income more than doubled to $16.6 billion. The company also gave stronger-than-expected guidance for the current quarter and said it expects to ship several billion dollars worth of its new Blackwell AI chip. Demand is so high that Nvidia anticipates shipments for its current-generation Hopper chip to increase over the next two quarters.

“We see NVDA remaining the leader in the AI training and inference chips for Data Center applications,” Mizuho analysts said in a note Wednesday, estimating that the company has about 95% market share. The analysts have a $140 price target on the stock but noted risks in potentially escalating export restrictions to China, geopolitical tensions regarding Taiwan or a significant pullback in AI server spending.

“Everybody wants to have the most and everybody wants to be first,” CEO Jensen Huang said in an interview last week on CNBC’s “Closing Bell Overtime,” speaking of the “insane” demand for the Blackwell chip. Production for the GPU, which will cost between $30,000 and $40,000 per unit, is expected to ramp up in the fourth quarter and continue into fiscal 2026.

The stock rallied for other reasons over the last month, too. Nvidia shares jumped 4% on Sept. 23, after a filing showed Huang finished selling the company’s stock.

— CNBC’s Michael Bloom contributed to this report.

Correction: Nvidia’s closing high of $135.58 was reached in June. An earlier version misstated the month.