Nvidia Shares fell to a record close on Monday as Wall Street gears up for earnings season and updates from all of the chipmaker’s top customers on their planned spending on artificial intelligence infrastructure.

The stock rose 2.6% to $138.31 as of about 1 p.m. Eastern time. The highest closing price to date was $135.58 on June 18. Shares are now up almost 180% for the year and are up more than ninefold since the start of 2023.

Nvidia, widely seen as the company selling the picks and shovels to the AI ​​gold rush, has been the biggest beneficiary of the generative AI boom, which began with the public release of OpenAI’s ChatGPT in November 2022. Nvidia’s graphics processing units (GPUs) have been used to create and deploy advanced AI models that power ChatGPT and similar applications.

Companies included Microsoft, Meta, GooglingAnd Amazon are buying Nvidia GPUs in bulk to build ever-larger computer clusters for their advanced AI work. These companies will all report their quarterly results at the end of October.

Of the billions of dollars the top tech companies spend annually on their AI buildouts, an outsized amount goes to Nvidia, which controls about 95% of the AI ​​training and inference chip market, according to analysts at Mizuho.

Nvidia’s revenue has more than doubled in each of the past five quarters, and has at least tripled in three of those periods. Growth is expected to slow slightly for the rest of the year, with analysts forecasting growth of around 82% to $32.9 billion in the quarter ending October, according to LSEG.

Nvidia recently said demand for its next-generation AI GPU called Blackwell is “insane” and expects billions of dollars in revenue from the new product in the fourth quarter.

With a market capitalization of $3.4 trillion, Nvidia is the second most valuable publicly traded US company, after Apple at approximately $3.53 trillion.

WATCH: Nvidia CEO Jensen Huang on Squawk Box