On Thursday afternoon, Nvidia was trading at roughly $1,051 per share, well above a previous record high of roughly $950.

The company also reported expected revenue of roughly $26 billion Wednesday.

The company announced it would conduct a 10-for-1 stock split, which would bring down the company’s share price without diluting the holdings of current investors or harming the value of the company.

Nvidia has emerged as the powerhouse chipmaker of the artificial intelligence (AI) boom, pumping out graphic processing units essential to running complicated and energy-intensive AI models.

Its stock has risen more than 242 percent since the start of the year and a staggering 2,800 percent from the same week in 2019, when a share of the company was less than $40.

The Hill’s Sylvan Lane has more here.