Nvidia stock is approaching a record high. Blackwell's orders are pouring in.

Nvidia stock closed at a new high after CEO Jensen Huang this weekend announced plans for the Blackwell Ultra chip in 2025 and a next-generation Rubin platform for 2026.

Nvidia's next-generation hardware is in high demand, judging by announcements at the Computex show in Taiwan.

Foxconn, formerly known as Hon Hai Precision Industry, announced Tuesday that it will build an advanced computing center in Taiwan based on Nvidia's Blackwell chips. Foxconn is a key supplier to Apple. The center will have a total of 4,608 graphics processing units and is part of the two companies' previously announced collaboration in manufacturing and robotics.

“Right now, we're looking at four to six quarters where supply is still not able to meet demand. Nvidia continues to sell its products at the price they want, and people continue to buy them,” wrote Dave Sekera, chief U.S. market strategist at Morningstar.
,

in a research note.

Nvidia's forecast of $28 billion in second-quarter revenue likely allows it to beat expectations, meaning the only danger would be if its core customers start to slow their spending, according to Sekera. Morningstar estimates the fair value of Nvidia shares at $1,050.

Among other chipmakers, Advanced Micro Devices was down 0.7% and Intel was up 0.7% in premarket trading. Intel presented details of its own AI chips on Monday.

Nvidia shares are up 132% this year through Monday's close. This compares to an 11% increase in

S&P500

index and a 12% increase in

Nasdaq Composite Index

during the same period.

Write to Adam Clark at [email protected]