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Nvidia stock is on a tear, rising more than 18% over the past ten days. It’s the longest winning streak the artificial intelligence chip giant has seen since another ten-day rise in 2023.

Shares are trading about 8% lower than October’s all-time high of $212.19, adjusted for a 10-for-1 stock split that occurred in 2024.

The winning streak also comes as Nvidia denied rumors Monday that it’s in talks to buy a large PC company, telling CNBC in a statement that it’s “not engaged in discussions to acquire any PC maker.” Both Dell and HP Inc. rose on the claims Monday, then lost some of those gains early Tuesday.

On Tuesday, Nvidia also announced a new family of open-source models it’s calling Ising, aimed at accelerating the adoption of quantum computing.

The steady climb in the chip giant’s stock comes amid explosive AI demand, as giants like Meta, Amazon, Google and Microsoft snap up Nvidia’s silicon.

At last month’s annual GTC conference, CEO Jensen Huang said Nvidia has more than $1 trillion in orders for its graphics processing units through 2027, including its current Blackwell and next-generation Vera Rubin GPUs.

Nvidia’s data center revenue is up 75% year-over-year, and now makes up a whopping 88% of its business. It’s a sharp incline from five years ago, when gaming was the company’s largest revenue driver.

Now, Nvidia can’t make AI chips fast enough. At GTC in March, Nvidia unveiled new types of chips for powering AI, including a language processing unit made with technology acquired with its $20 billion purchase of chip startup Groq in December.

“We just don’t have enough compute, and really that just underscores Nvidia’s central theme, which is compute equals monetization,” said chip analyst Ben Bajarin of Creative Strategies.

Nvidia also unveiled a standalone rack of its newest Vera central processing units at GTC, as agentic AI shifts compute needs and creates a resurgence of demand for CPUs.

Meta is the first major customer of Nvidia’s standalone CPUs. In a sweeping deal announced in February, Meta committed to deploying millions of Nvidia’s chips in its dozens of data centers worldwide.

Last week, Meta also added $21 billion to a previous $14 billion deal with CoreWeave to add to its compute capacity. In addition to leveraging its own data centers, Meta will expand its compute capacity by leveraging Nvidia’s Vera Rubin rack-scale systems in CoreWeave’s data centers.

Other tech leaders last week also called out a desire for more AI compute amid growing opportunity for monetization, including Amazon Web Services CEO Matt Garman and Alphabet CEO Sundar Pichai.

Bajarin said Nvidia’s gains are a likely response.

“If we’re in that scarcity of power, scarcity of infrastructure, needing to deploy for AI monetization, everything they do looks very attractive,” Bajarin said. “It’s just positive signposts people have been looking for that justify the durability of the cycle.”

Watch: CNBC’s biggest takeaways from Nvidia’s GTC 2026

Oil prices fell Tuesday, after Vice President JD Vance indicated that U.S. and Iran could meet for another round of talks after peace negotiations failed last weekend.

U.S. crude oil futures for May delivery were down 5% to $93.99 per barrel as of 10:01 a.m. ET. International benchmark Brent for June delivery was down about 3% at $96.17 per barrel.

“Whether we have further conversations, whether we ultimately get to a deal, I really think the ball is in the Iranian court, because we put a lot on the table,” Vance said in a Fox News interview.

The International Energy Agency forecast Tuesday that the oil supply shock triggered by the Iran war will depress demand this year as consumers respond to surging fuel prices.

Oil demand could contract the most since the Covid-19 pandemic cratered fuel consumption, according to the IEA’s April forecast. Demand is expected to fall by 80,000 barrels per day, a big swing compared to the IEA’s previous expectations that consumption would grow by 640,0000 bpd.

Meanwhile, the U.S. commenced a “blockade” of Iranian ports in the Persian Gulf on Monday. President Donald Trump had said Sunday that the U.S. would blockade the strait, marking a sharp escalation following a two-week ceasefire.

United States Central Command later said the measures would apply only to ships entering or leaving Iranian ports and coastal zones.

The blockade “directly endangers” Iran’s oil exports through the Strait of Hormuz, which tracked at around 1.7 million barrels per day last month, according to Commonwealth Bank of Australia’s Vivek Dhar. 

“Therefore, the blockade tightens physical oil and refined product markets even further,” he said.