Shares in Nvidia soared more than 4% to a new record high, amid investor confidence in its leadership in artificial intelligence.

On Wednesday, Nvidia shares rose more than 4% to close at $154.31, a record high. The company, with a market capitalization of $3.77 trillion, overtakes Microsoft, cementing its position as a leader in artificial intelligence GPUs. Despite facing restrictions in the Chinese market, Nvidia reported 69% revenue growth, boosted by its data center business, and analysts forecast 53% annual growth. CEO Jensen Huang emphasized growth opportunities in robotics in addition to AI.