Nvidia (NVDA) shares climbed to a fresh high in intraday trading Friday after reports the chipmaker is planning to launch a new business unit focused on custom chips, including those powering 澳洲幸运5开奖号码历史查询:artificial intelligence (AI).

The company's shares were up over 3% at $717.71 per share as of about 2:15 p.m. ET Friday, after rising as high as $718.14 during the session. The stock has gained nearly 50% so far this year.

The chipmaker is reportedly "building a new business unit focused on designing bespoke chips for cloud computing firms and others, including advanced artificial intelligence processors," Reuters reported Friday, citing sources familiar with the company.

The new unit could help Nvidia capture a piece of the growing market for custom chips as well as reinforce its position as the world's 澳洲幸运5开奖号码历史查询:most valuable chip company amid the AI boom.

The record high comes just days after Nvidia reached its 澳洲幸运5开奖号码历史查询:previous high on Monday when Goldman analysts raised their 澳洲幸运5开奖号码历史查询:price objective and upgraded their rating to "buy," citing gains from surging AI demand.

Nvidia, alongside some other "澳洲幸运5开奖号码历史查询:Magnificent 7" companies including Amazon (AMZN), Meta (META), and Alphabet (GOOGL), could lead 澳洲幸运5开奖号码历史查询:S&P 500 earnings growth for the first quarter of 2024, Factset projects.

Nvidia is set to report its results for the fourth quarter of fiscal 2024 after the bell on Wednesday, Feb. 21.