One analyst says customers are in a “prisoner’s dilemma” that will keep them spending, while another was encouraged by recent Nvidia commentary on the company’s “moat.”

Shares of Nvidia increased by more than 3% Monday morning, putting the chip maker’s stock on pace for a record close as it nears an intraday high as the company is once again on the cusp of becoming the world’s most-valuable company ahead of Apple.

Shares of Nvidia neared record highs on Monday, putting the heavyweight AI chipmaker on the brink of dethroning Apple as the world's most valuable company.