Positive results on Pfizer's COVID-19 pill also helped spark a broad rally among travel-related stocks, such as aviation, cruise lines and hotels.
Wells Fargo raised its price target on Nvidia stock by 30% to $320, citing massive growth potential related to the metaverse.
Paul Pelosi's investments in stocks such as Google parent Alphabet have gained 20% to 30%, said Chris Josephs, cofounder of social investing app Iris.
Nvidia said it remains hopeful that its proposed $40 billion acquisition of Arm will be approved by regulators soon.
Nvidia is "the best positioned company to address and monetize the proliferation of accelerating computing," Goldman Sachs said.
Many so-called autonomous vehicles still require driver attention when in self-driving mode, a fact underscored by a federal probe into Tesla unveiled on Monday.
From a macroeconomic perspective, Morgan Stanley reckons the tidal wave of tech investment could boost overall productivity, which could be a boon for stocks.
Amazon's big new PC game, "New World," is killing expensive NVIDIA graphics cards like the RTX 3090, according to some players.
The recent rise in bitcoin mining stocks may well be a sign that big institutions are looking for a way back into the crypto arena, Fundstrat said.
The stock purchases come as Pelosi's wife and the House of Representatives work on anti-trust legislation designed to regulate tech monopolies.
"I expect this one to take 18 months so that's later this year, early next year. I'm confident about the transaction," Huang said at the Computex conference.
If shareholders approve the proposed stock split on June 3, there will be 4 billion authorized shares of Nvidia common stock.
Dig deep into how Mary Barra of GM, Albert Bourla of Pfizer, Shantanu Narayen of Adobe, and Jensen Huang of Nvidia lead through change.
Nvidia stock is taking a hit after Britain's Digital Secretary Oliver Dowden issued an intervention notice on the company's proposed Arm acquisition.
"We will continue to work closely with the British authorities, as we have done since the announcement of this deal," Nvidia said.
Nvidia's Grace CPU is expected to be launched in 2023 and will be used in the build of a new supercomputer from the Swiss Supercomputing Center.
Nvidia CEO Jensen Huang during the Wednesday earnings call said he expects the shortage to continue this 2021.