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What happened: Nvidia (NVDA) stock gained as much as 2% on Friday, placing it just stone's throw away from a new record high.

What's behind the move: Nvidia extended gains from the prior session as AI-related stocks gained. The stock was just a few dollars away from its closing all-time high of $235.74 on May 14.

The move higher coincides with reports that Anthropic is preparing to file for its IPO soon. Nvidia is an investor in the AI developer, having committed up to $10 billion in Anthropic last year.

Meanwhile, on Thursday, Nvidia announced the acquisition of open-weight AI model hub, Hugging Face, for nearly $13 billion.

More than 18 million developers and creators and 200,000 companies use the platform to share and adopt AI models, according to Nvidia.

"Nvidia wants to be in front of this, access to more developers, access to more enterprises," Futurum CEO Daniel Newman told Yahoo Finance on Thursday.

What else you need to know: Nvidia has been on a spending spree as it expands its reach across the AI ecosystem.

On Monday, the company announced a $3.5 billion investment in Taiwanese chip designer MediaTek, which will adopt Nvidia's NVFusion platform for the custom accelerator chips it makes.

The move keeps Nvidia in the revenue flywheel as hyperscalers increasingly turn to custom silicon.

Ines Ferre is a senior business reporter for Yahoo Finance.

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