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What happened: Nvidia (NVDA) stock rose as much as 2% on Friday before giving up some of its gains, putting the stock within striking distance of a new record high.

What's behind the move: Nvidia extended its advance from the previous session as AI-related semiconductor stocks continued to climb. The stock closed at $230.36, just shy of its record high of $235.74 on May 14.

The move higher coincides with reports that AI developer Anthropic is preparing to file for its IPO soon. The AI chip heavyweight committed up to $10 billion to 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.

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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