Nvidia Corp.’s stock continued its rally Monday, embodying the red-hot momentum in the artificial-intelligence chip trade so far this year.

Nvidia (NASDAQ: NVDA) stock hit a new all-time high Monday morning, shaking off its mid-December slump and jumping as much as 5.3%. As of 1:19 p.m. ET, the stock was still up 4.7%. There were a couple of developments that sent the artificial intelligence (AI) chipmaker higher,

The Benchmark Company has taken a positive stance on Lyft (LYFT), upgrading its recommendation to Buy from Hold with a $20 share price target for the rideshare company. The firm sees "significant optionality" ahead for Lyft,