Shares of Nvidia rose more than 3% on Thursday, briefly tapping a new intraday high of $140.89. It bested a previous record of $140.76, set June 20.

Many investors use a valuation metric called a price-to-earnings (P/E) ratio. This popular metric is useful because it measures the stock price against a company's profits. And in Nvidia's case, its P/E ratio of 57 certainly looks expensive, considering it's roughly double the P/E ratio for the S&P 500.

Nvidia (NVDA) hit a new all-time high earlier this morning, reaching $140.89, amid renewed enthusiasm for the artificial intelligence boom. Read for more.