The company is riding strong AI chip demand and VMware momentum, with custom accelerators and networking products fueling standout growth and a nearly 66% year-to-date stock jump. Its virtuous relationship with Google, particularly through supplying chips for the Gemini 3 AI model and TPUs, is leading to significant gains. Analysts are raising price targets, citing strong corporate earnings and the ongoing AI boom. The stock is moving close to a $2 trillion valuation, appearing virtually unstoppable as it benefits from the AI infrastructure build-out.