Nvidia stock opened higher Wednesday, soaring past its January record close.

Shares of the chip maker opened up 1.3% and were 2.6% higher in early trading at $151.71. The stock marked its most recent record close on Jan. 6, when shares ended at $149.43, according to Dow Jones Market Data.

The S&P 500 and the Nasdaq Composite traded up 0.1% and 0.4%, respectively, early Wednesday.

It wasn't immediately clear what prompted Nvidia shares over the record line, but an earnings report from a chipmaker peer later Wednesday could keep shares on their upward momentum -- or bring them back down.

Micron Technology, the maker of high-bandwidth memory $(HBM)$ chips, is set to report quarterly earnings Wednesday after the bell. That matters for Nvidia since Micron is a key supplier of the HBM chips necessary for its artificial-intelligence accelerators. Micron is one of the few HBM chip manufacturers alongside South Korea's SK Hynix and Samsung Electronics.

A better-than-expected report would indicate high demand for Micron's products -- and a good sign for the entire AI semiconductor sector that could lift shares of peer chip makers such as Nvidia.

Nvidia and Micron stocks have tended to move together over the past 12 months. However, coming into Wednesday trading, Nvidia has gained 17% over that period while Micron has lost 9%.

A Wall Street Journal analysis on Wednesday suggested Nvidia's next cash cow could be cloud-computing services. The company launched DGX Cloud two years ago but it hasn't yet made a big impact on its balance sheet, however, the business is growing fast.

If it continues to do so, it might be a real challenger to Amazon, Alphabet and Microsoft's cloud businesses -- and could give shares another boost.