Indexes of the S&P and the Dow Jones hit record highs

The S&P 500 Index and the Dow Jones Industrial Average hit record highs on Thursday after chip maker Nvidia forecast huge earnings, sparking investor confidence and boosting other stocks.

Nvidia shares rose 15.2 percent after the chip maker predicted about three times first-quarter revenue growth thanks to strong demand for its artificial intelligence chips and beat expectations for fourth-quarter earnings.

The S&P 500 index rose 2.04 percent to an all-time high of 5,083.28 points.

Shares of other companies considered beneficiaries of artificial intelligence development work also got a boost. Shares of Nvidia rival Advanced Micro Devices, server component supplier Super Micro Computer and Arm Holdings rose between 9.2 percent and 33.2 percent.

Synopsys shares hit a record high earlier in the day after the chip designer software maker reported better-than-expected earnings and forecasts.

The Philadelphia Semiconductor Index (SOX) also hit a record high, rising 5.2%.

Shares of major technology companies such as Alphabet, Microsoft and Meta Platforms rose 0.8% to 4.4%.

Federal Reserve Vice Chairman Philip Jefferson said Thursday that he will review all incoming economic data to determine when the central bank will begin cutting its benchmark discount rate.

You may be interested: Donald Trump again compares his criminal indictments to imprisonment and death of Putin’s top rival