Shares of technology companies surged amid signs that the AI boom is gathering momentum.

Nvidia shares leapt by more than 15% after the chip maker forecast burgeoning growth for its artificial-intelligence supporting semiconductors. Gains for Nvidia have amounted to more than 60% for the year to date. On Thursday, Nvidia added $276.7 billion in market capitalization, the largest ever chunk of market value added in a single session, topping the $204.5 billion Meta Platforms added on Feb. 2.

"This last year, we've seen generative AI really becoming a whole new application space, a whole new way of doing computing," said Jensen Huang, Nvidia's co-founder and chief executive. Nvidia rival Advanced Micro Devices gained about 11%. Shares of companies with major AI business lines, such as Microsoft and Amazon.com, also rose in sympathy.

Shares of Google parent Alphabet lagged the tech gains, however, after the Silicon Valley giant suspended the ability to generate images of people in its flagship chatbot following an online backlash around the tool's treatment of race and ethnicity.

Dell Technologies shares jumped amid optimism about the computer-services giant's AI prospects.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

02-22-24 1754ET