Nvidia’s results spark nearly $300 billion rally in AI stocks

Stocks related to artificial intelligence surged in extended trade on Wednesday, adding almost $300 billion in market capitalization after chipmaker Nvidia Corp forecast strong revenue growth and said it was boosting production of its AI chips to meet surging demand.

Nvidia’s stock zoomed as much as 28% after the bell to trade at $391.50, its highest level ever. That increased its stock market value by about $200 billion to over $960 billion, extending the Silicon Valley company’s lead as the world’s most valuable chipmaker and Wall Street’s fifth-most valuable company.

“With all the enthusiasm around AI and the fact Nvidia delivered a huge beat for first-quarter results and second-quarter estimates, this gives some actual evidence AI is for real,” said Daniel Morgan,