Semiconductor index surges with Nvidia leading race to AI ‘gold rush’

The Philadelphia semiconductor index hit its highest level in more than a year on Friday and eyed its biggest one-day percentage gain in six months with artificial intelligence (AI) taking center stage after Nvidia Corp wowed investors with financial targets that blew past analyst expectations.

The semi index was last up 6.3% after hitting its highest level since early April 2022 while chip designer Nvidia, its biggest gainer by far, was up 26.7% and trading at record levels with an intraday high of $394.80.