A rally from the “magnificent seven” tech stocks perhaps predictably fueled the rally, but this surprise name was the S&P 500’s biggest gainer Thursday.

It's also worth noting Nvidia CEO Jensen Huang reassured investors this week about the state of AI adoption. During an interview at a technology conference, he noted the company was experiencing "incredible" demand for its AI processors. As the flag bearer for AI, this seems to suggest the trend has a long runway ahead.

US semiconductor stocks such as Nvidia rose nearly five per cent, while Advanced Micro Devices gained 3.5 per cent and Broadcom added 3.8 per cent

Nvidia’s stock historically has made dramatic moves in the year after initial Fed interest-rate cuts, and it has outperformed the S&P 500 on average when looking at all rate cuts since the IPO.

Markets on Wall Street were positioned to open at record highs Thursday after the Federal Reserve issued a bigger-than-usual interest rate cut intended to fortify a cooling labor market and

Markets in Europe and Asia have shot higher after the Federal Reserve kicked off its efforts to prevent a recession in the U.S. with a bigger-than-usual cut to interest rates.

Nvidia shares racked up more gains on Thursday, rising amid the broader rally triggered by the Federal Reserve’s decision to slash interest rates by a half a percentage point.The chip designer’s stock jumped 4% to $117.