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The Nasdaq Composite jumped after chip giant Nvidia issued a strong sales forecast due to rising demand for artificial intelligence technology.

Nvidia’s stock was some 25% higher, boosting other chip makers and shares tied to AI.

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“Artificial intelligence is a major theme driving markets right now,” said Michelle Cluver, portfolio strategist at Global X. “While the implications are broad, they all point to a greater need for semiconductors.”.

Trending stocks today are:

Marvell (MRVL): The chip maker forecast substantial growth, due in part to artificial intelligence. Marvell stock surged over 27%.

Ford (F): Tesla is opening some of its fast-charging networks to Ford customers in the U.S. and Canada. Ford stock rose 7%. Tesla (TSLA) stock added 5%.

PDD (PDD): The company behind the e-commerce platforms Temu and Pinduoduo said quarterly profit more than tripled to the equivalent of $1.18 billion, as revenue surged 58% from a year earlier. The results beat expectations and PDD’s American depositary receipts jumped 17%.

Workday (WDAY): The cloud-software company reported better-than-expected quarterly results and lifted its outlook. Workday stock gained 11%.

Paramount Global (PARA): The Wall Street Journal reported that the company’s controlling shareholder, Shari Redstone’s National Amusements, has secured a critical, $125 million cash infusion. Paramount stock rose more than 5%.

Ulta Beauty (ULTA): The cosmetics retailer reported quarterly earnings per share that fell short of consensus expectations. Ulta stock dropped 11%.

Gap (GPS): Gap stock rose 11% after the apparel retailer reported a narrower loss in the latest quarter and said gross margins were improving.

Image: Nasdaq