Why is Nvidia stock up? AI chip shares jump as competitor AMD reports stellar earnings revenue

AMD’s second quarter results show demand for AI is still going strong—and that’s lifted chipmaker stocks from Nvidia to TSMC.

Major chip stocks are up in premarket trading this morning. Two of the biggest movers include Advanced Micro Devices, Inc. (ticker: AMD), which is currently up over 9%, and ASML Holding (ticker: ASML), which is up over 7% at the time of this writing. Here’s why each stock is surging this morning.