Nasdaq rose around 3% on the heels of the chipmaker’s results, the S&P 500 climbed around 2.2%, the Dow Jones Industrial Average rose nearly 1.2%, or more than 400 points

US stocks surged on Thursday, breaching record highs, powered by strong earnings from AI company Nvidia.

The tech-heavy Nasdaq rose around 3% on the heels of the chipmaker’s results, while the S&P 500 climbed around 2.2%. The Dow Jones Industrial Average rose nearly 1.2%, or more than 400 points.

Both the S&P 500 and Dow Jones ended at record highs on Thursday. The Nasdaq Composite ended just short of a record high while the Nasdaq 100 gained over 3% to hit an all-time high. The last time the Nasdaq 100 moved more than 3% and reached a record high on the same day was in March of 2000, according to Bespoke Investment Group.

Stocks powered higher as Wall Street celebrated Nvidia’s blowout quarterly results, which beat high expectations. That reassured investors about the strength of the artificial intelligence mania that has lifted US stock gauges to record peaks.

The chipmaker’s Chief Executive Officer said generative AI has “hit the tipping point” as it reported a 265% increase in revenue and laid out very upbeat guidance, a sign demand for AI hardware is surging. Nvidia shares jumped nearly 16% to reach a record high. The stock added $277 billion to its market cap on Thursday, the biggest single day rise ever.

The bullish mood spread across the world, with chip stock gains helping Japan’s Nikkei 225 index to finally beat a record that had stood since 1989. Similarly, techs boosted the pan-European Stoxx 600 to a new all-time intraday high.

Amid the exuberance, an evaluation of the US Federal Reserve’s next move seemed to be on the back burner. The Fed’s latest minutes showed most officials want to tread carefully on rate reductions, seeing risks in moving too quickly.