The S&P 500 surged Thursday to an all-time high after chip giant Nvidia reported much stronger-than-expected quarterly results, lifting the broader tech sector.

The broad market index traded 1.7% higher while the Nasdaq Composite advanced about 2.4%. The Dow Jones Industrial Average gained 270 points, or about 0.7%. Those increases put the major averages on track to snap a three-day losing streak.

Nvidia popped more than 15% to an all-time high after the chip company said total revenue rose a whopping 265% from a year ago — driven by its booming artificial intelligence business. Nvidia, which has become one of the largest U.S. companies by market capitalization, also forecast another stellar revenue gain for the current quarter, even against elevated expectations for massive growth.

Other tech names were also higher. Facebook parent Meta and Amazon gained more than 3% and 2%, respectively. Microsoft and Netflix advanced more than 1%.

AI enthusiasm has powered the jaw-dropping rally in Nvidia, along with other Big Tech names, over the past year. The chipmaker’s blowout quarter could further boost confidence in the space that has benefited the broader market.

Phillip Colmar of MRB Partners noted equities are benefitting from earnings growth and firmer economic activity than was expected. He said, however, that stocks could still drop if economic growth eventually becomes priced into higher bond yields.

“The mega cap U.S. stocks, or the ‘Magnificent 7,’ they are frothy. They have very elevated earnings expectations and very elevated valuations that doesn’t give any room for disappointment,” Colmar said. He noted that the Nvidia-fueled market rally still carries “inherent risk” to it, given the cyclical nature of semiconductor stocks.