Shares in the AI chip maker rose 5% Wednesday and was up again early Thursday as Big Tech's spending plans remained in focus.

NVIDIA (NASDAQ: NVDA) stock surged 5.35% to $124.83 on Wednesday, fueled by strong capital expenditure commitments from major hyperscalers and the ramp-up of its powerful Blackwell AI chip. Alphabet (NASDAQ:

Alphabet's big spending plans surprised Wall Street. The news should soothe investors worried about last week's DeepSeek shakeup disrupting the AI narrative.

Shares of Nvidia (NASDAQ: NVDA) gained ground on Wednesday, climbing as much as 5%. As of 12:42 p.m. ET, the stock was still up 4.4%. The catalyst that sent the artificial intelligence (AI) chipmaker higher was news that strong demand for its processors will likely continue.

Key Takeaways Nvidia and Broadcom shares surged Wednesday after Google parent Alphabet, a customer of both chipmakers, said it plans to ramp up spending on artificial intelligence. Alphabet said Tuesday that it plans to spend as much as $75 billion in capital expenditures this year,

Nvidia was gaining early on Wednesday after Google parent Alphabet committed to spending on artificial-intelligence infrastructure and rival Advanced Micro Devices’ AI chip revenue disappointed. Nvidia shares were up 3.