Intel and Nvidia shares surge

Intel Corp. shares have surged 24%, its best day since 1987, following a blockbuster earnings report that far exceeded Wall Street expectations.

The turnaround is attributed to an explosion in demand for server processors used in artificial intelligence data centers, pushing the Philadelphia Semiconductor Index to record highs.

Nvidia also reached a new milestone, with its market capitalization surpassing $5 trillion as its AI chips continue to dominate the global market.

Investors have responded with optimism to the tech sector's resilience despite the broader economic uncertainty caused by the Iran conflict.

Analysts suggest this 'AI hardware frenzy' is reshaping the global semiconductor landscape for the next decade.