Nvidia soars 25% as chips rally on 'jaw dropping guidance'
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Nvidia (NASDAQ:NVDA) led chip stocks higher on Thursday with a 25% gain after the semiconductor giant posted first-quarter results and guidance that shocked Wall Street.
A total of 21 Wall Street firms raised their price targets on Nvidia (NVDA) following its results and guidance, including Bernstein analyst Stacy Rasgon, who likened the figures to "The Big Bang."
Rasgon, who reiterated his outperform rating and boosted his per-share price target to $475 from $300, added that the only question that matters is if the new datacenter trajectory is the new normal or just a surge based on the hype of generative artificial intelligence. 
AMD (AMD), which competes with Nvidia (NVDA) in the data center space, soared more than 10%, while Marvell Technology (NASDAQ:MRVL) and Synaptics (SYNA) also saw healthy gains.
Marvell Technology (MRVL) is slated to report first-quarter results after the close of trading.
Conversely, Intel (INTC), which competes with Nvidia and AMD, fell more than 5% on heavy volume amid fears it is losing share in the data center.
Taiwan Semiconductor (TSM), which manufactures chips for Nvidia (NVDA) and others, rose more than 11% after the Jensen Huang-led Nvidia said it is "significantly" increasing its supply for data center products amid the surge in interest in AI.
GlobalFoundries (GFS) rose more than 1% in sympathy. 
ASML Holding (NASDAQ:ASML) gained nearly 6% as Bank of America said it would be a key beneficiary of the rise in demand for AI chips.
Broadcom (NASDAQ:AVGO) also gained nearly 6% as it was reinstated with a buy rating at investment firm William O'Neill and the broader rally in chip stocks.
On Wednesday, Bank of America called Broadcom (AVGO) the "most underappreciated" beneficiary from AI, stating it is the leader in cloud switching and customer accelerator chips.
Most other semiconductor stocks rose on Thursday, buoyed by Nvidia's results, including Texas Instruments (TXN), Analog Devices (ADI), ON Semiconductor (ON), Qualcomm (QCOM) and others.
More on Nvidia's strong earnings

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