Wall Street surged on Thursday after Nvidia reported stronger than expected quarterly earnings, tempering worries that AI-related stocks may have become overvalued.

Futures for the S&P 500 were up 1.1% before the opening bell, while futures for the Dow Jones Industrial Average gained 0.5%. Futures for the Nasdaq shot 1.6% higher.

The market’s focus remained on Nvidia as Wall Street’s most influential stock jumped 5.1% overnight after the chipmaker reported third-quarter earnings of $31.9 billion. That's a 65% increase over last year and more than analysts were expecting.

The Santa Clara, California company also forecast revenue for the current quarter covering November-January will come in at about $65 billion, nearly $3 billion above analysts’ projections, an indication that demand for

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