New Delhi, April 24 -- US-listed chip stocks surged on Thursday, 23 April, with most names posting double-digit gains in an otherwise subdued market, as investors regained confidence in the AI trade following blockbuster earnings from Intel.

The strong results and upbeat outlook triggered a sharp rally in Intel shares, which jumped 27.61% to their highest level since 2000, hitting $85.22 apiece and pushing the company's market capitalisation above $416 billion.

Peers also rallied sharply. Advanced Micro Devices and Arm Holdings surged 15% and 16%, respectively, hitting record highs. Qualcomm gained over 13% to $139, its highest level since early February, while Micron Technology advanced 5.2% to $506.99.

NVIDIA, now the world's most va...