The Dow jumped more than 500 points after Nvidia’s big earnings

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The Dow surged by over 570 points Thursday afternoon, buoyed by strong earnings from Nvidia (NVDA+0.59%), which briefly hit a 52-week high of $152.89 per share earlier in the day. Meanwhile, shares of Super Micro Computer (SMCI+15.35%) rose over 14% after Nvidia mentioned its partner during an earnings call on Wednesday.

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Considering Super Micro’s previous accounting issues, investors might feel reassured that the partnership is strong enough for the company to be featured. As a reseller of Nvidia’s GPUs and other components, Super Micro incorporates Nvidia’s technology into its servers to support AI workloads. The two companies have a long-standing relationship, and both CEOs—Charles Liang of Super Micro and Jensen Huang of Nvidia—are Taiwanese immigrants.

In the afternoon, the Dow Jones Industrial Average gained 572 points or 1.3%. Meanwhile, the tech-heavy Nasdaq and S&P 500 jumped 0.15% and 0.6%, respectively. The Russell 2000 Index, which is viewed as a barometer for small companies, added more than 1%.

Nvidia hit a new 52-week high

Nvidia’s (NVDA+0.59% shares hit a 52-week high early Thursday morning, dipped several hours later, and then rose again. The chipmaker’s revenues for the quarter ended in October were up 17% from the previous quarter’s revenues of $30 billion. Nvidia reported net income of $19.3 billion, and earnings per share, or EPS, of $0.78. The company’s quarterly data center revenue was $30.8 billion, up 17% from the previous quarter, and up 112% year over year. According to Nvidia CEO Jensen Huang, the company’s Blackwell chip contributed significantly to its earnings growth.

Bitcoin is on the verge of hitting $100,000

Bitcoin’s rally shows no signs of slowing, with the leading cryptocurrency surging past the $98,000 to hit a new all-time high. According to data from the crypto tracking platform CoinGecko, Bitcoin reached $98,310 on Thursday. This ascent follows the debut of Bitcoin ETFs (exchange-traded funds) options earlier this week—a landmark moment for the cryptocurrency industry.

– Britney Nguyen contributed to the article