After chipmaker Nvidia Corp., forecasted high revenue growth and announced it was increasing manufacturing of its AI chips to meet soaring demand, stocks tied to artificial intelligence rose in extended sessions, gaining about $ 300 billion in market value.

After the bell, Nvidia's stock soared as much as 28 percent to reach its all-time high of $391.50.

This extended the Silicon Valley business's lead as the most valuable chipmaker and the fifth-most valuable company on Wall Street, boosting its stock market value by approximately $ 200 billion to over $ 960 billion.

On the strength of Nvidia's impressive report, shares of other AI-related companies surged, adding additional about $100 billion in stock market value after the bell.

Advanced Micro Devices Inc., a rival chipmaker, increased 10 percent. Microsoft Corp. and Alphabet Inc., the parent company of Google, both increased by approximately two percent. These companies are hurrying to integrate generative AI into their Web search systems.

Both C3.ai, a provider of AI software, and Palantir Technologies, which recently unveiled its own AI platform, saw gains of nearly eight percent.

After the company OpenAI launched ChatGPT and attracted over a million users in a week, interest in AI soared this year. Generative AI can produce new content like fully formed text, graphics, and software code using historical data.

Optimism surrounding AI had already powered a 109 percent increase in Nvidia's stock so far in 2023, putting the chipmaker the S&P 500's top performer year-to-date, prior to its earnings announcements this week.

According to Refinitiv statistics, after the rise, Nvidia is now trading at a price that is approaching its peak of 68 times estimated earnings in 2021.