The European stock market is notoriously bereft of tech companies but markets got a boost from AI bellwether Nvidia's positive outlook. The major indexes opened with gains from 0.6% to 1.2%, with semiconductor plays including ASML and BE Semiconductor rallying 3% to 4%.

The company, which makes the computer chips essential to the artificial intelligence boom, also said revenue in its recent quarter rose to $57 billion.

Nvidia CEO Jensen Huang calls Q4 guidance 'crazy good' as chipmaker rides AI boom wave. Stock jumps 5% after beating earnings expectations in third quarter.

Nvidia is a leading developer of graphics processing units. Traditionally, GPUs were used to enhance the experience on computing platforms, most notably in gaming applications on PCs. GPU use cases have since emerged as important semiconductors used in artificial intelligence to run large language models.

Nvidia president and CEO Jensen Huang pushed back against fears of an AI bubble on the company's blowout earnings call on Wednesday. "There's been a lot of talk about an AI bubble," Huang said. "From our vantage point, we see something very different."

Nvidia designs the semiconductors used to develop, teach and run AI on computers around the world. It reports earnings on Wednesday.

Arm Holdings Plc plans to start incorporating Nvidia Corp.’s NVLink technology into chip designs for AI data centers, tightening the relationship between two influential semiconductor companies.

Bitcoin-mining companies like IREN and Cipher Mining saw substantial stock gains after Nvidia reported better-than-expected Q3 results.

But as the chip maker seeks to parlay its semiconductor dominance into control of the full stack, vendor lock-in is a major risk, says one analyst.

Chip giant Nvidia beat Wall Street's expectations for revenue and upcoming sales, easing investor concerns about heavy artificial intelligence (AI) spending that have unsettled markets. In its quarterly earnings report on Wednesday,