Micron Technology Inc., the largest US maker of computer memory chips, is on track to gain the most in six months after giving surprisingly strong sales and profit forecasts, helped by demand for artificial intelligence gear.

Wall Street's main indexes rose in choppy trading on Thursday, with the S&P 500 hitting an intraday record high after Micron's upbeat forecast rekindled the hype around artificial intelligence, and a soft jobless claims report soothed worries about the labor market.

Micron Technology surged close to 19% on Thursday, leading a rally in chip stocks after its strong revenue forecast signaled robust demand for the hardware used to power generative AI technology.

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Micron Technology stock jumped in premarket trading Thursday after the memory-chip company reported strong earnings and provided guidance above Wall Street expectations. For the quarter ended Aug. 29,

Memory-chip giant Micron Technology beat estimates for its fiscal fourth quarter and guided higher than views for the current period.