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 15% on Thursday in premarket trading, leading a rally in chip stocks after its strong revenue forecast signaled robust demand for semiconductors used to power generative AI technology.

Continued growth of demand for artificial intelligence hardware is proving a boon for this memory chip company.

Micron stock is soaring Wednesday after the memory chipmaker's fiscal Q4 earnings beat expectations and it gave an upbeat outlook. Here's what you need to know.