Chip stocks including Nvidia, Micron, and ASML surged on Monday after Foxconn reported record fourth quarter revenue, pointing to strong AI demand.

The S&P 500 added 0.6% on Monday, Jan. 6, led by a surge in semiconductor stocks as the first full week of the new year got underway.

Nvidia stock closed at a new record Monday as global chip stocks picked up momentum and investors prepared to hear from Nvidia CEO Jensen Huang. The chip giant's stock added 3.4% to $149.43, its first record close since November.

Nvidia stock was looking to find its footing on Wednesday after economic data prompted a Big Tech selloff the previous day. Nvidia stock tumbled 6.2% in the previous session, wiping out about $200 billion worth of market capitalization.

Shares in the chip designer were up 0.4% at $140.69 in premarket trading. Futures tracking the benchmark S&P 500 index were down 0.2%. Nvidia stock tumbled 6.2% in the previous se