Nvidia (NASDAQ: NVDA) stock is rising Thursday amid a bullish backdrop for the broader market. The company's share price was up 4.4% as of 1:15 p.m. ET. At the same point in the day's trading, the S&P 500 index was up 0.

Nvidia shares are surging in premarket trading Thursday as two of its key customers—Microsoft and Meta Platforms—posted strong results and committed to continuing their heavy AI spending.

Meta raised its capital expenditures guidance for 2025 to $64 billion to $72 billion, signaling huge AI investment by Big Tech is still underway.