NVIDIA (NVDA) AI Chip Fuels Software Rally; ServiceNow (NOW), IBM Surge

NVIDIA shares rose 6.3% on Monday, June 1, 2026, after unveiling an AI chip for personal computers, igniting a rally in software stocks that pushed the S&P 500 and Nasdaq to record closing highs. The gains reflected a broadening of AI enthusiasm beyond hardware into enterprise applications. ServiceNow climbed 9.2%, IBM added 7.6%, and Cadence Design Systems soared 10.5% after launching an AI agent powered by NVIDIA technology. The software services index jumped 4.3%, while the S&P 500 information technology sector advanced 2.5%. Semiconductor stocks diverged: Micron gained 6.6% to top $1,000 for the first time, but Qualcomm fell 8.8% and Intel lost 4.7%, highlighting a market shift toward AI beneficiaries. Investors now look to Broadcom’s earnings on June 3 and the U.S. nonfarm payrolls report on June 5 for further direction.