NVIDIA (NASDAQ: NVDA) stock surged 5.35% to $124.83 on Wednesday, fueled by strong capital expenditure commitments from major hyperscalers and the ramp-up of its powerful Blackwell AI chip. Alphabet (NASDAQ:

Alphabet's big spending plans surprised Wall Street. The news should soothe investors worried about last week's DeepSeek shakeup disrupting the AI narrative.

Shares in the AI chip maker rose 5% Wednesday and was up again early Thursday as Big Tech's spending plans remained in focus.

"We’re optimistic that within five years we’ll see real-world applications that are possible only on quantum computers," founder and lead of Google Quantum AI Hartmut Neven said in a statement. Real-world applications Google has discussed are related to materials science - applications such as building superior batteries for electric cars - creating new drugs and potentially new energy alternatives.