Advanced Micro Devices Inc. shares jumped Monday, putting the company on track to close above $1 trillion in market value for the first time amid renewed optimism for chipmakers necessary to power artificial intelligence.

The stock gained as much as 10% to hit a record high and is on course to join fellow chipmakers Micron Technology Inc, Broadcom Inc., Taiwan Semiconductor Manufacturing Company Ltd. and Nvidia Corp, with valuations of $1 trillion or more.

There are 15 other publicly traded companies in the world worth at least that much, according to data compiled by Bloomberg.

The surge reflects strong investor sentiment toward semiconductor firms driving AI innovation, with AMD now among the elite group of chipmakers valued at over $1 trillion.