Nvidia shares are in an interesting position heading into tonight’s quarterly earnings release. The stock has rallied some 45% from an April 3 low, but is barely positive for the year and far off a record high hit in January.

Nvidia's solid first-quarter results reported after the bell on Wednesday are lifting a number of stocks across the chip and server industries on Thursday morning.

Nvidia shares jumped on Thursday (May 29) after the chipmaker reported higher-than-expected quarterly sales growth, driven by customers stockpiling AI chips ahead of U.S. export restrictions on China.