Did Nvidia save the AI trade? Tech stocks are soaring after the chipmaker’s monster quarter.

Nvidia just breathed new life into the stock market’s sagging AI trade.

The tech sector rebounded on Thursday as investors took in the chipmaker’s blockbuster earnings for the third quarter and renewed their confidence in the artificial intelligence boom. Shares of the chip maker popped 5%, lifting other tech and AI names.

Here were some of the biggest moves in the sector:

Major indexes surged, rallying decisively after eking a gain on Wednesday that snapped a four-day losing streak. The Nasdaq led the rally, with the tech-heavy index up more than 2%

Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:

Also fueling the gains Thursday morning was a strong September jobs report, which showed employers added 119,000 jobs in the month. In a best-of-both-worlds scenario for the market, the unemployment rate ticked up despite the strong headline number, leaving the door open for next month’s Fed meeting to end with a rate cut.

The CME FedWatch Tool showed the odds of a cut ticked up slightly after the data. The two-month-old report will be the last labor update before the Fed’s next meeting.

Confidence in the AI-fueled stock rally had been waning in recent weeks as investors fretted over high valuations and surging capex being directed to AI spend.

But Nvidia, seen as a bellwether for the AI trade, soothed much of the worries about whether demand for AI chips will persist. The Jensen Huang-led firm reported $57 billion in…