Asian chip stocks rose on Tuesday afterward Nvidia closed at a record high overnight as the chipmaker continues to ride the massive wave of artificial intelligence.

Stocks tied to Nvidia suppliers and other chip companies rose as optimistic investor sentiment took hold. Shares of South Korean chipmaker SK Hynix, which makes high-bandwidth memory chips for AI applications, rose 2.8%.

Samsung Electronics, which is expected to make HBM chips for some Nvidia products, saw its shares rise 0.5%.

Shares of Taiwan Semiconductor Manufacturing Company And Hon Hai precision industry – known internationally as Foxconn – which are part of Nvidia’s supply chain, rose about 2.4% and 3.5%, respectively.

Japanese semiconductor company Tokyo Electron rose 5%, testing equipment provider Advantage increased by 3.8% and Renesas Electronics rose by over 4%.

Japanese technology company SoftBank Groupwhich owns a stake in Chip Designer armeven rose by 6.4%.

Overnight on Wall Street, Nvidia Shares rose 2.4% to close at $138.07, surpassing their June 18 high of $135.58. increased its market value to $3.4 trillion and thus plummeted Microsoft as the second most valuable company on Wall Street Apple.

Monday’s rise in Nvidia shares came as Wall Street kicked off earnings season. Most of the chipmakers’ top customers have introduced technologies and products that require large investments in Nvidia’s graphics processors or GPUs.

Major U.S. tech companies Microsoft, Meta, Google and Amazon have purchased Nvidia’s GPUs in bulk to build growing computing clusters for their advanced AI work. These companies are expected to report quarterly results by the end of October.

The rapid rise in Nvidia shares helped the company recoup earlier losses following the company’s second-quarter gains. The company’s shares fell in late August, although Nvidia’s profits beat analysts’ expectations but gross margins fell.

Nvidia shares are now up almost 180% this year.