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.

Key Takeaways Nvidia and Broadcom shares surged Wednesday after Google parent Alphabet, a customer of both chipmakers, said it plans to ramp up spending on artificial intelligence. Alphabet said Tuesday that it plans to spend as much as $75 billion in capital expenditures this year,

Shares of Nvidia (NASDAQ: NVDA) gained ground on Wednesday, climbing as much as 5%. As of 12:42 p.m. ET, the stock was still up 4.4%. The catalyst that sent the artificial intelligence (AI) chipmaker higher was news that strong demand for its processors will likely continue.