Nvidia and ASML surge after reports of U.S. export control exemptions

NEW YORK -- Tech shares rallied early Wednesday, pushing the Nasdaq composite up over 2.5% after Microsoft and AMD earnings underpinned renewed enthusiasm for artificial intelligence spending.

Semiconductor chip-related stocks were also boosted by a Reuters report, citing unnamed sources, that semiconductor equipment manufacturers from Japan, the Netherlands and South Korea would be excluded from an upcoming White House rule that aims to curb the export foreign chipmaking equipment to China.