Micron Technology Inc., the largest US maker of computer memory chips, gained the most in nearly 13 years after giving surprisingly strong sales and profit forecasts, helped by demand for artificial intelligence gear.

Wall Street's main indexes rose in choppy trading on Thursday, with the S&P 500 hitting an intraday record high after Micron's upbeat forecast rekindled the hype around artificial intelligence, and a soft jobless claims report soothed worries about the labor market.

Continued growth of demand for artificial intelligence hardware is proving a boon for this memory chip company.

Micron’s stock momentum after earnings reflects relief over the guidance as well as an appreciation for the company’s ability to benefit from AI trends.