Major U.S. indexes gained at midday Monday as tech stocks surged. The S&P 500 and Nasdaq rose more than 1%, and the Dow was higher as well.

Chip companies led the best-performing stocks in the S&P 500 after Taiwan’s Foxconn, which is a supplier for Apple (AAPL), Nvidia (NVDA), and other tech giants, reported record fourth-quarter sales on demand for artificial intelligence (AI). Nvidia shares neared an intraday record high.

Shares of FuboTV (FUBO) soared after the streaming service announced it would merge with Walt Disney (DIS), teaming with Disney’s Hulu + Live TV. Disney shares also climbed.

American Airlines (AAL) shares advanced as Jefferies and TD Cowen analysts upgraded the stock and raised their price targets, citing expectations for strong earnings.

T-Mobile US (TMUS) shares tumbled following downgrades from RBC and Wells Fargo, warning about the cellphone service provider’s valuation and slowing growth.

CME Group (CME) shares also fell as concerns about slowing growth led analysts at Citi to downgrade and lower its price target.

Oil futures rose and gold prices declined. The yield on the 10-year Treasury note climbed. The U.S. dollar was up on the yen, but lost ground to the euro and pound. Most major cryptocurrencies traded in the green.