NVIDIA Corp. (NASDAQ:NVDA) stock was up nearly 2% on Monday as investors piled into chipmakers and other mega-cap technology stocks during a broad risk-on session. The Nasdaq gained 2.06%, while the S&P 500 advanced 0.68%.

Technology Rally Boosts NVIDIA

Monday’s gains appeared to be driven by renewed demand for large-cap technology stocks rather than a company-specific catalyst. The Technology Select Sector SPDR Fund (XLK) led all sectors with a 2.88% increase, even as overall market breadth remained mixed.

The move highlights NVIDIA’s status as one of Wall Street’s preferred artificial intelligence plays, with investors continuing to use the stock as a proxy for AI infrastructure spending.

NVIDIA Deepens Korea AI Push With SK hynix, SK Telecom, NAVER Deals

NVIDIA on Sunday unveiled a series of artificial intelligence infrastructure partnerships in South Korea, expanding its presence across memory, cloud computing and sovereign AI initiatives.

The company announced a multiyear technology partnership with SK hynix to co-develop next-generation memory technologies for AI factories and support the growing global demand for AI infrastructure. The companies also plan to use NVIDIA’s AI software and simulation tools to improve semiconductor design and manufacturing.

Separately, NVIDIA and SK Telecom Co., Ltd.