Investors rallied behind International Business Machines’ artificial-intelligence strategy, driving the stock up after the company released its latest quarterly earnings Wednesday. The tech company said it has taken an open-innovation approach to artificial intelligence,

For the December quarter, the technology company reported earnings of $3.92 a share versus the consensus estimate of $3.78 a share.

In a statement, IBM CEO Arvind Krishna said the company has recorded $5 billion in bookings for its generative AI business.

Nvidia climbed 8.8%, with the rally gaining steam throughout the day and closing near session highs. The stock at one point shortly after the open was in the red. That bounce come

When OpenAI released ChatGPT in 2022, companies started spending billions on GPUs to train AI models. Nvidia led the market for graphics processing units (GPUs), so it was the right company at the right time to deliver monster returns to investors.

Nvidia stock has had a wild week so far, and now the market seems unsure of what’s next for the world’s leading chip maker. Shares made a strong 9% comeback Tuesday after a 17% drop on Monday. The stock was trading down about 0.